In 2023, the leather goods market is expected to reach US$ 443.52 billion. According to a recent report by Future Market Insights (FMI), the market size is estimated to stand at US$ 764.81 billion by 2033, with a trailing compound annual growth rate (CAGR) of 5.6% over the forecast period.
Growth-inducing Drivers
- Advantages of Synthetic Leather: The durability and affordability of synthetic leather products are driving increased demand for leather goods.
- Growing Awareness of Ethical and Eco-Friendly Products: Worldwide, consumers are increasingly prioritizing cruelty-free and environmentally responsible leather products.
- Surging Application of Synthetic Leather: The automotive, clothing, and furniture industries are experiencing a surge in the use of synthetic leather, fueling market growth.
- Increased Brand Awareness: Rising brand consciousness is driving demand for fashionable, comfortable, and stylish footwear, apparel, and accessories.
- Heightened Demand for Premium Luxury Leather: There is a growing appetite for high-quality, luxurious leather products among consumers.
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Key findings from the report highlight:
- Growing demand: Affluent consumers worldwide are driving the market, prioritizing comfort, luxury, and self-expression in their homes.
- Sustainability focus: Consumers are increasingly demanding eco-friendly materials and ethical production practices, pushing brands to adopt sustainable solutions.
- Personalization trend: Bespoke furniture pieces and customization options are gaining traction, catering to individual tastes and styles.
- Smart furniture on the rise: Multifunctional furniture with integrated technology like charging stations and media features is attracting growing interest.
- Evolving retail landscape: The blending of online and offline shopping experiences with virtual reality tools is changing how consumers purchase luxury furniture.
Who is winning?
- Adidas AG
- Nike, Inc.
- Puma SE
- Fila, Inc.
- New Balance Athletics, Inc.
- Knoll, Inc.
- Samsonite International S.A.
- VIP Industries Ltd.
- Timberland LLC
- Johnston & Murphy
- Woodland Worldwide
- Hermès International S.A.
- Louis Vuitton Malletier
- VF Corp.
- COLLAR Company
- LUCRIN Geneva
- Nappa Dori
- Saddles India Pvt. Ltd.
- Lear Corp.
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Leather Goods Market by Category
By Type, the Leather Goods Industry is Segmented as:
- Genuine Leather Goods
- Synthetic Leather Goods
- Vegan Leather Goods
By Product, the Leather Goods Market is Segregated as:
- Leather Goods in Handbags
- Leather Goods in Tote Bag
- Leather Goods in Clutch
- Leather Goods in Satchel
- Leather Goods in Other Handbags
- Leather Goods in Small Leather Goods/ Accessories
- Leather Goods in Wallets
- Leather Goods in Pouches
- Leather Goods in Card Holders
- Leather Goods in Phone Covers/Cases
- Leather Goods in Watch Straps
- Leather Goods in Other Small Leather Goods/ Accessories
- Leather Goods in Apparel
- Leather Goods in Men’s Apparel
- Leather Goods in Shirts
- Leather Goods in Pants
- Leather Goods in Suits, Coats & Jacket
- Leather Goods in Overalls
- Leather Goods in Other Men’s Products
- Leather Goods in Women’s Apparel
- Leather Goods in Skirts
- Leather Goods in Coats & Jackets
- Leather Goods in Pants
- Leather Goods in Others Women Products
- Leather Goods in Children’s Apparel
- Leather Goods in Suits, Coats & Jackets
- Leather Goods in Vests
- Leather Goods in Pants
- Leather Goods in Skirts
- Leather Goods in Chaps
- Leather Goods in Men’s Apparel
- Leather Goods in Footwear
- Leather Goods in Athletic Footwear
- Leather Goods in Men’s Athletic Footwear
- Leather Goods in Women’s Athletic Footwear
- Leather Goods in Children’s Athletic Footwear
- Leather Goods in Non-athletic Footwear
- Leather Goods in Men’s Non-athletic Footwear
- Leather Goods in Women’s Non-athletic Footwear
- Leather Goods in Children’s Non-athletic Footwear
- Leather Goods in Athletic Footwear
- Leather Goods in Home Décor and Furnishing
- Leather Goods in Decorative Wall Hangings
- Leather Goods in Tabletop decorative items
- Leather Goods in Hanging Storage
- Leather Goods in Leather Furniture
- Leather Goods in Other
- Leather Goods in Pet Accessories
- Leather Goods in Pet Collar and Leads
- Leather Goods in Leather Pet Toys
- Leather Goods in Automotive Accessories
- Leather Goods in Seating Systems
- Leather Goods in Others
By Region, the Industry of Leather Goods is Segmented as:
- Leather Goods in North America Market
- Leather Goods in Europe Market
- Leather Goods in Asia Pacific Market
- Leather Goods in Latin America Market
- Leather Goods in Middle East and Africa Market
News Updates:
- In 2021, Nike Inc. launched SB Dunk Sneakers, made of vegan leather. The company ensured that the procedure followed for this line of sneakers was cruelty-free. This launch is also aligned with the company’s zero-waste initiative.
- In 2020, Puma introduced three, first-of-its-kind Xetic sneakers in Porsche design. The catalog offers casual wear and performance-wear sneakers. The material used for manufacturing these sneakers includes chrome-free and recycled mesh material leather.
- In 2021, Adidas unveiled trainers made of mushroom leather as a part of the sustainability drive carried out by this company. The company collaborated with Lululemon and Stella McCartney to develop Mylo, a mushroom-based, vegan leather for use in trainers.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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