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Leather Goods Market size was valued at USD 413.14 billion in 2019 and is poised to grow from USD 440.64 billion in 2023 to USD 738.61 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).

leather goods market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Hermès International S.A.', 'LVMH Moët Hennessy Louis Vuitton SE', 'Kering SA', 'Prada S.p.A.', 'Coach, Inc.', 'Capri Holdings Limited', 'Richemont SA', 'Tapestry, Inc.', 'Salvatore Ferragamo S.p.A.', 'Samsonite International S.A.', 'Christian Dior SE', 'Chanel S.A.', 'Michael Kors Holdings Limited', 'Tumi Holdings, Inc.', 'Furla S.p.A.', 'Valentino S.p.A.', 'Tod's S.p.A.', 'Kate Spade & Company', 'The Rockport Group', 'Wolverine World Wide, Inc'

Individuals' disposable income has increased, and so has their demand for luxury goods. These items frequently represent a sense of accomplishment in people, giving them a boost in self-esteem. Because of their higher household income, Europeans and North Americans are known to spend the most on luxury goods. This is also showing signs of improvement in the Asian region. Leather goods are a major component of luxury goods. Exclusive handbags, accessories, and shoes are among the luxury leather products that are popular among the wealthy. In the case of personal luxury, leather goods are the fastest-growing segment that attracts affluent customers.

The most exciting opportunity on the market now is bio-based leather products with no harmful properties. By combining natural fibers like flax or cotton fibers with corn, soybean, palm, and various other plants, manufacturers are concentrating on commercializing the production of leather. The demand for bio-based leather is anticipated to soar quickly among top manufacturers over the coming years, given the rise in stringent environmental and governmental regulations pertaining to the use of toxic chemicals in North America and the European Union.

North America is expected to control the leather goods market share. In 2021, North America held a revenue share of more than 38.16%. Future market growth in the region is anticipated to be fueled by rising product demand and an increase in online sales in North America. The market growth is also anticipated to be fueled by the growing population of athletes and health- and fitness-conscious people. In 2020, the U.S. surpassed Canada and Mexico as the largest market in the area. The main distribution channels for leather goods in North America include department stores, discount retailers, factory outlets, and online shopping websites. Over the forecast period, the region with the fastest growth is expected to be Asia Pacific.

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Global Leather Goods Market

Product ID: SQSG25K2011