The global leather goods market is projected to reach approximately USD 623.44 billion by 2028, at a CAGR of 5.90%.
During the projected period, the worldwide leather products market is expected to benefit from shifting fashion trends, increased consumer disposable income, and rising living standards. The worldwide leather goods industry is bolstered by the rising demand for contemporary styles given by well-known international brands. A rise in the number of women in the workforce has bolstered the market for leather goods. Leather items are becoming more popular among consumers as the number of working professionals and urbanization continue to rise. As a result, the demand for leather in custom leather bags is boosting the growth of the global leather goods market throughout the forecast period, which generates additional chances for leather goods manufacturers. The supply chain for leather goods has grown steadily over the past several years, and this trend is projected to continue for the foreseeable future.
However, animal cruelty and the environmental impact of leather are projected to impede the global leather goods market's growth over the next few years.. Leather goods manufacturers are likely to benefit from the increased popularity of branded products and the rise in popularity of custom-made leather bags.
Product type has been categorized into footwear, home décor, apparel and luggage and accessories in the global leather goods market. During the projection period, footwear was expected to hold the largest share of the worldwide leather products market.
The worldwide leather goods market has been divided into store-based and non-store-based segments based on the distribution channels used. During the projection period, the global leather goods market was dominated by the store-based sector.
Some of the key players operating in the leather goods business are Adidas AG (Germany), Nike, Inc. (US), Puma SE (Germany), Fila, Inc. (South Korea), New Balance Athletics, Inc. (US), Samsonite International S.A. (Hong Kong), Louis Vuitton (France), Knoll, Inc. (US), American Leather Holdings, LLC (US) and VIP Industries Ltd. (India). These players are expected to positively influence the global leather goods market growth during the forecast period.
There are four geographic regions in the global leather products market: North America, Europe and Asia-Pacific.
In 2020, North America will hold a 38.90% of global Leather Goods market share. According to a 2020 forecast, North America will hold the highest proportion of the global leather products industry. The North American leather goods market is predicted to rise during the forecast period as a result of the increasing popularity of leather products as well as an increase in online sales in the region. Leather goods sales are booming in the region because of an increase in the number of athletes and fitness enthusiasts. Leather goods are most known for their footwear. Leather items have been bolstered by an increase in customer demand for leather shoes and purses. Authenticity, openness, and sustainability are core values shared by North American consumers. It is essential for leather goods makers to promote their new products in order to raise awareness of their new offerings. Canada is expected to have the highest CAGR in the North American leather products market throughout the forecast period.
From 2021 to 2028, Asia-Pacific is predicted to develop at the fastest rate. The leather products industry sees tremendous growth possibilities in the Asia-Pacific region, making it a top global destination. Leather goods from Asia-Pacific are expected to hold the third-largest share of the global leather goods market analysis by 2020. Due to rising consumer demand for high-end and luxury items, the Asia-Pacific leather goods market is also predicted to rise in the coming years. Asia-Pacific has seen an influx of multinational retailers due to rapid economic expansion, a rising middle-class population, and a high rate of migration from rural to urban areas. India and China's growing leather products market has been spurred by the expansion of existing retail outlets in these nations.
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