Healthcare Standards

Leather Goods Market to Surpass USD 623.44 Billion by 2028


New York, US, May 02, 2022 (GLOBE NEWSWIRE) — Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), “Leather Goods Market Information by Product Type, Distribution Channel, and Region – Forecast till 2028”, the market is estimated to acquire a size of over USD 623.44 billion by 2028. The report further predicts the market to thrive at a healthy CAGR of over 5.90% during the review timeframe.

Market Scope:

Leather is a flexible and durable material that is developed by tanning animal skin and rawhide, with the majority being cattle hide. Leather can be developed via the manufacturing process ranging from heavy industry to cottage industry. There are numerous products that are made of leather including home décor, footwear, luggage, apparel, and various accessories.

Evolving fashion trends, surging consumer disposable income, and improving standards of living enhance the leather goods market size.

Market Competitive Analysis:

The prominent contenders in the leather goods market include:

  • 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)
  • VIP Industries Ltd. (India)

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Market USP Covered

Market Drivers

Leather has been experiencing rampant demand from the global footwear industry, which is touted to be a key growth rendering factor in the global market. Comprising a cloth base that is coated completely with a synthetic resin, synthetic or artificial leather is deemed to be the perfect alternative for use in footwear, fabrics, upholstery, clothing, and others that require leather-like finish.

Furthermore, rapidly expanding application scope of leather across diverse segments, including apparel, home décor, and luggage should also leave a positive impact on the global industry. Manufacturers are constantly working on boosting their sourcing their manufacturing bases to Asian countries and forming bonds with local suppliers in Vietnam and China, in view of the abundant raw materials and low-cost labor found in these countries.

Emerging markets like China, Brazil, India, Thailand, Vietnam, and Malaysia will present highly lucrative opportunities to international firms in the years ahead. With extensive product deployment in the footwear sector across these countries, the global market is bound to see significant gains in the forthcoming years.

Browse In-depth Market Research Report (90 Pages) on Leather Goods: https://www.marketresearchfuture.com/reports/leather-goods-market-10731

Opportunities

Bio-based leather goods with no harmful characteristics have emerged as the most exciting opportunity in the market. Manufacturers are focusing on commercializing leather manufacturing by using natural fibers like flax or cotton fibers blended with corn, soybean, palm, and various other plants. Considering the surge in strict environmental and government regulations pertaining to the use of toxic chemicals in North America and European Union, the demand for bio-based leather is expected to soar rapidly among top manufacturers over the ensuing years.

Market Restraints

Extensive livestock rearing results in a series of environmental impacts including water and land overuse, gas emissions, and deforestation. Tanning is a highly toxic stage that is used during leather processing, with the majority of the production making use of chromium tanning. It involves the production of slush made of gasses and chemicals.

Stringent government regulations in Europe and the US are resulting in the closure of various tanneries. These government regulations with regard to leather use will be a huge restraint for the global leather goods market in the coming years.

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COVID-19 Analysis

The COVID-19 pandemic has been unfavorable for the majority of the sectors worldwide, giving rise to a number of public health measures, and disrupting the supply chains of the manufacturers. The spread of the pandemic has led to a shutdown of various operational facilities across the globe.

However, the companies active in the market are trying to safeguard the wellbeing and health of their employees while backing government goals with respect to the maintenance of vital business activities in food production, healthcare, and power generation. Reduction in cash flow has been another major concern, with most of the customers falling behind on payments or unable to make purchases, while inventory is canceled owing to disrupted supply chains. On the bright side, many of the leather good brands are working on strategizing operations to remain resilient during the pandemic with minimum economic losses.

Segment Overview

Major product types considered in the MRFR study are apparel, home décor, footwear, luggage along with accessories. The footwear segment with the highest share, is in the lead in the leather goods market.

Depending on the distribution channel, the leather goods industry caters to store-based coupled with non-store-based. The store-based segment forms the biggest share in the market, while the non-store-based distribution channels will achieve the highest growth rate in the near future.

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Regional Analysis

North America is the market leader and will capture a higher share in the coming years, thanks to the mounting popularity of a variety of leather goods, especially as online shopping becomes more prevalent. The huge population of athletes as well as fitness conscious individuals in the US, the demand for leather goods will continue to mount. Heightened sales of leather shoes as well as leather purses will further boost the market size in the region.

MRFR identifies Asia Pacific as the fastest developing market, as the region houses some of the rapidly developing countries like India and China, two countries witnessing significant advances in their industrial bases. The leather goods market in the region should, therefore, offer attractive opportunities to international manufacturers over the following years. The APAC market for synthetic leather is headed by China, given the surging disposable incomes along with increasing living standards. The booming population in the region and the advances in products, as well as technologies, also make the region a prime hub for leather goods manufacturers. The stunning expansion rate of automotive and footwear sectors in the region adds significantly to the market strength.

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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