Global Leather Goods Market is projected to grow at a CAGR of 6.48% to be valued at USD 496 Billion by 2028: Bonafide Research

Clifton, New Jersey, May 11, 2023 (GLOBE NEWSWIRE) — Leather is a timeless material that has always been popular in fashion. However, with the emergence of new fashion trends and styles, the demand for leather goods has increased even more. For example, leather jackets and boots have always been popular, but now we see leather skirts, dresses, and even pants. Consumers are willing to pay a premium for leather goods that will last them a long time, rather than purchasing cheaper, lower-quality products that will need to be replaced more frequently. High-end brands such as Louis Vuitton, Prada, and Gucci have built their reputation on producing high-quality leather goods that are seen as a sign of luxury and prestige. In addition, the rise of e-commerce and global trade has made it easier for consumers to access a wider range of leather goods from around the world.

Key Takeaways:

• Synthetic leather goods are projected to increase revenue by USD 41.82 Billion during 2023-28; as an affordable and sustainable alternative with a wide range of colors, textures, and patterns.
• Automotive accessories like steering wheel covers, seat covers, shift knobs, dashboard covers, armrest covers, and gear lever covers add a touch of luxury and sophistication to a car’s interior, and these are anticipated to be growing in popularity at a CAGR of 7.23%.
• Leather footwear and handbags, whether made from synthetic or genuine leather, will continue to be in high demand among consumers due to their durability, versatility, and fashionable appearance.
• Buying leather goods from a brand outlet offers the assurance of quality, a variety of options, personalized service, brand loyalty, and exclusive products, which will drive future growth in revenues with a CAGR of 7.01%.
• Mexico is a prominent player in the global leather industry, with a 5.17% share and a long history of leather production and exports.

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There is a growing demand for custom-made and bespoke leather products made from vegetable tanning, recycled materials, and responsible sourcing of hides and skins. Vintage and retro styles are becoming increasingly popular among consumers, leading to a resurgence of classic leather goods such as aviator jackets, saddle bags, and brogues. There is a growing trend toward minimalist and functional designs that emphasize quality and durability. Online marketplaces, social media platforms, and mobile apps are all playing a role in shaping consumer demand for leather goods. Gender-neutral designs are becoming increasingly popular, with many consumers seeking leather goods that are versatile and suitable for both. Innovative materials and technologies including recycled and bio-based materials, as well as 3D printing and digital manufacturing techniques are being used significantly.

Consumers are demanding Cross-body bags, tote bags, shoulder bags, backpacks, clutch bags, satchel bags, and bucket bags made from leather. Leather wallets that are slim and minimalistic in style are particularly popular. Wide and skinny styles of Belts are both popular. With the rise of smartphones, leather phone cases have become a popular accessory. Leather jewelry has become increasingly popular, particularly bracelets and necklaces. Keychains with tassels, studs, or other decorative elements are particularly trendy. Leather hat styles like fedoras and baseball caps have become increasingly popular in recent years. Leather gloves are a classic accessory that remains popular, particularly during the colder months.

Stringent government regulations in regions such as Europe and the U.S., among others, are closing various tanneries and leather processing units. The use of animal hides and skins to produce leather has also been a contentious issue, with some consumers expressing concerns about the welfare of animals used in the industry. Synthetic materials such as faux leather, PVC, and PU have gained popularity due to their affordability, ease of production, and lower environmental impact, which poses a challenge to the leather industry. The global leather industry is heavily regulated, with trade restrictions such as tariffs, import duties, and environmental regulations affecting the cost and profitability of leather production. The chemicals used in the tanning process can pose health and safety risks for workers. The leather industry has been criticized for its high water usage, chemical pollution, and deforestation associated with the production of leather. Therefore, it is important for manufacturers to adopt sustainable practices in order to minimize the environmental impact of their operations.

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Leather footwear is a durable and stylish choice that can be dressed up or down to suit any occasion. From classic leather boots to modern leather sneakers, there are many options available to suit consumers’ styles, preferences, and needs. Leather pet accessories have become increasingly popular among pet owners in recent years, like leather collars, leashes, harnesses, beds, and toys. Home decor and furnishings made from leather add a touch of luxury and sophistication to any space. Leather sofas and chairs, leather ottomans, pillows, rugs, and leather storage baskets are some of the popular choices. Duffel bags, rolling suitcases, backpacks, tote bags, and garment bags made from leather are popular luggage bags. Leather jackets are a timeless and classic style that has been popular for decades. From classic moto jackets to modern designs with shearing or fur accents are popular choices. Apparel, home décor and furnishing, pet accessories, automotive accessories, and luggage bags together account for only 15.21% of the revenue share.

Specialty stores that focus on leather goods may offer a wider selection of products and customized services such as leather care and repair, which can add to the perceived value of the product and create a stronger customer relationship. Supermarkets and hypermarkets, on the other hand, typically focus on offering a wider range of products across multiple categories, including apparel, home goods, and groceries. But the selection is often more limited, and the customer experience may be less personalized. Leather goods can also be found in a variety of other retail settings, including general retail stores, B2B outlets, discount stores, flea markets, and specialty boutiques. However, consumers usually refrain from buying leather goods from these channels, for they fear authenticity and a fake copy of the original brand product.

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The USA is the largest importer of leather and leather products from India. Mexico is known for producing a wide range of leather goods, including footwear, handbags, belts, jackets, and upholstery, among others. Mexico has a competitive advantage due to its access to high-quality raw materials, such as cattle hides, and its skilled workforce. The country has a well-developed tanning industry that produces high-quality leather with unique finishes and textures. Mexico is a major exporter of leather goods to the United States, Europe, and other countries. The country’s strategic location, with easy access to major transportation routes, makes it an attractive location for companies looking to manufacture and export leather goods. Cuadra, Capa de Ozono, and Chamula are some of the players in the Mexican leather industry. North America is home to many popular leather brands that are known for their high-quality products and unique designs, like Coach, Frye, Red Wing Shoes, Filson, and Schott NYC.

The UK imports raw hides and skins from Italy, Ireland, and Germany and is known for producing high-quality leather goods, including footwear, bags, and jackets. The country is home to many prominent leather brands, such as Mulberry, Burberry, and Clarks. Germany is known for producing high-quality leather products, especially footwear and automotive interiors. The German leather industry is also known for its innovation and use of sustainable practices. Germany is home to many prominent leather brands, such as Adidas, Puma, and Hugo Boss. Leather goods are one of the traditional specialties of Spain. Loewe is one of the oldest luxury brands in the world; the Spanish fashion house was founded in 1846 in Madrid. Ubrique, a small town in Spain, finds artistic leather. Florence (Italy) is known around the world for the tradition and craftsmanship of its leather products.

Brazil, a high-deforestation-risk country, is the main supplier of frozen beef, tanned or crusted bovine hides and skins, and prepared bovine leather to the EU, which is affected by the EU Deforestation Regulation. Some of the major players in the Brazilian leather industry include JBS, Marfrig, Minerva Foods, and Curtume CBR. These companies have a significant presence in both the domestic and international markets and are known for producing high-quality leather products. JBS Couros (Brazil), a major global leather processing company, produces wet blue, wet white, crust, and finished leather for the automotive, furniture, footwear, and leather goods industries.

The Indian leather industry is supported by a strong infrastructure, including a well-developing industry, an industrial skilled labor force, and modern manufacturing facilities. Cow leather export shipments from India stood at 3.2 Million. The top 3 exporters of cow leather are India, Vietnam, and China. The major production centers of leather and footwear products in India are located in the states of Tamil Nadu, Andhra Pradesh, West Bengal, Uttar Pradesh, Maharashtra, Punjab, Haryana, and Delhi. Around 13% of the world’s hide is produced in India, and 10% of the world’s footwear is made there. Bata, Bhartiya International, Farida Group, Lakhan, Liberty, Mayur Uniquoters, Metro, and Mirza International are some of the famous footwear brands in India.

The low availability of raw materials, the availability of synthetic alternatives such as plastic leather, and the availability of leather goods at low cost are some factors limiting the market growth of the MEA region as compared to other regions. However, consumers in the region prefer luxury goods over conventional ones, owing to their high purchasing power. The country also exports many leather products globally due to the presence of a large number of tanneries. Bio-based leather manufactured from natural fibers like flax cotton or cotton fibers coupled with corn, palm, soybean, and others should be the focus of manufacturers to gain a competitive market share in the Middle East and Africa’s leather goods market. Apart from this, the leaves of pineapple fruit are indeed being utilized to manufacture Pinatex, a novel synthetic leather item. KITON, Nappa Dori, Woodland Leather, Johnston & Murphy, Aero, Hermes, Prada, Kering, and Saudi Leather Company are some of the leather players.

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Considered in the Report

•   Geography: Global
•   Historic Year: 2017
•   Base year: 2022
•   Estimated year: 2023
•   Forecast year: 2028

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