According to the recent report by Future Market Insights (FMI), the leather goods market size is estimated to stand at USD 764.81 billion by 2033. Over the forecast period, the market is assessed to trail at a CAGR of 5.6%. In 2023, the market is expected to reach USD 443.52 billion.
Growth-inducing Drivers
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| Leather Goods Market Value (2023) | USD 443.52 billion |
|---|---|
| Leather Goods Market Forecast Value (2033) | USD 764.81 billion |
| Leather Goods Market CAGR (2023 to 2033) | 5.6% |
The market generated a revenue of USD 420 billion in 2022. Looking forward, the market is set to register a CAGR of 5.6% to reach USD 443.52 billion in 2023. By 2033 end, the market is anticipated to reach a market valuation of USD 764.81 billion.
Given below is the table outlining key prospects for the leather goods industry for the forecast period. FMI has delved deep to determine the upcoming trends in the years to come.
Predicted Growth of the Leather Goods Market Over the Forecast Period
| Duration | Market Analysis |
|---|---|
| Short-term Growth (2022 to 2025) | The market is anticipated to stand at a valuation of USD 494.59 billion by 2025. In the upcoming years, the market is expected to be influenced by the heightened consumer interest in a sustainable fashion. Consumers are consciously making environmentally conscious decisions, which is creating new prospects for leather goods manufacturers. Additionally, innovation in leather production technology, like sustainable sourcing practices and new tanning methods, is expected to make the production of leather products more socially responsible and environmentally friendly. |
| Medium-term Growth (2025 to 2028) | By 2028 end, the market is estimated to surpass the market worth of USD 582.42 billion. Since consumers are showing a preference for customized and personalized products, manufacturers are expected to tap into the widening market for custom leather goods in the years to come. |
| Long-term Growth (2028 to 2033) | The market is projected to amass a total of USD 764.81 billion by 2033. In the predicted time period, the demand for sustainable materials is expected to continue dictating market trends. As a result, consumer demand for socially responsible and eco-friendly products is expected to increase over time. This is projected to result in the production of production methods and new materials that are sustainable. In addition, due to the expanding geriatric population, the demand for leather goods engineered with ergonomic designs is anticipated to define future trends of the target market for leather goods. |
High proliferation of synthetic leather, variably known as faux leather, is bolstering the segment growth. Over the forecast period, the segment is predicted to show 7.5% CAGR. The category growth can be ascribed to the increasing cost of full-grain leather and enhanced awareness regarding animal cruelty.
Synthetic leather finds extensive applications in aviation, accessories, automotive, and others. Moreover, the cost-effectiveness of synthetic leather has led to its surging demand in the footwear and apparel industry. As a result, catalyzing the overall market key players are zeroing in on acquisitions to catch up with the robust growing demand from consumers. In April 2022, for instance:
Coronet Spa, a synthetic leather manufacturer, declared that it has acquired Synt3. With the help of this deal, the company aims to incorporate three elements of Synt3, which are now expected to cover the large market and help construct a wide manufacturing process.
The footwear section is expected to account for a notable market share in the years to come. In the historical period, the segment registered for 44% of the overall market share. Growing demand for durable footwear among consumers is pushing the segment’s growth.
Market players are focusing on introducing new products and are actively engaged in innovating their product line-up. In July 2022, for instance, Nike unveiled five fresh models of sneakers, such as Air Force 1 Low ‘07’ Fresh, Air Trainer 1 ‘Midnight Navy’, and Air Max 97 Coconut Milk, and Black. This lineup is composed of various types of leather like premium and the upper leather.
Escalating demand for custom-made and luxury footwear heavily supports the market growth. In this context, one of the dominating brands in India, La Marca, introduced its store in Chennai.
The apparel segment, another product segment, has been exhibiting robust developments in new designs. In addition to this, the increasing preference for leather apparel like leather-based pants, jackets, and skirts, among others, in fashion shows, is further propelling market development.
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Europe leather goods market is witnessing a healthy growth rate. The market is being aided by the growing consumer base for footwear products. Manufacturers representing a massive market share in luxury leather products reside in the region, thus contributing to overall market growth. Additionally, the high rate of tourism in Europe is also generating considerable revenue for luxury leather goods.
The rising demand for leather is driven by its recyclability and repairability. Moreover, the growing awareness regarding the biodegradable nature of authentic leather is stimulating the demand for leather goods among the eco-friendly citizens of Europe.
The leather goods market in the United Kingdom is poised to observe solid growth in the years to come, driven by the country’s association of leather with high-quality and durable products. Increasing disposable incomes in the country, and the willingness to pay a premium over high-quality leather products has been boosting the market expansion in recent years.
The extensive availability of designer, custom leather-based items in the country is expected to be favorable for the future growth of the market.
In China, the leather goods industry is gaining robust momentum owing to rapid urbanization, increasing disposable incomes, and surging employment opportunities. Strong economic growth and the corresponding increase in the demand for best quality products are expected to push market development.
The rising prevalence of fashion among young generations and the increasing significance of social media in enhancing their fashion tastes have been bolstering market development further.
Adding onto the prevailing growth factors is the fact that China is also a massive exporter of leather goods on a global scale and generates 25% of yearly global leather production.
The market in China is widely recognized for producing heavy-skin manufactured straps, belts, and soles. Further, China market holds vast potential as the demand for many kinds of imported leather for manufacturing purposes is increasing.
Key players in the market are concentrating on technological innovations and new product development to tailor their products according to customer requirements. Leather goods manufacturers are unveiling new apparel, footwear, and handbags to meet the expanding product demand.
Additionally, growth investments to develop vegan leather are also expected to influence the forecast trends in the forecast period. In February 2021, for instance
Allbirds, a sustainability-oriented shoemaker, revealed that it has made an investment of USD 2 million in Natural Fiber Welding. This investment is mainly made to focus on the development of vegan leather-based shoe wear.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Europe; Asia Pacific; Latin America; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Germany, the United Kingdom, France, Italy, NORDICS, Spain, Russia, Poland, BENELUX, China, Japan, India, ASEAN, Oceania, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa, Northern Africa, Türkiye |
| Key Segments Covered | Type, Product, and Region |
| Key Companies Profiled | 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. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The leather goods market is worth USD 443.52 billion in 2023.
The leather goods market is expected to rise at a 5.6% CAGR through 2033.
The leather goods market is set to be worth USD 764.81 billion by 2033.
The synthetic segment is estimated to be the leading material type in the market.
India is expected to gain prominent growth in leather goods market.
| Estimated Market Size (2025) | USD 4,473.8 million |
|---|---|
| Projected Market Size (2035) | USD 9,190.7 million |
| Value CAGR (2025 to 2035) | 7.5% |
| Estimated Market Size 2022 | USD 449.2 Million |
|---|---|
| Projected Market Size (2032) | USD 697.6 Million |
| Value CAGR (2022 to 2032) | 4.5% |
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