Leather Goods Global Market Report 2023
Major players in the leather goods market are Kering SA, Adidas AG, Hermes International S.A., Louis Vuitton SE, Samsonite IP Holdings S.AR.L., New Balance Athletics Inc., Knoll Inc., Timberland LLC, Johnston And Murphy, Woodland, PRADA Spa, Hermès International SCA, VIP Industries Ltd.
New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Leather Goods Global Market Report 2023" - https://www.reportlinker.com/p06464229/?utm_source=GNW
, VF Corp., COLLAR Company, LUCRIN Geneva, Nappa Dori and Saddles India Pvt. Ltd.
The global leather goods market is expected to grow from $350.77 billion in 2022 to $377.80 billion in 2023 at a compound annual growth rate (CAGR) of 7.70%. Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The leather goods market is expected to reach $496.37 billion in 2027 at a CAGR of 7.06%.
The leather goods market consists of sales of various leather goods such as furniture, soft furnishings, saddles, bridles, and more.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Leather goods refer to articles made of leather.These are created with animal skins and hides that are chemically treated, or tanned, to prevent decomposition.
Leather is a strong, flexible, and durable material. Leather goods come with different types of lifestyle products, which are utilized by various customers for personal use or to enhance their social status.
Europe was the largest region in the leather goods market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of leather used in bulk leather goods are full-grain leather, split-grain leather, genuine leather, faux leather, and bonded leather.Full-grain leather refers to a smooth leather from the grain side that includes all of the natural grain and is derived from the top layer of the hide.
Through is Various types of products are manufactured, such as footwear, handbags, apparel, luggage, wallets, belts, and other products that come in high-grade and mid-grade, which are distributed through specialty stores, company-franchised stores, e-commerce, supermarkets and hypermarkets, and other distribution channels. which are used in several applications for men, women, and kids
The increasing demand for premium and high-quality luxury leather products is expected to propel the growth of the leather goods market going forward.Luxury leather products are special-quality leather items that are made from high-quality leather and characterized by their luxurious, smooth surface, and they have few flaws.
Customers are drawn to expensive luxury goods because they represent their wealth, reputation, and social status.As a result, they are willing to pay higher prices and spend a lot of time indulging in self-indulgence when purchasing these luxury goods, such as leather.
For instance, in August 2022, according to a report published by World Footwear, a Portugal-based provider of information, news, events, and statistics on the footwear sector worldwide, sales of the Leather Products and Saddlery business of Hermès International, a French luxury goods company, increased by 16% in the first quarter of 2022 compared to the same period in 2021, due to expanded manufacturing capacity and consistent demand. Therefore, increasing demand for premium and high-quality luxury leather products is driving the growth of the leather goods market.
Product innovation is a key trend gaining popularity in the leather goods market.Major companies operating in the leather goods market are focused on developing innovative solutions to strengthen their position in the market.
For instance, in March 2021, Hermes International S.A., a France-based luxury goods company, launched the Victoria bag, its new mushroom-based leather bag, which is the world’s first object made with Fine Mycelium. Fine Mecelium is a patented technology to enhance mycelium as it grows. The special and unique features included in this product are the amber-coloured panels made of mycelium, the thread-like filament structure of fungi. It is made of Sylvania-based leather material, which gives it strength and durability and makes it convenient to carry.
In June 2021, Compagnie Financière Richemont S.A., a Switzerland-based luxury goods company, acquired Delvaux for an undisclosed amount. This acquisition will enable Delvaux to take advantage of Richemont’s global footprint and digital skills to expand its omnichannel potential and consumer engagement, positioning Delvaux for its next stage of development. Delvaux is a Belgium-based luxury leather goods manufacturing company that provides different types of leather bags and small leather goods.
The countries covered in the leather goods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The leather goods market research report is one of a series of new reports that provides leather goods market statistics, including leather goods industry global market size, regional shares, competitors with a leather goods market share, detailed leather goods market segments, market trends and opportunities, and any further data you may need to thrive in the leather goods industry. This leather goods market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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