|Fastest Growing Market:||Asia Pacific|
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The leather goods market is projected to record a CAGR of 6.2% during the forecast period (2021 - 2026).
The COVID-19 outbreak led to a disruption in the retail sales of leather good products during 2020, owing to the limitations in spending power, shut stores/outlets of premium apparels, and widespread lockdown globally.
Leather goods are highly popular among consumers, as they have inherent qualities, such as dustproof, fireproof, crack-proof, and durability, which are expected to increase the growth of the leather goods market.
Moreover, the growing demand for trendy handbags, premium leather wallets, and other leather products is influencing the growth of the leather goods market in the last few years.
The growing government support for the leather industry is further driving the market growth. For instance, in India, 100% Foreign Direct Investment is permitted through the automatic route, and the government reduced the excise duty to 6% from 12% on leather footwear (footwear with uppers made of leather), with a retail sale price of more than USD 14.55 per pair.
Scope of the Report
Leather goods are products made out of material from tanning hides and skin of animals, mainly from cattle. The leather goods market offers a range of products, including footwear, luggage, and accessories through offline and online retail stores. The study also covers the global level analysis of the major regions North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa. For each segment, the market sizing and forecasts are based on value (in USD million).
|By Distribution Channel|
|Offline Retail Stores|
|Online Retail Stores|
Key Market Trends
Increased Demand for Leather Accessories
Leather fashion accessories are items made of leather generally worn with or are supplementary to other clothing items. They typically have a functional and aesthetic value. Leather accessories also typically have a longer life-cycle than garments and non-leather fashion accessories, especially when it comes to high-end products that gain value over time. The growing segments of leather fashion accessories products include carrying products, gloves and mitts, belts, and other accessories. The thriving fashion industry majorly uplifted the demand for leather handbags and wallets among consumers, thereby driving the global accessories market. Moreover, consumers are more inclined toward aesthetic factors, and the demand for premium range goods as a fashion statement has increased. Europe-based companies, such as Gucci, Gianni Versace, and Louis Vuitton, are the key players involved in manufacturing leather-based accessories.
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Europe Emerges as the Largest Consumer of Leather Goods
The strong presence of local and international players, product and technological innovations, rise in online retailing, and the use of social media platforms are some of the major factors driving the growth of the European market. The increasing fashion consciousness, rising disposable incomes, and increasing demand for attractive bags drive the sales of luggage and leather goods in the region. Moreover, the growing interest in travel and unique experiences among consumers is boosting the demand for leather goods, such as luggage bags, especially in the luxury segment, as consumers increasingly look for high-quality items. Moreover, with the strong prevalence of fashion-driven countries, such as France and Italy, the region remains the largest consumer of the market.
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The leather goods market is highly competitive. In the organized sector, a few key players are holding a major market share, whereas, in the unorganized sector, many small players are competing to gain a market share. Adidas, Samsonite, and Kering are some prominent players in the global market. Major players are focusing on introducing new product offerings in the market to cater to the interests of the consumers as per the ongoing fashion trend among goods like footwear, accessories, and luggage bags. Expansion is the next strategy preferred by companies to strengthen their dominance in the leather goods market. Major players are constantly trying to expand their production facilities or retail outlets to accommodate the growing demand and strengthen their strategies for market development.
In August 2020, Mark Cross, the American luxury leather accessories brand, launched the "1845 Mini Trunk" in honour of the brand’s 175th anniversary.
In October 2019, as a part of the expansion strategy, Hermes decided to open a production site in France to improve the penetration of its products in the country and around the region.
In August 2018, Burberry entered an agreement to acquire a luxury leather-goods facility from its longstanding Italian partner, CF&P.
Table of Contents
1.1 Study Assumptions and Market Defintion
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.2 By Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 United Arab Emirates
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Position Analysis
6.4 Company Profiles
6.4.1 Kering SA
6.4.3 Samsonite IP Holdings S.AR.L.
6.4.4 Tapestry Inc.
6.4.5 Adidas AG
6.4.8 Capri Holdings Limited
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Leather Goods Market market is studied from 2016 - 2026.
What is the growth rate of Leather Goods Market?
The Leather Goods Market is growing at a CAGR of 6.2% over the next 5 years.
Which region has highest growth rate in Leather Goods Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Leather Goods Market?
Europe holds highest share in 2020.
Who are the key players in Leather Goods Market?
Kering SA, Hermès, Samsonite IP Holdings S.ÀR.L., Tapestry, Inc., Adidas AG are the major companies operating in Leather Goods Market.