Market Size of Leather Goods Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 304.80 Billion |
| Market Size (2029) | USD 376.21 Billion |
| CAGR (2024 - 2029) | 4.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Leather Goods Market Analysis
The Leather Goods Market size is estimated at USD 304.80 billion in 2024, and is expected to reach USD 376.21 billion by 2029, growing at a CAGR of 4.30% during the forecast period (2024-2029).
In the clothing industry, there is an increased use of leather due to its durable nature and premium appearance, which make it an excellent choice for clothing production. This is one of the major factors driving the uptake of leather in the market at the moment. Furthermore, leather goods are becoming increasingly popular as a result of fashion shows that showcase leather goods like jackets, shoes, bags, and other accessories that are promoting leather goods in the forecast period. The market players are introducing innovative and trendy products to meet the demands of the consumers and to maintain a loyal customer base, which is contributing to the growth of the market.
Additionally, consumers prefer compact and stylish leather goods and luggage. With changing fashion trends, men's accessories like leather bracelets, necklaces, and gloves are becoming increasingly popular. Thus, in the coming years, fashion trends are likely to change significantly, which will help to grow the industry. Furthermore, the growing government support for the leather industry is further driving market growth. For instance, in India, 100% FDI is allowed for the manufacturing of leather products through an automatic route. Between April 2000 and September 2021, the cumulative foreign direct investment (FDI) inflow in the case of the leather, leather goods, and pickers industries was USD 218.69 million.
