Leather goods are strong, flexible, durable, and elastic material which is obtained from tanning, or chemical treatment, of animal skins and hides to prevent decay. Leather goods include a variety of items, such as clothing, handbags, footwear, furniture, tools, and sports equipment, lasting for decades. Leather goods are produced in three types of products such as genuine, synthetic, and vegan.
According to a market report published by Bizwit Research & Consulting, LLP, the global leather goods market is valued at approximately USD 394.1 billion in 2020 and is anticipated to grow with a healthy growth rate of nearly 5.73% over the forecast period 2021-2027.
Growing focus on the Premiumization of Leather Goods, changing fashion trends, and growing domestics and international tourism are some of the factors that are expected to significantly contribute to the growth of the global market during the forecast period. In addition, the emergence of vegan leather, and growth in e-commerce sales created new opportunities for the market. However, a ban on unethical practices in the leather industry is expected to hamper the growth of the global market during the forecast years.
An increase in international and domestic tourism has fostered the growth of the industry. As many people are preferring leather luggage bags that are easy to handle and carry. Consumers opt for better quality and premium leather luggage for convenient traveling. As a result, with an increase in the number of domestic and international tourists with growth in the travel and tourism industry across the globe, the demand for leather bags is likely to increase. According to Statista, the total number of international tourist arrivals across the globe increased from 1.33 billion in 2019 to 1.46 billion in 2017.
Global Leather Goods Market Size study, by Type (Genuine, synthetic, vegan), by Product (handbags, small leather goods & accessories, apparel, footwear, home decor, and furnishing, pet accessories, automotive accessories), and Regional Forecasts 2021-2027
The total market revenue is calculated based on revenue generated through Sales of leathered goods. Major companies covered under the report include Adidas AG, Nike Inc, Puma SE, Fila Inc, New balance Athletics Inc, Knoll Inc, American leather holdings, LLC, Samsonite International S.A., VIP Industries Ltd, Timberland LLC.
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Bizwit Research & Consulting LLP