Home > Pressrelease > Leather Goods Market size to reach $630 Bn by 2032
Leather Goods Market size to reach $630 Bn by 2032
- Published Date: April 24, 2023
Leather Goods Market size is set to reach a valuation of USD 630 billion by 2032, according to a new research report by Global Market Insights Inc.
Leather and its products are among the most traded commodities on a worldwide scale. The rising demand for premium leather items is expected to boost market expansion. Companies are also increasingly employing leather substitutes such as paper, cork, recycled rubber, waxed cotton, tree bark, apple waste, pineapple waste, and mushrooms. Furthermore, mounting investments in the development of substitute materials for leather are expected to spur industry growth from 2023 to 2032.
Rising awareness about animal cruelty to fuel demand for synthetic leather goods
By type, the synthetic leather goods market is likely to record substantial growth at around 10.5% CAGR through 2032. Synthetic leather has a close resemblance to genuine leather. As per the report, with growing public awareness of animal cruelty, customers are turning to synthetic leather goods. The rising popularity of faux leather among designers in the fashion industry as an affordable alternative for bags, garments, and accessories for their customers is expected to fuel demand for synthetic leather over 2023-2032.
Evolving fashion trends to propel leather handbags segment expansion
Based on product, the leather goods market from handbags segment is estimated to generate around USD 60 billion by the end of 2032. The report cites that the rising standard of living and evolving fashion trends in developing nations are driving the demand for leather handbags. There is also a fashion status associated with leather handbags, owing to which they are gaining significant traction among many prominent fashion-conscious celebrities, making them even more popular, thereby contributing to segment growth through 2032.
Increased consumers inclination toward online shopping to foster online retailer segment expansion
In terms of distribution channels, the leather goods market from online retailer segment is set to reach USD 165 billion in revenue by 2032 owing to increasing consumer preference for online shopping owing to the availability of different types and styles of leather goods. Furthermore, industry participants are focused on inorganic development strategies and have begun to launch websites to increase their market share and global reach.
Browse key industry insights spread across 200 pages with 136 market data tables and 25 figures & charts from the report, “Leather Goods Market - By Type (Genuine Leather, Synthetic Leather [Polyurethane (PU), PVC], Vegan Leather), By Product (Handbags [Tote Bag, Clutch], Leather Goods & Accessories [Wallets, Pouches], Apparel, Footwear, Home Décor and Furnishing), By Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Online Retailer) & Forecast, 2023 - 2032” in detail along with the table of contents:
Presence of several popular leather brands to complement Europe industry progression
The Europe leather goods market is poised to record over 10% CAGR between 2023 and 2032 owing to the presence of several popular leather bag firms, which makes it one of the world's major importers and re-exporters of leather bags. Furthermore, the soaring environmental consciousness among customers in Europe is offering significant prospects for sustainable leather producers. Additionally, an increasing number of European fashion businesses, such as French Connection or BEEN London, are employing recycled leather. According to the report, the booming tourism sector and the rising demand for different fashionable apparel are expected to boost the regional industry growth.
Strategic collaborations to develop premium leather alternatives to define the industry outlook
New Balance Athletics, Inc., Nike, Inc., Fila, Inc, Puma Inc., Nappa Dori, Lear Corp., COLLAR Company,
Timberland LLC., Adidas AG, VIP Industries Ltd., Samsonite International S.A.., and Woodland Worldwide are some of the major companies operating in the leather goods market. These companies prioritize targeted strategic efforts including partnerships and capacity expansion as well as new product launches. For instance, in May 2022, Nanollose Limited, a leading biomaterials firm focusing on commercializing scalable technology, to develop low-impact fibers and textiles, entered into a partnership agreement with von Holzhausen Inc., an innovative vegan leather company, to develop a premium leather alternative using processed and treater microbial cellulose.