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Leather goods are articles or materials which are made out of leather. Leather can be of different types such as full-grain leather, top grain leather, corrected grain leather, bonded leather and others. Leather goods can come in a variety of products including gloves, clothing, bags, footwear, watches, furniture and others. An increase in the requirement of leather in the production of clothing is one of the major driving factors which is affecting the growth of the market. Furthermore, due to the essential characteristics of leather-like fireproof, dustproof, crack-proof, and durability leather goods is often preferred than of other resources, thus helps to propel the demand for leather goods.
Moreover, the rising popularity of fashion shows which are promoting leather goods products such as jacket, pants, shoes and others, are attracting more people to leather goods which are driving more demand for leather goods products. Furthermore, the usage of leather in automobiles for internal decoration is one of the propelling factors for the growth of the market.
Different clothing companies like Christain Dior, Inditex, Nike, H&M, Adidas, and Kering are trying hard to come up with innovative looks and styles of their leather goods products to attract more customers and increase the sale. Furthermore, the use of heat resistance leather gloves in baking, glass manufacturing, food manufacturing, molding and others is fostering the growth of the leather goods market.
Growth in the working-class population and increase in promotion of clothing brands act as the major factors which are propelling the growth of the market. If the working class population is increasing, more people will have a higher buying power which will act as a driving factor for the growth of the market. Furthermore, as the promotion of clothing brands in newspapers, magazines, billboards, television, and social media is increasing it is attracting more consumers to leather goods products which are resulting in the growth in demand for leather goods.
Increasing in production of leather, which is obtained from plants such a coffee, grass, fungi, apple, wine, and others, has the ability to be used for the creation of leather goods that can create an immense opportunity for the growth of the market. According to Independent UK, Dr. Martens brand declared that its earnings had increased by 70 percent in the year to the end of March 2019 due to its vegan range of boots.
Government strict regulation and control of natural leather reduces the production of leather goods, which is hampering the growth of the market.
Key Market Driver -
Increasing growth of garment industry owing to increase in demand of leather goods product which is resulting in the growth of the market.
Key Market Restraint -
Strict regulations on the used and production of natural leather act as one of the restraint factor.
The major key players which are operating in the leather goods market include Kering, NIKE, Inc., Samsonite International SA, Tapestry Inc., Adidas AG. Additionally, these key players are focusing on manufacturing the best possible quality and design that could attract more consumers to drive more sales and propel the growth of the market.
The global leather goods market is segmented into by product, by distributional channel, and by region.
Based on the product, the global leather market is segmented into footwear, luggage, and accessories. Accessories product is anticipated to hold the major share in the market since accessories include clothing& apparel, bags, wallet, purse, handbag, and others. And these articles are one of the major attraction of leather goods products which generated the highest demand for the growth of the market.
On the basis of the distribution channel, the market is fragmented into e-commerce, retail store. E-commerce distributional channel is projected to be larger segmented because consumers can have more options and more products to choose from as compared to the retail store. And also increasing the use of smartphones is driving pushing e-commerce to the next level. Additionally, discounts happening in e-commerce platforms like Amazon, Woo Commerce, Shopify, Magneto, and others are attracting more customers and driving more sales as compared to retail stores.
Europe is the major dominating region in the global leather goods market and is expected to continue its dominance during the forecast period. Some of the factors contributing to the growth leather goods market in Europe are the rise in disposable income, fashion consciousness, higher buying power, growing demand for attractive bags. Furthermore, growing interest in traveling also plays a major role in the increase in demand for leather goods as people prefer leather goods for luggage, handbags, and others. According to Conseil National du Cuir (CNC), Europe is the major exporter in the leather sector which secured one-third of world exports of 35%, and the majority comes from France with 4%and Italy with 12%.
The Asia Pacific is projected to be the second dominating and the fastest growing due to the increase in technological advancement and promotion of the fashion industry. As technological advancement is increasing and more people are using high-speed internet and smartphones which in turn propel consumption of online advertisements that drive more demand for leather goods produced in this region. Furthermore, increasing the promotion of fashion events like fashion weeks, Asia fashion Fair, Bridal Asia, and others are fostering the growth of the market in this region.
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