Leather Goods Market: An Eyewitness To Growth In The Industry By 2022-2030

 


Leather Goods Market


Consumer Goods

Leather has been a prized material for centuries, admired for its durability, versatility, and timeless appeal. In today's fashion-conscious world, the leather goods market continues to thrive, with artisans and designers showcasing their creativity and craftsmanship through an array of exquisite leather products. In terms of revenue, the Leather Goods Market was estimated to be worth US$ 2932.5 billion in 2021, growing at a CAGR of 5.18% from 2022 to 2030.

Market Trends

With changing consumer tastes and preferences, the leather products sector is not immune to trends. The landscape of the industry has been shaped in recent years by a number of trends.

Driving factors:-Due to its convenience, the luxury goods e-commerce sales channel has made a substantial contribution to revenue development. Additionally, businesses' initiatives, like omnichannel commerce, will increase demand and draw in a bigger audience. Luxury businesses' increased use of social media marketing trends has increased its geographic reach. Additionally, the popularity of online distribution channels has increased sales and revenue for both large and small enterprises by expanding the consumer base.

Restraining Factors: - Currently, the process of making in Leather Goods Market is from animal skins and hides is connected to a number of sustainability problems, including deforestation, water waste, petrol emissions, and others. A further factor in climate change is the destruction of various forests, including the Amazon, for the purpose of raising cattle for the manufacturing of leather. Given that a larger proportion of production units still use chromium tanning, the tanning process is one of the major contributors to environmental contamination while it is being produced.

Competitive Analysis

Major participants in the Leather Goods Market for leather goods and luggage are putting a lot of effort into developing new technologies to increase production efficiency and change the lifespan of products. Mot Hennessy LVMH Adidas AG, Hermes International S.A., Dolce & Gabbana Luxembourg S.à.r.l., Overseas Leather Goods Company Pvt Ltd., Tata International Ltd., Chanel International B.V., Prada S.p.A., Ralph Lauren Corporation, and Kering S.A. are a few other notable fashion houses.

 

Segmentation

Due to the rising cost of full-grain leather and growing awareness of animal cruelty, synthetic leather, sometimes known as faux leather, has seen increasing market penetration. The use of synthetic leather in accessories, aviation, and other fields has increased significantly. The cost-effectiveness of synthetic leather is another factor driving up demand for it in the garment and footwear sectors, which is fueling the expansion of this Leather Goods Market.

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