by The leather goods market consists of a wide range of luxury leather accessories such as leather handbags, leather shoes, leather jackets, belts, wallets and other leather fashion accessories. Leather goods are known for their durability, style and luxurious feel. Key advantages of leather goods include toughness, long life and premium look. The rising disposable incomes and increasing preference for luxury and branded products have been driving considerable demand for leather goods globally.
The Global Leather Goods Market is estimated to be valued at US$ 456.5 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Leather Goods market are Mars Inc., CVS Group PLC, Greencross Vets, Ethos Veterinary Health, Idexx Laboratories Inc., Pets at Home Group PLC, CityVet Inc., FirstVet, Kremer Veterinary Services, and Armor Animal Health (Animart), among others. These key players are focusing on offering sustainable and eco-friendly leather products to cater to the growing demand of conscious customers.
The increasing pet adoption driven by social, cultural and economic factors has been fueling the demand for various pet care products and services globally. The rising pet owner expenditure on pet healthcare, nutrition, accessories and other services is propelling of the overall Leather Goods Market Growth.
The growing global expansion of organized retail and e-commerce has made leather goods more accessible worldwide. The improving living standards and fashion consciousness among consumers in emerging nations presents significant growth opportunities for leather goods companies.
Market Key Trends
One of the key trends gaining traction in the leather goods market is the rising focus towards sustainable and eco-friendly practices. Various companies are investing in adopting sustainable raw material sourcing and manufacturing processes to appeal to environmentally conscious customers. They are developing unique vegetable-tanned leather goods and promoting responsible cattle farming to gain a competitive edge. The growing demand for ethically produced, cruelty-free leather items is expected to continue shaping the future trends in this Leather Goods Market.
Porter’s Analysis
Threat of new entrants: Established brands and distribution channels create barriers for new companies.
Bargaining power of buyers: Multiple established brands gives buyers alternatives to choose from.
Bargaining power of suppliers: Availability of alternatives gives suppliers less influencing power on prices.
Threat of new substitutes: Rising sustainability concerns can increase demand for alternative materials like vegan leather.
Competitive rivalry: Intense competition exists between major brands on innovation, pricing and campaign strategies.
Geographical Regions
North America accounts for the largest share of the global leather goods market in terms of value, led by the United States. Factors like high disposable income, large fashion industry and increasing millennial population drive demand.
Asia Pacific region is expected to witness the fastest growth during the forecast period. Emerging economies like China, India and Indonesia are experiencing rapid urbanization and improving standards of living. Increasing preference for luxury and branded products is a major opportunity for leather goods companies in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
