Authored By: Sarah
11 Jul 2024

 Leather And Allied Products Market Size to grow by USD 119.8 billion between 2024-2028

According to a research report “ Leather And Allied Products Market” by Product (Footwear, Luggage, bags, wallets, purses, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 119.8 billion, at a CAGR of  5.13% during the forecast period. The global leather and allied products market, particularly in sectors such as handbags and personal luxury goods, has witnessed significant growth over the past two decades. This expansion can be attributed to the rise in fashion-conscious consumers, particularly in developing regions like APAC, North America, and Europe. Endorsements from celebrities serve as influential marketing tools, driving consumer demand for luxury brands. Notable figures like Taylor Swift, Beyoncé, Hailey Baldwin, Selena Gomez, and Kendall Jenner have significantly impacted sales through their endorsements of new products and brands. Manufacturers in this industry employ various marketing strategies, including celebrity endorsements, to enhance their brand image and broaden their consumer base.

Browse market data tables, figures, and in-depth TOC on “Leather And Allied Products Market” by Product (Footwear, Luggage, bags, wallets, purses, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Footwear segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

The leather and allied products market represents a significant business sector, characterized by continuous growth and innovation. Key players in this industry focus on producing high-quality leather goods, including footwear, apparel, and accessories. Utilizing advanced techniques and sustainable sourcing, they cater to evolving consumer preferences and trends. This market's future prospects are promising, driven by increasing global demand and advancements in technology.

APAC is forecasted to hold the largest market size by region in 2024

The leather and allied products market represents a significant business sector, characterized by continuous growth and innovation. Key players in this industry produce a diverse range of goods, including leather apparel, footwear, leather chemicals, and leather accessories. Consumer preferences for durability, style, and sustainability drive market demand, with emerging trends in vegan leather and e-commerce further shaping the competitive landscape. Globalization and advancements in technology are also key factors influencing market expansion.

The Leather And Allied Products Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Adidas AG
  • ASICS Corp.
  • Belmarel srl
  • Capri Holdings Ltd.
  • Chanel Ltd.
  • Christian Dior SE
  • Fast Retailing Co. Ltd.
  • Furgamurga
  • Hennes and Mauritz AB
  • Hermes International SA
  • Industria de Diseno Textil SA
  • Kering SA
  • Levi Strauss and Co.
  • LVMH Group.
  • Nike Inc.
  • Nordstrom Inc.
  • Prada Spa
  • PVH Corp.
  • Ralph Lauren Corp.
  • The Gap Inc.
.

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Research Analysis Overview

The leather and allied products market encompasses a wide range of items, including premium interiors for automotive upholstery, handbags, footwear, leather goods, and fashion accessories. With lifestyle changes and a growing preference for luxury goods, this market continues to thrive. The automotive upholstery segment, in particular, has seen significant growth due to the demand for high-end interiors in both new and vintage cars. The footwear segment, which includes performance wear and sportswear, also contributes significantly to the market. Social media and international tourism have played a crucial role in driving demand for these products. However, inventory levels must be carefully managed to maintain profitability, especially in the face of counterfeit products that can negatively impact sales. Environmental effects and animal cruelty concerns have led to a growing demand for ethically sourced products. Fashion trends continue to evolve, with upholstery, accessories, apparel, and footwear all adapting to new styles. Leather remains a popular choice for non-essential items, but consumers are increasingly conscious of the impact of their purchases on the environment and animal welfare. Artisanal skill and craftsmanship remain essential in creating high-quality leather goods, adding to their appeal as luxury items. The market is expected to continue growing, driven by changing consumer preferences and the ongoing demand for fashion and lifestyle accessories.

Market Research Overview

The Leather and Allied Products market is witnessing a significant transformation with the integration of advanced technologies such as RFID technology, GPS tracking, wearable tech, Internet of Things, and smart technology. These technologies are enabling smart features like product customization, personalized marketing, and inventory management in leather goods, footwear, and automotive upholstery. Ethical sourcing is also a key trend, with consumers demanding transparency in the supply chain and eco-friendly practices. Online stores and retail outlets are offering a wide range of branded goods, from top grain leather to vegan leather, Patent Leather to Split Leather, and from DriTan leather to sustainable fabrics. Lifestyle changes, fueled by international and domestic tourism, have led to an increase in demand for luxury goods, artisanal skill, and iconic designs. Trade policies and regulatory pressures are also influencing the market, with a focus on reducing biodiversity depletion, habitat loss, and deforestation. The market includes various segments such as clothing and accessories, furniture, automotive upholstery, and footwear. Performance wear, sportswear, and fashion accessories are popular categories, with e-commerce platforms and social media playing a crucial role in consumer engagement. Counterfeit products and environmental effects are challenges, with a growing emphasis on certification schemes and eco-friendly dyes. Overall, the market is expected to grow, driven by consumer preferences for high-quality products and the ongoing trend towards smart technology.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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