The Leather Goods Market is being driven by Innovative marketing strategies
The Leather Goods Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 105.8 billion. The exotic leather market has experienced significant growth over the past five years, driven by increasing consumer demand for leather goods featuring distinct textures, superior quality, and unique feels. Due to the scarcity of exotic animal hides, manufacturers have turned to alternative sources, such as ostrich, reptile, and bird skins, to meet this demand. This shift has resulted in the production and commercialization of leather goods derived from a diverse range of animals, including calves, lambs, snakes, crocodiles, and alligators. Vendors are capitalizing on this trend by offering a wide array of bags and other leather items crafted from these alternative hides.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 105.8 billion |
Market structure |
fragmentation |
YoY growth 2023-2024(%) |
6.24 |
Key countries |
US, China, Japan, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The leather goods market is experiencing a surge in popularity, with innovative materials like mushroom leather adding to its versatility and appeal. Sage-ONF, a leading leather manufacturer, is at the forefront of this trend, producing high-quality leather goods using advanced processing techniques and automated machinery. Their product range includes handbags, belts, wallets, furniture, and even saddles, catering to both fashion-conscious consumers and those in need of durable, functional items. Designers like Meghan Roach are also embracing the versatility of leather, creating fancy leather apparel and accessories that reflect the latest fashion trends. The rising demand for leather goods is not limited to apparel and accessories, as footwear and furniture segments are also seeing significant growth. According to the World Footwear report, the leather goods industry is expected to continue its growth trajectory, driven by increasing brand awareness and living standards. Digital cutting technology is enabling the production of complex designs, making leather goods more desirable than ever before. The future of the leather goods market looks bright, with endless possibilities for innovation and creativity.
According to Technavio, the leather goods market is a segment of the global apparel, accessories, and luxury goods industry. This market encompasses businesses involved in the production and distribution of textiles, apparel, accessories, and luxury goods, excluding footwear manufacturers. Notably, the market scope extends to companies providing rental services for apparel, accessories, and luxury goods. The global apparel, accessories, and luxury goods market size is determined by the consolidated revenues of textiles, apparel, footwear, accessories, and luxury goods manufacturers and marketers. Key growth drivers for this market include the expanding population of working women, leading to increased disposable income and consumer spending on apparel, accessories, and luxury goods.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
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