Leather Goods Market showing Compound annual growth rate and forecast till 2025
The products made from animal hide by means of tanning, a process that stabilizes proteins, are referred as leather goods. The process of tanning animal hide makes it suitable for various applications such as wallets, clothing, footwear, and others. The inherent qualities of leather such as dustproof, fireproof, crack proof, and durability is expected to increase growth of leather goods market. Furthermore, increasing demand for trendy hand bags, premium wallets, and other leather products is propelling growth of leather goods market. However, low availability of raw material, availability of synthetic alternatives such as plastic leather, and availability of leather goods at low cost are some of the factors restraining growth of leather goods market.
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On the basis of product type, leather goods are segment in to footwear, accessories, luggage, and others. Footwear segment is expected to account for the highest revenue share in market over the forecast period, owing to increasing consumer preference for high comfort and quality products. According to India Brand Equity Foundation (IBEF), the per capita footwear consumption is expected to increase up to four pairs by 2020 whereas domestic footwear consumption is expected to reach five billion pairs. Luggage segment is expected to witness significant growth in global leather goods market over the forecast period, owing to increasing retail sales. According to the Travel Goods Association, retail sales of luggage in 2015 was 59.74 million units, which increased to 76.023 million units in 2016 in the U.S.
Asia Pacific region held dominant position in global leather goods market and was valued at US$ 70.82 Billion in 2016. Increasing demand for leather goods by the fashion industry especially footwear is driving growth of the market. Furthermore, growth of the leather industry in the region is further fuelling the demand for leather products in the region. According to India Brand Equity Foundation (IBEF), India ranks second in terms of leather goods and footwear production in 2017 and accounted for 12.93% of leather production of hides or skins worldwide.
Europe region is projected to witness significant growth in leather goods market in terms of revenue over the forecast period. The tanneries in Europe is highly competitive sector in the global leather market and the tanning industry in Europe is one of the largest supplier of the leather in 2015, according to European Union. Also, Europe accounted for one third of the world’s leather goods market, as it is one of the largest traded region in world, Italy accounted for 18% of global leather exports in 2016, according to CBI Ministry of Foreign Affairs. Furthermore, fashion industry is one of the most creative and vibrant sector in Europe. Various players in leather goods market increased their sales revenue in fashion and leather goods industry, driving the market growth. For example, LVMH, one of the key player based in Paris, engaged in fashion and leather goods business group witness sales of US$ 15.93 bn in 2016 and increased up to US$ 19.291 bn in 2017.
However, shortage of leather goods worldwide is resulting in increasing its cost. As a result, European buyers are looking for low cost supplier and manufacturing leather made of exotic animals such as pythons and alligators. For instance, the fashion industry in Europe accounted for 96% of the python skin market, Italy, Spain and France being the major importers in 2016, as stated in Humane Society International.
The leather goods market was valued at US$ 220.71 billion in 2016 and is expected to expand at a CAGR of 5.02%, in terms of revenue, over the forecast period (2017 – 2025).
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North America accounted for largest market share of 23.24% in the global leather goods market in 2016. This is attributed to the availability of raw skin and hides from the slaughterhouses and the discovery of chrome tanning process. According to U.S. Hide, Skin and Leather Association, hides and skins companies in U.S. regularly import nearly 90% of total production of these products, which in turn is boosting growth of leather and leather goods industry.
Several manufacturers are adopting various organic strategies such as technological innovations and new product launch to maintain their market position. For instance, in July 2017, Rugged Material, launched The Ultimate Leather EDC Belt, designed with a hidden pocket and with high durability.
Major Players in Global Leather Goods Market:
Some of the key players operating in the global leather goods market include LVMH Moët Hennessy Louis Vuitton SE, Kering S.A., Adidas AG, Hermès 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 others.
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