Leather Goods Market Share, Growth Prospects, SWOT Analysis,
Business Development and Forecast 2023 – 2032

Global Leather Goods Market is slated to witness
considerable gains through 2032. Consistently improving per capita incomes in
developed and developing economies has increased consumer spending on luxury
products made of leather, presenting growth pathways to the industry. Moreover,
leather goods are perceived as high-end products, and are widely popular
amongst the middle and upper-income groups.

Leather goods manufacturers globally have been opting for
mergers and acquisition strategies to retain their industry standing. To
illustrate, in December 2021, Nike, Inc., an American multinational corporation
acquired RTFKT, a prominent brand offering collectibles that merge gaming and
culture. It helped the company accelerate its digital transformation and serve sports
enthusiasts better.

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The overall leather goods industry is divided in terms of
type, product, distribution channel, and region.

Based on type, the leather goods market size from vegan
leather segment is poised to grow substantially through 2032, owing to the
accelerating transition toward sustainable and cruelty-free products. Industry
players such as Puma Inc., Nike, Adidas AG, and others are focusing on
manufacturing shoes made of vegan leather as part of their sustainability
efforts. In fact, in February 2022, Puma Inc., a premium sports company,
announced the launch of KING Platinum 21 Vegan, its first-ever vegan leather
football boot.

Based on product, the leather goods industry share from the
footwear segment is anticipated to record a valuation of more than USD 35
billion by 2032, owing to the availability of a wide range of leather footwear.
Leather footwears have high durability and breathability, making them suitable
for long-term use. Moreover, many players in this space are focusing on launching
high-quality leather footwear, specifically in the shoe segment, which is
likely to favor segment expansion.

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On the basis of distribution channel, the leather goods
market value from the hypermarket/supermarket segment is expected to grow at a
considerable CAGR from 2023 to 2032, owing to the availability of expansive
product ranges in these stores. These facilities offer goods at lower prices
than specialty stores, which makes them popular amongst middle-income groups.
Moreover, the growing number of hypermarkets/supermarkets across the globe has
increased the footfall of consumers for luxury goods.

From the regional perspective, Asia Pacific leather goods
industry is slated to grow at over 11% CAGR from 2023 to 2032. Rising income
levels and rapid urbanization has increased consumer spending on high-quality
luxury products such as leather goods. In fact, emerging economies such as
India and China are major producers and exporters of leather globally. As per
India's IBEF, in 2021-22, the country's total export of leather and leather
products was valued at USD 4.87 billion, indicating a 32% increase from the
previous year.

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