Growing Demand for Synthetic Leather Contributing to the Global Leather Goods Market

Posted November 6, 2019 by pranshusingh

The Global Leather Goods Market projected to grow at a significant CAGR during the forecast period.

The Global Leather Goods Market projected to grow at a significant CAGR during the forecast period. The factors that influence the market growth include the growing demands for trendy, premium and quality products across the customers globally. As these leather products inherent qualities such as dustproof, fireproof, durability and crack proof which is projected to boost the growth of the leather goods industry across the globe. Further, another major motivator that affects market growth is changing fashion trends as leather is seen as an elite class product among people. Rise in per capita disposable income and change in spending patterns by the millennials is also contributing to the growth of the market. Rising awareness toward various popular brands and ease of availability due to online stores is also a major factor augmenting market growth. However, the rising cost of genuine leather and the increasing awareness regarding animal cruelty norms is creating demand for synthetic leather across the globe.

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Footwear and Synthetic leather segment to grow significantly in the near future
The global leather goods market is segmented on the basis of product type, material and distribution channel. On the basis of product type, the market is sub-segmented into footwear, luggage, clothing & apparel, accessories, and others. The footwear segment is expected to have a major market share during the forecast period. As per the Indian Brand Equity Foundation, footwear contributed around 35% to the overall leather exports in India in 2018.

By material, the market is sub-segmented into synthetic leather and genuine leather. Synthetic leather is expected to grow significantly attributed to the growing demand for more cost-effective and animal-friendly substitutes. As genuine leather contributes to global warming and climate change, directly or indirectly, the government of different countries is focusing more on synthetic leather. Increasing stringent government regulations related to slaughterhouse waste management can also restrict the growth of the genuine leather market. UN has set sustainable goals to prevent and reduce all kinds of marine pollution by 2025. To achieve UN Sustainable goals, it will cause an add-on cost to the leather goods manufacturers for the management of hazardous chemicals and wastewater which can increase the price of finished goods. Due to this, the consumer in price-sensitive market can opt for the cheaper alternative.

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The leather good market is a highly fragmented market. However, some of the major players are significantly contributing to the growth of the market including Adidas AG, Nike Inc., Tapesty Inc., Woodland Worldwide and others. These market players are contributing to the market by adopting various market approaches including new product launch, merger and acquisition, partnerships and collaborations, and others for gaining a strong position in the market. For instance, in August 2019, Steve Madden acquired BB Dakota, a California-based contemporary women’s apparel company. The acquisition is to expand the company’s brand in the apparel category.

The Report Leather Goods Market - Segmented by Product Type, Material and Distribution Channel

By Product Type
• Footwear
• Luggage
• Clothing & Apparel
• Accessories
• Other (Upholstery)
By Material
• Synthetic Leather
• Genuine Leather
By Distribution Channel
• Online
• Offline

The Report Leather Goods Market – Segment by Region

North America
• United States
• Canada
• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe
• China
• Japan
• India
• Rest of Asia-Pacific
Rest of the World
• Middle East & Africa
• Latin America

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Last Updated November 6, 2019