Leather Goods Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on March 7th, 2022 The global leather goods market size is anticipated to reach USD 624.08 billion by 2028, registering a CAGR of 5.9% over the forecast period, according to a new report by Grand View Research, Inc. Rising fashion consciousness among consumers has been a key factor boosting the product demand and this has driven various brands to expand their product portfolio. Apart from leading labels and brands, smaller manufacturers have also been gaining importance in the market. Various startups have come up with customized leather products to meet the changing demands of consumers. The clothing, footwear, & accessories industry is anticipated to witness checkered growth throughout 2020, as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide. The expected decline in the global sales of clothing, footwear, & accessories is attributable to massive supply chain disruptions across significant export markets, including China and India. However, the industry is likely to recover over the forecast timeframe, given the rising popularity of online/e-commerce sales. From a manufacturing standpoint, the sustainable or ethical fashion trend is expected to favor market growth throughout the forecast timeframe. Luxury apparel is another lucrative space for prospective manufacturers to target, given the mushrooming number of affluent and fashion-conscious consumers across the globe. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. The major reasons driving the sale included age, gender, and location. In the footwear product segment, casual shoes like sneakers, slippers, and flats are gaining popularity, which is expected to boost the segment growth in the coming years. The market for formal shoes is expected to witness a significant growth over the forecast period owing to constant innovations, in terms of products and designs. In the sports shoes category, major manufacturers in the market including Adidas AG; Nike, Inc.; New Balance Athletics, Inc.; and Sketchers USA, Inc. are increasingly focusing on developing innovative technologies to enhance the stability of sports shoes and make them more comfortable. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/leather-goods-market/request/rs1 Application of leather in manufacturing bags and wallets has increased significantly in the recent years. Among all types of leather, synthetic leather has attained tremendous popularity as it is softer than conventional leather and offers high durability. The growth of casual footwear segment coupled with increasing online purchases is expected to drive the leather goods market in North America over the forecast period. Furthermore, rising number of athletes in the region and awareness about the benefits of staying active and fit are anticipated to fuel the market growth. Further key findings from the study suggest:
A growing number of working individuals and resultant rise in the disposable income levels will also boost the market growth in the years to come. In the footwear segment, sneakers sales have grown the most due to the increasing demand for comfortable and trendy footwear. There is intense competition in the sneaker segment as high-end fashion brands, such as Balenciaga, Gucci, and Prada are entering the market and are up against well-established athletic brands, such as Nike and Puma. E-commerce retail channels play a very important role in the leather goods market. A significant portion of revenue is generated through this channel and is contributing more each year. Online sales channels make it easy for consumers to browse through billions of products at once without having to physically visit retail stores. The trend of online customizations is being driven by millennials since such products are unique. In addition, few websites allow customers to add their own prints on the shoe. The market is characterized by the presence of well-established companies, such as Adidas AG; Nike, Inc.; Puma SE; Fila, Inc.; New Balance Athletics, Inc.; Knoll, Inc.; Timberland LLC; Johnston & Murphy; and Woodland. Small- and medium-sized manufactures in the global market are well-versed with the local markets as well as the product demand, which gives them a competitive edge over others. These companies cater to the local demands and are able to reach their customers faster than their global counterparts. Grand View Research has segmented the global leather goods market on the basis of basis of distribution channel, material, product, and region: Leather Goods Distribution Channel Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
Leather Goods Material Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
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