The global leather goods market size is expected to reach USD 629.65 billion expanding at a CAGR of 5.4% by 2025, according to a new report by Grand View Research, Inc. The market growth is driven by the millennials and Generation Z as younger shoppers seek a personalized shopping experience that integrates both online and offline platforms. In the offline platforms, the availability of leather goods in retail stores has an affinity to showcase its content to a large number of audiences. In U.S. it was reported that 94% of all the purchases made in 2016 were through retail stores.
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.
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.
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Further key findings from the study suggest:
Rubber & plastic material segment in the footwear market is expected to witness the highest growth rate over the forecast period
E-commerce distribution channel in North America was estimated as the largest segment of the leather goods market in 2017
China was the largest market. The Asia Pacific region is expected to be the fastest-growing regional market during the estimated period.
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)
Textiles & Tropical Fibers
Rubber & Plastic
Leather Goods Product Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
Slippers & Sandals
Clothing & Apparel
Bags, Wallets, & Purses
Leather Goods Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
Central & South America
Middle East & Africa
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