The handbags with outer surface of leather market in South Korea reached a market size value of $4.27 billion in 2023. Over the last decade, the market has exhibited steady growth, expanding from $1.62 billion in 2013. With an average compound annual growth rate (CAGR) of 10.75% over the past five years, the industry has consistently demonstrated a robust upward trend, marked by significant annual increases, including a peak growth of 16.27% in 2019. Recent trends show a slight deceleration with growth rates of 8.95% in 2022 and 8.13% in 2023, indicating a maturing market.
Future trends to watch for:
- Expansion in demand for luxury brands and premium leather goods due to rising disposable incomes and shifting consumer preferences.
- Increasing influence of e-commerce platforms in driving sales growth and market penetration, especially among younger demographics.
- Heightened focus on sustainability and ethical production in the leather industry, aligning with global consumer movements towards eco-friendly products.
| # | 22 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 South Korea | 4,268,500,000 | 2023 | +8.13% | +10.75% | |
| 2 | 2 United Kingdom | 3,538,300,000 | 2023 | +2.09% | +1.8% | View data |
| 3 | 3 Germany | 2,015,900,000 | 2023 | +2.22% | +2.19% | View data |
| 4 | 4 Spain | 1,260,900,000 | 2023 | +1.89% | +1.56% | View data |
| 5 | 5 India | 978,650,000 | 2023 | +2.59% | +3.37% | View data |
