Summary
Major companies in the market include Nike Inc., Christian Dior SE, Adidas AG, Kering SA, Skechers U.S.A. Inc., Puma SE, ASICS Corporation, Tapestry Inc., Prada SpA and Wolverine World Wide Inc.
The global leather and allied products market grew from $357.07 billion in 2022 to $391.75 billion in 2023 at a compound annual growth rate (CAGR) of 9.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The leather and allied products market is expected to grow to $554.96 billion in 2027 at a CAGR of 9.1%.
The leather and allied products market consists of sales of full-grain leather, top-grain leather, genuine leather, bonded leather, gloves, handbags, and watches.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Leather and allied products refer to a class of products that transform hides into leather by curing or tanning them, then creating finished goods out of the leather.The leather is made from material made from animal skin that has been tanned, hair removed, and made smooth and flexible.
Rubber footwear, textile luggage, and plastic purses or wallets are examples of "leather substitute" products included in this market.
Asia-Pacific was the largest region in the leather and allied products market in 2022.Western Europe was the second largest region in the leather and allied products market.
The regions covered in the global leather and allied products market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The main types of leather and allied products are leather footwear, non-leather footwear, leather luggage, handbags and other goods, non-leather luggage, handbags, and other goods, and leather tanning.A handbag is a tiny bag that a lady uses to carry her personal belongings on a daily basis.
The different types of leather include top-grain leather, split leather, patent leather, and bonded leather and is used in automotive, furniture, and consumer goods. It is distributed through various channels such as retail stores and online stores.
Increasing demand for online shopping is expected to drive the leather and allied products market.Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the leather and allied products market.
In countries such as India, for instance, e-commerce portals have boosted the sales of these products by giving larger exposure to producers who were confined to one geography.
The outbreak of Corona virus disease (COVID-19) has acted as a massive restraint on the leather and allied products market in 2022 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2021 and into 2021.
However, it is expected that the leather and allied products market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Technological advances in the field of wireless technologies have enabled leather product manufacturers to integrate wearable technology into their products.Leading fashion designers are partnering with technology firms to produce trendy wearables and luxury products as the market is adopting this concept broadly.
For instance, Ralph Lauren introduced the ‘Ricky Smart Bag’ made from premium leather that enables users to charge their phone by lifting one of the flaps that activates an internal light.
The countries covered in the leather and allied products market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The leather and allied products market research report is one of a series of new reports that provides leather and allied products market statistics, including leather and allied products industry global market size, regional shares, competitors with a leather and allied products market share, detailed leather and allied products market segments, market trends and opportunities, and any further data you may need to thrive in the leather and allied products industry. This leather and allied products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
