Global Leather Goods Market to Surpass US$ 336.71 Billion by 2025

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Leather Goods Market - Global Industry Insight,
Trends, Outlook, and Opportunity Analysis 2017-
2025
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REPORT DESCRIPTION
The products made from animal hide by means of tanning, a process that stabilizes proteins, are referred as leather
goods. The process of tanning animal hide makes it suitable for various applications such as wallets, cloth ing,
footwear, and others. The inherent qualities of leather such as dustproof, fireproof, crack proof, and durability is
expected to increase growth of leather goods market. Furthermore, increasing demand for trendy hand bags,
premium wallets, and other leather products is propelling growth of leather goods market. However, low
availability of raw material, availability of synthetic alternatives such as plastic leather, and availability of leather
goods at low cost are some of the factors restraining growth of leather goods market.
On the basis of product type, leather goods are segment in to footwear, accessories, luggage, and others. Foo twear
segment is expected to account for the highest revenue share in market over the forecast period, owing to
increasing consumer preference for high comfort and quality products. According to India Brand Equity
Foundation (IBEF), the per capita footwear consumption is expected to increase up to four pairs by 2020 whereas
domestic footwear consumption is expected to reach five billion pairs. Luggage segment is expected to witness
significant growth in g lobal leather goods market over the forecast period, owing to increasing retail sales.
According to the Travel Goods Association, retail sales of luggage in 2015 was 59.74 million units, which
increased to 76.023 million units in 2016 in the U.S.
Leather Goods Market Overview
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REPORT DESCRIPTION
Asia Pacific region held dominant position in global leather goods market and was valued at US$ 70.82 Billion
in 2016. Increasing demand for leather goods by the fashion industry especially footwear is driving growth of
the market. Furthermore, growth of the leather industry in the region is further fuelling the demand for leather
products in the region. According to India Brand Equity Foundation (IBEF), India ranks second in terms of
leather goods and footwear production in 2017 and accounted for 12.93% of leather production of hides or
skins worldwide.
Europe region is projected to witness significant growth in leather goods market in terms of revenue over the
forecast period. The tanneries in Europe is highly competitive sector in the global leather market and the
tanning industry in Europe is one of the largest supplier of the leather in 2015, according to European Union.
Also, Europe accounted for one third of the world’s leather goods market, as it is one of the largest traded
region in world, Italy accounted for 18% of global leather exports in 2016, according to CBI Ministry of
Foreign Affairs. Furthermore, fashion industry is one of the most creative and vibrant sector in Europe. Various
players in leather goods market increased their sales revenue in fashion and leather goods industry, driving the
market growth. For example, LVMH, one of the key player based in Paris, engaged in fashion and leather
goods business group witness sales of US$ 15.93 bn in 2016 and increased up to US$ 19.291 bn in 2017.
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