According to a new report Global Leather Goods Market, published by KBV research, The Global Leather Goods Market size is expected to reach $560.5 billion by 2027, rising at a market growth of 9.9% CAGR during the forecast period.
The synthetic type segment would exhibit a significant growth rate during the forecast period. Aspects such as less price and heavy-duty construction of these product kinds are responsible for the growth of this segment. Plastic, paper leather goods are also accessible in various eco-friendly options. For instance, leather goods prepared from PLA corn plastic are compostable and provide whole product visibility for improved marketability.
The footwear segment garnered the highest revenue share of the global leather goods market in 2020. Key players in the athletic footwear segment like Nike, Puma, New Balance, Adidas, Reebok, Converse, and All Birds have been entering into leather athletic manufacturing due to the rising demand from the consumer for leather athletic footwear. For example, in 2017, Nike, Inc. introduced sneakers developed from fly leather, a new material made from blending remaining leather scraps from tanneries, and a polyester blend.
Asia-Pacific would exhibit the fastest CAGR throughout the forecast years. The regional market is dominated by economies like China and India, which are boosted by the growing demand for high-end and luxury products. Bangladesh and Pakistan are essential sources for primary leather (raw material) in Asia. Significantly low tariff rates on the exported leather products make Bangladesh an appealing market for foreign leather goods brands.
Full Report: https://www.kbvresearch.com/leather-goods-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Adidas AG, Nike, Inc., PUMA SE, Tapestry, Inc., New Balance, Inc. (New Balance Aesthetics, Inc.), Herman Miller, Inc., American Leather Operations, LLC, Lear Corporation, VF Corporation, and Hermes International S.A.
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