Apparel and Leather Products Global Market Report 2024

The apparel and leather products market size has grown strongly in recent years. It will grow from $1045.45 billion in 2023 to $1127.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be attributed to various factors, including the globalization of the fashion industry, the expansion of retail and the boom in e-commerce, the rise of the sustainable and ethical fashion movement, as well as the influence of cultural and social factors. Additionally, the phenomenon of fast fashion has played a significant role in shaping the industry during this period.

The apparel and leather products market size is expected to see strong growth in the next few years. It will grow to $1511.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to the increasing adoption of sustainable fashion practices, the resilience of global supply chains, a focus on cultural diversity and inclusivity, the emergence of a circular fashion economy, and the growing popularity of rental and secondhand markets. Major trends expected in the forecast period include the digital transformation of fashion retail, a heightened emphasis on customization and personalization, the prevalence of digital fashion shows and virtual events, innovations in leather alternatives, and the use of blockchain for enhancing supply chain transparency.

The apparel and leather markets are poised for growth, propelled by the increasing demand for footwear. Footwear, including shoes and boots, relies on leather due to its enduring quality, comfort, and fashionable appeal. In September 2021, the United States International Trade Commission reported a substantial surge in footwear imports, reaching $27.2 billion, indicating a noteworthy 31.4% increase compared to 2020. This surge in demand for footwear is expected to be a significant driver of growth in the apparel and leather markets.

The growing awareness of the environmental impact of the textile industry is driving a shift towards sustainable materials. Consumers, increasingly conscious of the adverse effects of synthetic fibers on the environment, are opting for materials with less ecological impact. For instance, companies such as Spiber Inc. in Japan are producing artificial spider silk, a decomposable alternative that mimics the characteristics of natural spider silk. As global consumers prioritize environmentally friendly choices, there is a rising demand for sustainable materials, presenting opportunities for higher profit margins and sustainable practices across the apparel supply chain.

The growth of online shopping is anticipated to further boost the apparel and leather products market. Manufacturers can now expand their reach and customer base globally, enhancing the geographical scope of their sales. In countries such as India, e-commerce platforms have played a crucial role in increasing sales for traditional garments, providing exposure to producers who were previously limited to a specific geographic area where the weaving community was located.

The COVID-19 pandemic posed substantial challenges for the apparel and leather products market in 2022, disrupting supply chains and leading to a decline in consumption due to global lockdowns. Despite this setback, the market is expected to recover over the forecast period, considering the pandemic's status as a 'black swan' event rather than a reflection of fundamental weaknesses in the market or the global economy.

Innovations in product development, such as Adidas' Stan Smith Mylo, are key strategies employed by major companies to enhance their profitability in the apparel and leather markets. Adidas introduced the Stan Smith Mylo, a concept shoe made from a mushroom-based material called Mylo, as part of its sustainability efforts. Launched in April 2021, this initiative aligns with Adidas' broader goals of sustainability, including reducing plastic waste.

Major companies operating in the apparel and leather products market report are Louis Vuitton Moet Hennessy - LVMH, Christian Dior SE, Adidas AG, H&M Hennes & Mauritz AB, Kering SA, Nike Inc., VF Corporation, Hermès International S.A., Puma SE, Coach Inc., Ralph Lauren Corporation, Levi Strauss & Co., New Balance Athletics Inc., Fila Holding S.p.A., Michael Kors Holdings Limited, Burberry Group PLC, Calvin Klein Inc., Tommy Hilfiger Licensing LLC, Giorgio Armani S.p.A., Valentino Fashion Group S.p.A., Kate Spade & Company, Knoll Inc., The Timberland Company LLC, Versace S.p.A., Rajesh Exports Limited, Johnston & Murphy Inc., Hobbs PLC, Givenchy S.A.S., Noisy May ApS, Woodland Worldwide Brands Limited, The Gap Inc.

Asia-Pacific was the largest region in the apparel and leather products market in 2023. Western Europe was the second largest region in the apparel and leather products market. The regions covered in the apparel and leather products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the apparel and leather products market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary categories within apparel and leather products include leather and allied products, as well as apparel. Manufacturers in the leather and allied products sector transform hides into leather through processes such as tanning or curing, subsequently crafting them into finished goods. Additionally, these manufacturers may produce similar items using alternative materials such as rubber, polymers, or textiles (excluding clothing). The distribution of these products occurs through both online and offline sales channels, catering to men, women, and children.

The apparel and leather products market research report is one of a series of new reports that provides apparel and leather products market statistics, including apparel and leather products industry global market size, regional shares, competitors with a apparel and leather products market share, detailed apparel and leather products market segments, market trends and opportunities, and any further data you may need to thrive in the apparel and leather products industry. This apparel and leather 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.

The apparel and leather products market consists of sales of genuine leather, synthetic leather, footwear, formal wear, retail sales, and home I. 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.

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.