Leather and Allied Products Global Market Report 2024

The leather and allied products market size has grown strongly in recent years. It will grow from $389.75 billion in 2023 to $424.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth observed in the historical period can be attributed to several factors, including an increase in disposable income and living standards, a rise in foreign direct investments, strong economic growth in emerging markets, and advancements in technology.

The leather and allied products market size is expected to see strong growth in the next few years. It will grow to $592.82 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period can be attributed to the increasing demand for online shopping, the growth of domestic and international tourism, the rising penetration of social media, an increase in motorcycle sales, and the growing demand for sportswear and performance wear. Significant trends expected in this period include the introduction of various types of leather such as vegan leather and dritan leather, as well as the formation of strategic partnerships and increased investments.

The leather and allied products market is poised for growth, driven by the increasing demand for online shopping. Manufacturers now have access to a broader platform, expanding their customer base geographically and contributing to the market's growth. In countries such as India, e-commerce portals have played a crucial role in boosting sales by providing greater exposure to producers who were previously confined to specific regions.

A significant factor propelling the leather and allied products market is the rising demand for footwear. Footwear, including shoes, boots, and various outer coverings for the human foot, is experiencing increased popularity. Leather, known for its durability, comfort, and stylish appeal, is widely used in the footwear industry. The expanding need for leather footwear, coupled with a growing preference for stylish and comfortable options, has led to a surge in footwear imports. For example, the United States witnessed a substantial increase in footwear imports, reaching $27.2 billion in September 2021, reflecting a remarkable 31.4% growth compared to the previous year.

The integration of wearable technology into leather products is another driver for the market, thanks to technological advancements in wireless technologies. Leading fashion designers are collaborating with technology firms to create trendy wearables and luxury products. Ralph Lauren's 'Ricky Smart Bag' is an example, made from premium leather and designed to allow users to charge their phones by lifting one of the flaps, activating an internal light.

Major companies in the leather and allied products market are adopting innovative approaches, such as introducing concept shoes, to enhance profitability. Concept shoes represent footwear designed to showcase new and innovative ideas, concepts, and designs. Adidas, for instance, launched the Mylo sneaker in April 2021, made from mushroom leather, aligning with their sustainability goals and commitment to reducing plastic waste. This innovation reflects the ongoing efforts within the industry to introduce eco-friendly and unique products to meet consumer demands.

Major companies operating in the leather and allied products market report are LVMH Moët Hennessy Louis Vuitton, Kering SA, Hermès International S.A., Nike Inc., Adidas AG, VHSP Pty Ltd., Rimowa Cz Spol. S R. O, Changge Yixing Leather Co Ltd., Tapestry, Inc., Australia Pty Ltd., ASICS Corporation, Zdzblo Galanteria Skorzana Sp. z oo sp. k., Elena Pieles Argentinas Srl, Chemcrown Exports Limited, Joshua Pitt Pty Ltd., Eagle Ottawa China Ltd., A V Thomas Leather and Allied Products Limited, Bowron G.L., Christian Dior SE, Acknit Industries Limited, Bhartiya International Limited, Australian Leather Holdings Ltd., Jiangsu Maydiang Leather Goods Co Ltd., Giovanni RawHides, Kowro Bags, Nilpel L.L.C, Pangea Made Gmbh, Prada S.p. A, Walfertan Processors Pty Ltd., Zatchels, Buenos Aires Holding LLC, Zoela SA, Platypus Manufacturers Pty Ltd., Complete Leather Goods Afifi for Trading, J.Y.S. Enterprise Inc., Romed SRL, Slightly Alabama, Puma SE, Saudi Leather Industries Company SLIC, Xingye Leather Technology Co Ltd., Lotuff Leather, Packer Leather Pty Ltd., Onerom Impex SRL, San Javier caprinos S.R.L, Norpol Sp. z o.o., G.H. Michell & Sons Pty Ltd., Mercatto Group Company, The Yellow Bear Company, VKP LT OOO, Jacksons Tannery Pty Ltd., Golden Down Ltd., Datong Ltd., Anhui Anli Material Technology Co Ltd., Frank Clegg Leathergoods, American Leather Co, Monapetpee nig Ltd., Murgon Leather Company Pty Ltd., Noah Waxman, KOZHA AO, Sharlene Ltd., Capri Holdings Limited, Corter Leather, Aleen And Ammar Trading Est., Cooperativa Dos Produtores De Avestruz Da Bahia, Skechers USA, Inc., Heller-Leder GmbH & Co. KG, AlOthmanFashion, Mtms Leather Shoes.

Asia-Pacific was the largest region in the leather and allied products market in 2023. Western Europe was the second largest region in the leather and allied products market. The regions covered in the leather and allied products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the leather and allied 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 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.

The primary types of leather and allied products include leather footwear, non-leather footwear, leather luggage, handbags, and other goods, non-leather luggage, handbags, and other goods, as well as leather tanning. A handbag, a small bag used for carrying personal belongings, is a notable example. Different types of leather, such as top-grain leather, split leather, patent leather, and bonded leather, find applications in various industries such as automotive, furniture, and consumer goods. Distribution channels for these products include both online and offline stores.

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.

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.