Genuine Leather Market Size, Share, Growth, and Industry Analysis, By Type (Top-Grain, Split Leather and Others), By Application (Consumer Goods, Furniture, Automobile and Others) Regional Forecast to 2028

Updated On: 20 November 2023

Genuine Leather Market REPORT OVERVIEW

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The global genuine leather market size was USD 9332.5 million in 2022. As per our research, the market is projected to touch USD 11130 million by 2028, exhibiting a CAGR of 3.0% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering, with the genuine leather market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Genuine leather is an animal's hide that has been treated to keep its untainted appearance and tenacity. In order to distinguish real leather from man-made materials or goods derived from other animal hides, the term "genuine leather" is applied. The market's expansion is primarily driven to the rising demand from various end users. In addition, this industry is expanding as more people become aware of the advantages of using real leather products.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 pandemic has harmed the leather industry as a whole, including the sectors of footwear, clothing, and accessories. During the first two quarters of 2020, retailers suffered significant losses. At the end of the first two quarters of 2020, World Footwear reported that footwear sales had decreased by almost 32% in the United States. As a result, it is anticipated that sales of leather shoes would decline due to the general lack of demand for footwear. China has historically been a major source of raw materials and finished goods for many firms in the market who produce different leather goods. However, the pandemic has seriously hurt on-time deliveries and product shipments by disrupting the supply chain.

LATEST TRENDS

"The Brand Awareness and Fashion Trends to Grow the Market Potentially"

The market for leather goods is anticipated to benefit from expanding consumer demand for stylish, trendy, and comfortable leather clothing, accessories, and footwear. Designers from all over the world present their newest outfits at fashion shows and other events in order to increase consumer interest in leather clothing. On leather clothing and other fine outfits, numerous design techniques, such as brocade, Lamé, and applique, are frequently utilised. For instance, the Forever Leather Fashion show was held in Shanghai, China, in September 2020. Numerous modern-style jackets, cross-stitched trench coats, travel bags, leather shoes, duffel bags, and ankle boots were among the leather goods on display during the show. Many thousands of leather customers, producers, and designers from many provinces come together in such situations.

Genuine Leather Market SEGMENTATION

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• By Type

Based on type the genuine leather market is classified as top-grain, split leather and others.

The part top-grain is the leading of all other types.

• By Application

Based on application the genuine leather market is classified as consumer goods, furniture, automobile   and others.

The part consumer goods is the leading type of the application segment.

DRIVING FACTORS

"Rising Disposable Income and Improved Living Standards to Boost the Market Growth"

Rising consumer disposable income, higher living standards, shifting fashion trends, and expanding domestic and international tourism are the main market drivers. The demand for leather goods is rising as more High-Net-Worth Individuals (HNWIs) become wealthy and designer and branded clothing become more popular in important markets like the U.S., France, and China. Exclusive and frequently expensive, leather items are a luxury. Due to the country's growing population of HNWIs and Ultra-High Net Worth Individuals (UHNWIs), the demand for leather goods is rising dramatically in China.

"The Concept of Sustainability to Multiply the Production and Market Growth"

The demand for sustainable items has increased as people are becoming more aware of the negative impacts of unethical practises in the creation of clothing and footwear. Due to the promotion of sustainability by numerous well-known designers, sustainable fashion is progressively drawing consumers. Designers like Stella McCartney, for instance, have been promoting sustainable fashion items, including footwear, in cost-effective retailers like Top Shop and Zara, which is anticipated to fuel the market for leather goods throughout the forecast period.

RESTRAINING FACTORS

"The Availability of Alternative with Equal Properties to Restrain the Market Growth"

Genuine Leather Market REGIONAL INSIGHTS

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"Asia Pacific Region to Dominate the Market with Increasing Demand and Volume Production"

More than a quarter of the genuine leather market share was accounted for by Asia Pacific, which led the world market. The market for premium and luxury goods in the Asia Pacific area is growing, with nations like China and India leading the way. In Asia, Bangladesh and Pakistan are significant raw material (primary) leather suppliers. The managing director of Leatherex Footwear Industries Ltd., Mohammed Nazmul Hassan, claims that 15 to 20 new factories producing leather goods and footwear are established in Bangladesh each year. Bangladesh is a desirable market for foreign leather goods brands due to the country's relatively cheap tariff rates on exported leather goods. The top prominent manufacturers to contribute a huge share in the genuine leather market growth.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures.The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Garrett Leather (U.S.A)
• Winter Company (Switzerland)
• Buckskin Leather Company (U.S.A)
• Jinjiang Guotal Leather (China)
• ANTIC CUIR (Spain)
• SKM LLC (U.A.E)
• PELER ITALIA Srl (Italy)
• CHINBAR (China).

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.