Leather Market Size Growing at 6.2% CAGR, Set to Reach USD 708.7 Billion By 2030

Acumen Research and Consulting recently published report titled “Leather Market and Region Forecast, 2022 – 2030”

LOS ANGELES, Feb. 02, 2023 (GLOBE NEWSWIRE) — The Global Leather Market Size accounted for USD 419.3 Billion in 2021 and is estimated to achieve a market size of USD 708.7 Billion by 2030 growing at a CAGR of 6.2% from 2022 to 2030.

Leather Market Overview

The leather market encompasses a diverse range of products made from animal hides and skins that have been treated to produce a durable and flexible material. It is used for a variety of applications, ranging from traditional uses such as clothing, footwear, and upholstery, to industrial and commercial applications, such as automotive interiors, personal protective equipment, and furniture.

One of the unique properties of leather is its ability to age gracefully, acquiring a patina and character over time that is sought after by consumers in the fashion and luxury goods industries. Advances in tanning and finishing technologies have expanded the range of textures, colors, and finishes available, enabling leather to be used in an increasing variety of applications.

Despite its popularity, the market for leather has faced criticism over environmental and ethical concerns associated with animal husbandry and the use of chemicals in the tanning process. Efforts to address these concerns, such as the development of alternative materials and the use of more sustainable production methods, have led to the growth of a niche market for eco-friendly leather products

Leather Market Research Report Highlights and Statistics

  • The Global Leather Market Size in 2021 stood at USD 419,300 Million and is set to reach USD 708,700 Million by 2030, growing at a CAGR of 6.2%
  • The market is segmented based on type of end products, type of leather and region.
  • North America has the largest leather market share. However the Asia Pacific region has the fastest growing leather market size in the world.
  • The increasing demand for leather products from the fashion and luxury goods industries is driving the growth of the leather market.
  • The growing concern for the environment and animal welfare is leading to the adoption of sustainable production methods and the use of alternative materials.
  • The leather market has many small, large and medium scaled players. Key players in the market include Leather Chemical, Zhejiang Conch Group, Hengsheng Group, and Super Tannery.

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Leather Market Report Coverage:

Market Leather Market
Leather Market Size 2021 USD 419.3 Billion
Leather Market Forecast 2030 USD 708.7 Billion
Leather Market CAGR During 2022 – 2030 6.2%  
Leather Market Analysis Period 2018 – 2030
Leather Market Base Year 2021  
Leather Market Forecast Data 2022 – 2030
Segments Covered By Product, By Type, And By Geography
Leather Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled Adidas AG, Puma SE, Nike, Inc., New Balance Athletics, Inc., Fila, Inc., Samsonite International S.A., Knoll, Inc., Timberland LLC, VIP Industries Ltd., and Johnston & Murphy..
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Trends in the Leather Market

Sustainability: There is a growing demand for eco-friendly leather products, with consumers becoming more conscious of the environmental impact of their purchases.

Alternative materials: Innovations in materials science have led to the development of alternative materials, such as vegan leather, that offer a more sustainable option for consumers.

Customization: The trend towards personalization and customization is leading to an increase in demand for made-to-order leather products.

The growth of e-commerce and the use of technology in the fashion industry is driving the adoption of digitalization in the leather market.

Automation: Automation and robotics are being increasingly used in the leather industry, leading to improved efficiency and reduced costs.

Luxury goods: The leather goods industry is dominated by high-end luxury brands, which are investing in research and development to create new and innovative leather products.

Recycling and upcycling: The growth of the circular economy is leading to an increase in the recycling and upcycling of leather waste, reducing waste and promoting sustainability.

Leather Market Dynamics

Growing demand for leather products: The increasing demand for leather goods, such as footwear, clothing, and accessories, is driving the growth of the leather market.

Growth of the circular economy: The growth of the circular economy is leading to an increase in the recycling and upcycling of leather waste, reducing waste and promoting sustainability.

Expansion of personal protective equipment market: The increasing demand for personal protective equipment is driving the growth of the leather market in industries such as construction and manufacturing.

Investment in research and development: Companies in the leather industry are investing in research and development to create new products and improve production processes.

Increasing use of leather in automotive interiors: The use of leather in automotive interiors is increasing, driven by consumer preferences for luxury and comfort in vehicles.

Growth Hampering Factors in the Leather Market

High Competition: The increased competition in the leather market has led to a decrease in profits for leather companies.

Changing Consumer Trends: Consumers are becoming more conscious of animal welfare and environmental sustainability, leading to a decrease in demand for leather products.

Synthetic Alternatives: The popularity of synthetic alternatives such as faux leather and vegan leather is growing, affecting the demand for natural leather products.

High Production Costs: The cost of producing leather products has increased, making them more expensive for consumers.

Strict Environmental Regulations: Strict environmental regulations regarding the production of leather products have led to higher costs and reduced profits.

Volatility in Raw Material Prices: Fluctuations in the prices of raw materials such as hides, skins, and leather chemicals make it difficult for leather companies to maintain consistent profit margins.

Trade Restrictions: The implementation of trade restrictions and tariffs on leather products has affected the international trade of leather goods.

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Market Segmentation

By Product type

  • Apparel
  • Handbag
  • Home Décor & Furnishing
  • Small Leather Goods & Accessories
  • Footwear
  • Pet Accessories
  • Automotive Accessories

By Leather Type

  • Genuine
  • Synthetic
  • Vegan

Leather Market Overview by Region

In North America, the leather market share is dominated by the United States, which is home to many of the world’s leading leather producers. Despite the increasing popularity of synthetic alternatives, the US leather market remains strong, driven by demand for high-quality leather products in industries such as fashion, automotive, and furniture. However, the industry is facing challenges, such as rising production costs and competition from cheaper imports and trade wars with China.

In Europe, the leather market size is characterized by a strong tradition of leather production and a high level of craftsmanship. The region is home to some of the world’s most prestigious leather brands, as well as a growing number of innovative startups. Despite facing challenges such as economic uncertainty and changing consumer preferences, the European leather market continues to thrive, driven by demand for premium leather goods.

Asia Pacific region has the world’s second largest leather market share. The region is home to many of the world’s largest leather producers, as well as a rapidly growing middle class with an increasing appetite for leather goods. However, the Asian leather market is not without its challenges, including strict environmental regulations, fluctuations in raw material prices, and competition from cheaper synthetic alternatives.

In South America and the MEA region, the leather market size is lower compared to other regions due to various reasons, however, the market is still growing at a decent pace and will continue its growth spree.

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Leather Market Key Players

The leather market is a highly competitive industry with a diverse range of players. Some of the key players in the market include Nike, Adidas, Puma, Louis Vuitton, Gucci, Prada, Hermès, Coach, Burberry, Michael Kors, Tod’s, Ferragamo, ECCO, Wolverine, Clarks, Dr. Martens, Red Wing Shoes, Tannery, Leathercraft, and BLC Leather Technology Centre. These companies are involved in various aspects of the leather industry, including production, design, distribution, and retail. Their products range from high-end luxury goods to mass-market consumer products, and they operate in markets around the world. These companies play a crucial role in shaping the future of the leather market and drive the industry forward.

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