According to IMARC Group’s latest report, titled “Leather Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global leather goods market to continue its moderate growth during the next five years.
Leather goods refer to the products manufactured from the hides and skins of animals, such as cattle, buffaloes, sheep, goats, and hogs. The raw material is treated with different chemicals to enhance the durability, strength, and flexibility of the leather. The processed leather is further utilized in the manufacturing of footwear, garments, harnesses, saddles, gloves, bracelets, belts, bags, watches, wallets, and smartphone covers. Being highly durable and resistant to fire, crack, abrasion, dust, etc., the leather is widely adopted for producing sports equipment, apparel, and automotive upholstery.
The rising consumer living standards supported by their increasing disposable income levels have propelled the demand for premium leather goods. Furthermore, the increasing focus of several manufacturers on providing unique and stylish products for expanding their product portfolios and attracting a large consumer base is also driving the market. The rising adoption of advanced technologies, including automated cutting in the leather production process, has led to the emergence of customized leather goods in the market. Besides this, the expanding automotive industry has also propelled the demand for leather-based automobile components. Additionally, the high prevalence of sustainable and ethical fashion trends, along with the introduction of bio-based leather products, will continue to drive the global leather goods market.