The Asia Pacific Leather Goods Market would witness market growth of 11.3% CAGR during the forecast period (2021-2027).
Designers around the globe are presenting new apparel via fashion events & shows, hence motivating a high number of consumers to choose leather clothing. Several design techniques, like Lame, brocade, and applique, are extensively utilized on leather apparel and other elegant dresses. For example, in September 2020, the Forever Leather Fashion show was organized in Shanghai, China. The show unveiled different types of leather products, such as a variety of modern style jackets, travel bags, cross-stitched trench coats, duffel bags, sneakers, and ankle boots. Such events act as a convergence point for numerous leather manufacturers, buyers, and designers from various parts of the country.
In addition to it, the growth of the regional market would further be boosted by the increasing number of athletes and health & fitness-conscious people in the region. The U.S. appeared as the biggest market in the region in 2020, followed by Canada and Mexico. Leather products in the region are majorly sold through discount stores, department stores, e-commerce platforms, and factory outlets, among other distribution channels.
These days, consumers are becoming more aware of the emerging fashion trends which are popular around the world. The existence of social media has exposed consumers to different kinds of international brands. Market players like Prada and Gucci are highly popular worldwide for their high-quality products. They have a robust customer base and are highly expanding their reach to other countries as well. With a significant surge in disposable income, consumers are also willing to purchase international leather brands' bags and accessories to support their attires and enhance living standards.
India has emerged as a strong domestic raw material base; it is likely to double its production ability in finished leather, footwear, and leather goods. This factor will play a major role in the next few years to determine the bright prospects of this industry. The huge domestic raw material supply and a massive and increasing population would ensure the bright future of the Indian leather industry. Moreover, tanners and various shoemakers have initiated a shift toward putting investment in new, instead of second-hand, manufacturing equipment.
The key players of the region are highly willing to purchase advanced equipment, adopting automation, energy-saving and decreased water consumption. In addition, China is a dominating country in the leather goods industry by producing leather footwear, upholstery, garments, and other leather goods on a wide scale. Moreover, China is also a big and fast-growing market for footwear and premium leather goods. The combination of these factors would help the leather goods market to thrive rapidly in this region. Subsequently, the Indian government is now anticipating all tanneries to fulfil environmental regulations. This shows the increasing pressure from brand makers and retailers across the globe for the complete supply chain to be responsible.
The China market dominated the Asia Pacific Small Leather Goods & Accessories Product Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,455.5 million by 2027. The Japan market is showcasing a CAGR of 13% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 14.3% during (2021 - 2027).
Based on Type, the market is segmented into Genuine Leather, Synthetic Leather and Vegan Leather. Based on Product, the market is segmented into Footwear, Automotive Accessories, Home Décor & Furnishing, Small Leather Goods & Accessories, Apparel, Handbags, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Leather Goods Market is Projected to reach USD 560.5 Billion by 2027, at a CAGR of 9.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Adidas AG, Nike, Inc., PUMA SE, Tapestry, Inc., New Balance, Inc. (New Balance Aesthetics, Inc.), Herman Miller, Inc., American Leather Operations, LLC, Lear Corporation, VF Corporation, and Hermes International S.A.
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