Technavio Releases New Report on Global Leather Goods Industry

LONDON–(BUSINESS WIRE)–Technavio’s latest consumer
and retail
industry report covers the present scenario and
growth prospects of the global
leather goods industry 2015-2019
.

In this report, Technavio’s retail
goods and services
research experts announce their key
market highlights for the global synthetic latex polymers market. Their
findings include:

Global leather goods industry estimated to reach close to USD 247
billion by 2019

According to the report, the global leather goods industry was valued at
over USD 200 billion in 2014 and is estimated to reach close to USD 247
billion by 2019. The growing demand for leather goods is likely to have
a positive growth trend during the forecast period. With several product
launches by both local and large players, manufacturers are inducing
customers to buy the products.

With the improving economies and rising purchasing power among
individuals in developing countries, customers are buying more luxury
leather goods in countries like India and China. The trend of purchasing
products online is also pushing manufacturers to change their retail
strategy. For instance, Fendi, one of LVMH’s brands, built its own
e-commerce site in 2015.

“One of the major factors driving the growth of the global leather goods
industry is the growing demand for eco-friendly or organic leather
products as conventional leather tanning has a disastrous effect on
human health and leads to ecological imbalance,” says Brijesh Kumar
Choubey, a lead retail
goods and services
analyst at Technavio.

The report further states that organic leather is raised and organically
tanned. The USDA National Organic Program ensures animals are raised
organically and leather is tanned in a certified organic tannery. Eco
leather is tanned organically and the tanning process includes using
plant tannins, vegetable tannins, and smoke for the process. There are
some manufacturers like Valentino and the Gucci Group which have started
using eco-friendly and organic leather for their products.

Footwear segment: largest product segment for leather goods industry
with 59% market share

The global leather goods industry is segmented on the basis of product,
including footwear, luggage, and bags, wallets, and purses. As of 2014,
the footwear segment dominated the market with 59% market share. The
women’s autumn-winter collection in 2014 featured nods and other Hermès
designs.

“By holding close to 24% of the revenue share, the bags, wallets, and
purses segment comprise the second largest segment in the market. With
the demand for leather products spread across segments, this segment is
expected to see a positive trend during the forecast period. From local
labels to top brands, several manufacturers launched products in 2014,”
says Brijesh.

The luggage segment in the global leather products comprises close to
17% of the market share. The tourism and travel industry acts a catalyst
in driving the demand for the overall market. In 2014, Prada’s sales
revenue of leather goods had decreased by 1.4%, mainly due to decrease
in tourist footfall in the main shopping destinations of Europe and Asia.

The Americas stands as the largest market for leather goods

The global leather goods industry is well diversified between the
Americas, APAC, Europe, and MEA. In 2014, the Americas was the largest
region for leather goods with a revenue share of more than 38%. Product
innovation and advances in technology are the major growth drivers of
this market. The US market stands as the largest market followed by
Canada and Mexico. Some of the top players in this region include J.C.
Penney, Ebags, Sears Holding Corporation, etc.

“In the Latin American market, Brazil stands as one of the key players
in the region and has become the major target market for leather and
fashion goods worldwide. Brazil is also one of the major leather
producers and exporters of leather worldwide,” says Brijesh.

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Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
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and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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