What are leather goods
A leather good is any consumer product made of leather. Clothing, a bag, a belt, shoes, furnishings, and horse stuff are all included. For items, several varieties of leather are used, including fake, top grain, full grain, nubuck leather, and vegan leather. Top Grain leather is the most commonly utilized leather for producing excellent items, since it is thinner, more malleable, and less costly than full Grain leather.
Full-grain leather is the most durable and high-quality leather accessible. It has the pattern of animal skins and has a delicate, natural look and feel. Full-grain leather is manufactured from the top layer of cowhide, which makes it more durable and breathable than other leathers.
Market Drivers-
Rising application in the clothing industry
The increasing use of leather in clothes is a crucial factor in widening the leather goods industry. Leather is increasingly used in the garment industry due to its durability and luxury look. Leather items are becoming progressively popular as a consequence of fashion shows that stimulate leather goods such as shoes, coats, purses, and other accessories. Leather apparel has become timeless due to its protective and long-lasting characteristics and evident fashion appeal.
The rising demand for premium and high-quality luxury leather
Consumer demand for high-quality, premium, and luxury leather items has boosted dramatically as the fashion industry has lengthened fast. Customers place a premium on aesthetics and seek high-end items to make a fashion statement. Furthermore, an increasing number of High-Net-Worth Individuals (HNWIs), along with a growing trend of designer and branded clothing in major countries such as France, the United States, and China, is pushing up demand for luxury leather items. Leather items are distinctive and frequently expensive.
Low cost of synthetic product
Synthetic leather, also called Faux leather, is low-price than real leather, and additionally, it is environmentally safe. It is made with a brilliant finish, can be easily cleaned with a rag, requires little maintenance, and does not crack easily like real leather. All these factors and advantages offered by synthetic leather should be detrimental to the growth of the market
Market Restraints
Disastrous effect on the environment-
The adverse effect of leather on the environment is a key factor that impedes the growth of the leather goods market. The leather is manufactured by processing animal skins and hides leading to numerous environmental issues like deforestation, gas emission, water wastage, and others. Moreover, the clearing of various forests such as the Amazon for cattle breeding for leather production contributes to climate change.
The availability of substitutes
On account of the higher price of natural leather, there is an growth in the search for natural leather alternative. The consequences of poor quality and shortage of material, the leather goods industry is negatively impacted. Alternatives made of apples, pineapples, recycled rubber, coconuts, and even coffee are available for leather goods.
Conclusion-
The market players have launched creative and trendy goods to fulfill the demand of a consumer. Increasing disposable income, and upgrading living standard also plays a crucial role in the growth of the market. With rising applications in the clothing industry, demand for synthetic leather, and luxury products has fueled the growth of the leather goods market.
Author's Detail
Sneha Mali, LinkedIn
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Author's Detail:
Supriya Jagtap /
LinkedIn
I am working as a Senior Research Analyst, mainly involved in conducting market research in the Information and Communication, and Technology domain. Skilled in Secondary Research, Primary Research, Data Analytics Research approaches with extensive experience providing first-class results. Highly focused, have analytical skills, and synergetic with positive energizers. Meets job demands and deadlines through diligent work-ethic and dedication to quality. Works with clients to determine requirements and provide excellent service.