The apparel and leather products market has witnessed robust growth, surging from $1,045.45 billion in 2023 to $1,127.96 billion in 2024, achieving a compound annual growth rate (CAGR) of 7.9%. This growth in the historic period is attributed to the globalization of the fashion industry, the expansion of retail and the e-commerce boom, the sustainable and ethical fashion movement, and cultural and social influences, all contributing to the phenomenon of fast fashion. Looking ahead to 2028, the market size is anticipated to continue its strong growth, reaching $1,511.52 billion with a CAGR of 7.6%. The projected drivers for this forecast period include the rise of sustainable fashion practices, the resilience of the global supply chain, the emphasis on cultural diversity and inclusivity, the adoption of a circular fashion economy, and the increasing popularity of rental and secondhand markets. Notable trends in the forecast period encompass digital transformation in fashion retail, customization and personalization, digital fashion shows, virtual events, innovations in leather alternatives, and the integration of blockchain for supply chain transparency.
Major Driver In The Apparel And Leather Products Market
The rising demand for footwear is expected to propel the growth of the apparel and leather markets going forward. Footwear encompasses items designed to be worn on the feet, including shoes, boots, and various outer coverings for the human foot. Leather is a favored material in the footwear sector because of its enduring quality, comfort, and fashionable appeal. For instance, in September 2021, the United States International Trade Commission, a US-based independent, nonpartisan, quasi-judicial federal agency, the United States saw a surge in footwear imports, reaching a total value of $27.2 billion. This marked a significant growth of $6.5 billion, or a 31.4% increase compared to the 2020. Therefore, the rising demand for footwear will drive apparel and leather market growth. The market size for the apparel and leather market in 2023 reflected the increasing demand for footwear, with projections indicating further expansion in 2024 and beyond.
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Apparel And Leather Products Market Competitive Landscape
Louis Vuitton Moet Hennessy - LVMH, Christian Dior SE, Adidas AG, H&M Hennes & Mauritz AB, Kering SA, Nike Inc., VF Corporation, Hermès International S.A., Puma SE, Coach Inc., Ralph Lauren Corporation, Levi Strauss & Co., New Balance Athletics Inc., Fila Holding S.p.A., Michael Kors Holdings Limited, Burberry Group plc, Calvin Klein Inc., Tommy Hilfiger Licensing LLC, Giorgio Armani S.p.A., Valentino Fashion Group S.p.A., Kate Spade & Company, Knoll Inc., The Timberland Company LLC, Versace S.p.A., Rajesh Exports Limited, Johnston & Murphy Inc., Hobbs plc, Givenchy S.A.S., Noisy May ApS, Woodland Worldwide Brands Limited, The Gap Inc.
Key Apparel And Leather Products Market Trend
Major companies operating in the apparel and leather markets are innovating new products, such as Stan Smith Mylo, to increase their profitability in the market. The Stan Smith Mylo is a concept shoe from Adidas that is made using a new mushroom-based material called Mylo. For instance, in April 2021, Adidas AG, a Germany-based apparel company, launched a new line of sneakers made from mushroom leather as a part of their sustainability efforts. The Mylo sneaker is part of Adidas' broader sustainability goals, which include reducing plastic waste.
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Apparel And Leather Products Market Segmentation
The apparel and leather products market covered in this report is segmented –
1) By Type: Leather And Allied Products, Apparel
2) By Distribution Channel: Online Sales, Offline Sales
3) By End User Sex: Men, Women, Kids
Subsegments Covered: Leather Footwear, Non-Leather Footwear, Leather Luggage, Hand Bags And Other Goods, Non-Leather Luggage, Hand Bags And Other Goods, Leather Tanning, Womens Wear, Mens Wear, Kids Wear
By Geography:The regions covered in the apparel and leather products market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the apparel and leather products market in 2023.
The Apparel And Leather Products Global Market Report 2024 furnishes information about the global apparel and leather products market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
