U.S Bovine Leather Goods Market, By Type, (Small/Fancy leather goods, Medium leather goods, Heavy leather goods), By End user, General Goods, Footwear, Automotive, Others), Estimation & forecast, 2016 – 2024.
U.S bovine leather goods market was valued at $11.01 billion in 2016 and is expected to reach $15.3 billion by 2024, having a CAGR of 4.3% during the forecast period of 2017 to 2024. The medium leather goods segment gained the highest revenue share in the U.S bovine leather goods market.
Bovine leather is the most common leather, made from cow, buffalo and calf-skin. Bovine leather is widely used in the U.S. leather goods market due to its characteristic property of being extremely soft. It has become easier for hide producers to boost their production of raw animal hide due to the increase in cattle population in the U.S. The leather manufactured from cowhide is easy to care, relatively cheaper due to high availability, and dirt & water resistance. Bovine leather made from cow skin is used in almost every leather product including footwear, handbags, shoulder bags, note case, upholstery, saddlery, holster, purse, wallet, belt, jackets, gloves, and other accessories. On the other hand, calfskin being soft, lightweight, abrasion resistant, and lustrous in look, is used to produce high quality, attractive leather for small sized and medium leather goods with a soft, fine feel.
The U.S bovine leather goods market has witnessed decent growth in the recent years. The prime factors driving the growth of U.S bovine leather goods market are the changing trends in the fashion industry, increase in the number of women working population and their standard of living. Moreover, an upsurge in the domestic and international tourism is fueling the market growth. However, manufacturing of counterfeit products, the growing concerns regarding animal cruelty, and the impact of leather processing on environment act as the major barriers in the growth of the market. On the other hand, increasing initiatives for marketing branded products is expected to create huge opportunities for the growth of market in the coming years.
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The U.S bovine leather goods market is segmented on the basis of type, and end user. By type, the market is segmented into small/fancy leather goods, medium leather goods, and heavy leather goods. The fancy leather goods segment contains goods like purse, wallets, belts, passport case & key case, note case, and accessories & others. Medium leather goods are categorized as leather shoes, handbags, shoulder bag, document & attaché cases, and others. The heavy leather goods include goods like saddler, upholstery, holster, tooling & leather craft, automotive, and others. On the basis of end user, the market is segmented as general goods, footwear, automotive, and others.
Some eminent market players are Garrett Leather Corp, Hermès International S.A., American Saddlery Inc., Caleres Inc, Tanner Goods Inc, Rancourt & Company Shoecrafters Inc, Circa of America, Horween Leather Company, Russell Moccasin Co., and Jack Georges. In September 2017, Hermès’ operating income rose up +13 % during first six months of 2017, reaching €931 million, while net profit reached €605 million, up +11%. The growth in the leather goods and saddlery category was due to the success of the collections and the diversity of models.