World's Leather Market Set to Reach 6.3 Billion Square Meters and $48.9 Billion in Value by 2035

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The global leather market was estimated at 5.7 billion square meters in volume and $40.9 billion in value in 2024, with a forecasted growth to 6.3 billion square meters and $48.9 billion by 2035. China is the largest consumer by volume, while Italy leads in per capita consumption. Bovine and equine leather dominates both production and consumption. International trade has contracted significantly since its 2014 peak, with China being the largest importer and Italy the largest exporter by value. The market has experienced a period of stagnation and modest price declines over the past decade.

Key Findings

• Global leather market is forecast to grow to 6.3B square meters and $48.9B by 2035
• China is the top consumer by volume, while Italy leads in per capita consumption
• Bovine and equine leather constitutes 64% of total consumption volume
• Global trade has significantly declined from its 2014 peak in both volume and value
• Italy remains the world's leading exporter by value, despite a shrinking export market

Market Forecast

Driven by increasing demand for leather worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% for the period from 2024 to 2035, which is projected to bring the market volume to 6.3B square meters by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market value to $48.9B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Leather

Global leather consumption was estimated at 5.7B square meters in 2024, approximately reflecting the year before. In general, consumption continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the consumption volume increased by 9.8% against the previous year. Over the period under review, global consumption hit record highs at 5.9B square meters in 2019; however, from 2020 to 2024, consumption stood at a somewhat lower figure.

The global leather market size declined modestly to $40.9B in 2024, remaining stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a mild setback. As a result, consumption reached the peak level of $49.8B. From 2015 to 2024, the growth of the global market failed to regain momentum.

Consumption By Country

The country with the largest volume of leather consumption was China (1.3B square meters), comprising approx. 23% of total volume. Moreover, leather consumption in China exceeded the figures recorded by the second-largest consumer, Italy (532M square meters), twofold. The third position in this ranking was held by the United States (480M square meters), with an 8.5% share.

From 2013 to 2024, the average annual growth rate of volume in China stood at -1.6%. The remaining consuming countries recorded the following average annual rates of consumption growth: Italy (+1.2% per year) and the United States (+0.4% per year).

In value terms, China ($4.4B), Italy ($4.1B) and the United States ($3.3B) were the countries with the highest levels of market value in 2024, together accounting for 29% of the global market. India, Turkey, Pakistan, Vietnam, Egypt, Bangladesh and Indonesia lagged somewhat behind, together comprising a further 27%.

Turkey, with a CAGR of +5.7%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2024, the highest levels of leather per capita consumption was registered in Italy (9 square meters per person), followed by Turkey (4.3 square meters per person), Vietnam (2.4 square meters per person) and the United States (1.4 square meters per person), while the world average per capita consumption of leather was estimated at 0.7 square meters per person.

In Italy, leather per capita consumption expanded at an average annual rate of +1.4% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Turkey (+2.3% per year) and Vietnam (+5.0% per year).

Consumption By Type

Leather of bovine and equine animals (3.6B square meters) constituted the product with the largest volume of consumption, accounting for 64% of total volume. Moreover, leather of bovine and equine animals exceeded the figures recorded for the second-largest type, composition leather (1.1B square meters), threefold. Sheep, goat, swine or reptile leather, excluding chamois leather (530M square meters) ranked third in terms of total consumption with a 9.4% share.

From 2013 to 2024, the average annual growth rate of the volume of leather of bovine and equine animals consumption was relatively modest. For the other products, the average annual rates were as follows: composition leather (+1.3% per year) and sheep, goat, swine or reptile leather, excluding chamois leather (-1.6% per year).

In value terms, leather of bovine and equine animals ($22.8B) led the market, alone. The second position in the ranking was held by chamois, patent and combination leather ($7.5B). It was followed by sheep, goat, swine or reptile leather, excluding chamois leather.

For leather of bovine and equine animals, market remained relatively stable over the period from 2013-2024. With regard to the other consumed products, the following average annual rates of growth were recorded: chamois, patent and combination leather (-2.4% per year) and sheep, goat, swine or reptile leather, excluding chamois leather (-2.0% per year).

Production

World's Production of Leather

In 2024, global production of leather reduced slightly to 5.2B square meters, approximately reflecting the year before. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 6.5% against the previous year. Over the period under review, global production hit record highs at 5.8B square meters in 2019; however, from 2020 to 2024, production failed to regain momentum.

In value terms, leather production dropped slightly to $43.7B in 2024 estimated in export price. In general, production recorded a mild descent. The most prominent rate of growth was recorded in 2021 when the production volume increased by 7.2% against the previous year. Over the period under review, global production reached the peak level at $55.9B in 2014; however, from 2015 to 2024, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2024 were China (717M square meters), the United States (511M square meters) and Brazil (439M square meters), with a combined 32% share of global production. Turkey, Italy, India, Pakistan, Bangladesh, Egypt and Argentina lagged somewhat behind, together comprising a further 26%.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Turkey (with a CAGR of +4.0%), while production for the other global leaders experienced more modest paces of growth.

Production By Type

Leather of bovine and equine animals (3.2B square meters) constituted the product with the largest volume of production, accounting for 61% of total volume. Moreover, leather of bovine and equine animals exceeded the figures recorded for the second-largest type, composition leather (1.1B square meters), threefold. The third position in this ranking was taken by sheep, goat, swine or reptile leather, excluding chamois leather (588M square meters), with an 11% share.

For leather of bovine and equine animals, production remained relatively stable over the period from 2013-2024. For the other products, the average annual rates were as follows: composition leather (+1.0% per year) and sheep, goat, swine or reptile leather, excluding chamois leather (-2.7% per year).

In value terms, leather of bovine and equine animals ($23.6B) led the market, alone. The second position in the ranking was taken by chamois, patent and combination leather ($7.5B). It was followed by sheep, goat, swine or reptile leather, excluding chamois leather.

From 2013 to 2024, the average annual growth rate of the value of leather of bovine and equine animals production totaled -1.9%. With regard to the other produced products, the following average annual rates of growth were recorded: chamois, patent and combination leather (-2.5% per year) and sheep, goat, swine or reptile leather, excluding chamois leather (-2.9% per year).

Imports

World's Imports of Leather

In 2024, purchases abroad of leather was finally on the rise to reach 2.1B square meters after two years of decline. In general, imports, however, saw a noticeable descent. The pace of growth was the most pronounced in 2017 when imports increased by 22%. Over the period under review, global imports attained the maximum at 2.9B square meters in 2014; however, from 2015 to 2024, imports stood at a somewhat lower figure.

In value terms, leather imports contracted to $11.4B in 2024. Over the period under review, imports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. Over the period under review, global imports reached the maximum at $26.3B in 2014; however, from 2015 to 2024, imports stood at a somewhat lower figure.

Imports By Country

China represented the largest importing country with an import of around 719M square meters, which amounted to 34% of total imports. It was distantly followed by Italy (394M square meters) and Vietnam (243M square meters), together mixing up a 30% share of total imports. The following importers - Thailand (88M square meters), India (68M square meters), Cambodia (48M square meters), Spain (47M square meters) and Indonesia (41M square meters) - together made up 14% of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cambodia (with a CAGR of +11.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest leather importing markets worldwide were China ($1.7B), Vietnam ($1.4B) and Italy ($1B), together comprising 36% of global imports. Thailand, Spain, Cambodia, India and Indonesia lagged somewhat behind, together accounting for a further 17%.

Cambodia, with a CAGR of +8.8%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced mixed trends in the imports figures.

Imports By Type

Leather of bovine and equine animals dominates imports structure, reaching 1.8B square meters, which was near 88% of total imports in 2024. It was distantly followed by sheep, goat, swine or reptile leather, excluding chamois leather (154M square meters), achieving a 7.3% share of total imports. Composition leather (85M square meters) took a little share of total imports.

Imports of leather of bovine and equine animals decreased at an average annual rate of -2.3% from 2013 to 2024. Composition leather experienced a relatively flat trend pattern. sheep, goat, swine or reptile leather, excluding chamois leather (-6.6%) illustrated a downward trend over the same period. Leather of bovine and equine animals (+3.8 p.p.) significantly strengthened its position in terms of the global imports, while sheep, goat, swine or reptile leather, excluding chamois leather saw its share reduced by -4.3% from 2013 to 2024, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, leather of bovine and equine animals ($9.2B) constitutes the largest type of leather imported worldwide, comprising 80% of global imports. The second position in the ranking was taken by sheep, goat, swine or reptile leather, excluding chamois leather ($1.6B), with a 14% share of global imports. It was followed by composition leather, with a 3% share.

From 2013 to 2024, the average annual growth rate of the value of leather of bovine and equine animals imports totaled -6.5%. For the other products, the average annual rates were as follows: sheep, goat, swine or reptile leather, excluding chamois leather (-8.6% per year) and composition leather (+3.0% per year).

Import Prices By Type

The average leather import price stood at $5.4 per square meter in 2024, declining by -13.1% against the previous year. Over the period under review, the import price recorded a perceptible setback. The pace of growth appeared the most rapid in 2021 an increase of 16% against the previous year. Over the period under review, average import prices hit record highs at $9.5 per square meter in 2016; however, from 2017 to 2024, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was chamois, patent and combination leather ($17 per square meter), while the price for composition leather ($4 per square meter) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by composition leather (+3.4%), while the other products experienced a decline in the import price figures.

Import Prices By Country

The average leather import price stood at $5.4 per square meter in 2024, waning by -13.1% against the previous year. Overall, the import price recorded a pronounced descent. The pace of growth appeared the most rapid in 2021 an increase of 16%. Over the period under review, average import prices attained the maximum at $9.5 per square meter in 2016; however, from 2017 to 2024, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Spain ($8.8 per square meter), while China ($2.4 per square meter) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (-0.6%), while the other global leaders experienced a decline in the import price figures.

Exports

World's Exports of Leather

For the third consecutive year, the global market recorded decline in overseas shipments of leather, which decreased by -2.7% to 1.7B square meters in 2024. Over the period under review, exports continue to indicate a deep reduction. The growth pace was the most rapid in 2021 with an increase of 15%. Over the period under review, the global exports hit record highs at 3B square meters in 2013; however, from 2014 to 2024, the exports failed to regain momentum.

In value terms, leather exports declined modestly to $12B in 2024. In general, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2021 with an increase of 26% against the previous year. The global exports peaked at $27.4B in 2014; however, from 2015 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

In 2024, Brazil (372M square meters), distantly followed by Italy (182M square meters) and China (139M square meters) were the key exporters of leather, together constituting 42% of total exports. Argentina (61M square meters), Thailand (59M square meters), the United States (52M square meters), India (52M square meters), Nigeria (52M square meters), Paraguay (42M square meters) and Vietnam (40M square meters) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to leather exports from Brazil stood at -2.3%. At the same time, China (+10.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.3% from 2013-2024. Vietnam and Thailand experienced a relatively flat trend pattern. By contrast, Paraguay (-1.4%), India (-4.2%), Argentina (-5.4%), Italy (-6.0%), Nigeria (-10.9%) and the United States (-14.2%) illustrated a downward trend over the same period. From 2013 to 2024, the share of China, Brazil and Thailand increased by +6.7, +6.1 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($2.7B) remains the largest leather supplier worldwide, comprising 22% of global exports. The second position in the ranking was taken by Brazil ($1.2B), with a 10% share of global exports. It was followed by China, with a 9% share.

In Italy, leather exports decreased by an average annual rate of -5.9% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Brazil (-6.2% per year) and China (+8.3% per year).

Exports By Type

In 2024, leather of bovine and equine animals (1.4B square meters) represented the main type of leather, making up 83% of total exports. It was distantly followed by sheep, goat, swine or reptile leather, excluding chamois leather (212M square meters), achieving a 13% share of total exports. Composition leather (58M square meters) held a relatively small share of total exports.

Exports of leather of bovine and equine animals decreased at an average annual rate of -4.7% from 2013 to 2024. composition leather (-4.7%) and sheep, goat, swine or reptile leather, excluding chamois leather (-7.4%) illustrated a downward trend over the same period. From 2013 to 2024, the share of leather of bovine and equine animals increased by +3.9 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, leather of bovine and equine animals ($9.7B) remains the largest type of leather supplied worldwide, comprising 81% of global exports. The second position in the ranking was held by sheep, goat, swine or reptile leather, excluding chamois leather ($1.7B), with a 14% share of global exports. It was followed by chamois, patent and combination leather, with a 3% share.

For leather of bovine and equine animals, exports shrank by an average annual rate of -6.5% over the period from 2013-2024. For the other products, the average annual rates were as follows: sheep, goat, swine or reptile leather, excluding chamois leather (-9.2% per year) and chamois, patent and combination leather (-7.1% per year).

Export Prices By Type

The average leather export price stood at $7.2 per square meter in 2024, declining by -1.8% against the previous year. In general, the export price recorded a mild descent. The growth pace was the most rapid in 2021 when the average export price increased by 9.3% against the previous year. Over the period under review, the average export prices reached the maximum at $9.5 per square meter in 2014; however, from 2015 to 2024, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was chamois, patent and combination leather ($21 per square meter), while the average price for exports of composition leather ($3.4 per square meter) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by composition leather (+3.4%), while the other products experienced a decline in the export price figures.

Export Prices By Country

In 2024, the average leather export price amounted to $7.2 per square meter, with a decrease of -1.8% against the previous year. Over the period under review, the export price saw a mild shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 9.3% against the previous year. Over the period under review, the average export prices attained the peak figure at $9.5 per square meter in 2014; however, from 2015 to 2024, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($15 per square meter), while Paraguay ($1.1 per square meter) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+9.5%), while the other global leaders experienced more modest paces of growth.