The value added of leather products in the US stood at 2.59 billion USD in 2023. Over the last two years, the industry saw a year-on-year variation of -2.71% for both 2022 and 2023. The five-year CAGR leading up to 2023 was -3.77%, indicating a steady decline.
From a broader perspective, the industry has experienced fluctuations. Between 2013 and 2023, there were notable ups and downs, with brief periods of growth, such as a 21.96% increase in 2016, followed by declines such as the -10.35% in 2018.
Future projections reveal a continuation of this decline, with a forecasted five-year CAGR of -2.49%, suggesting that by 2028, the industry value added will fall to approximately 2.21 billion USD.
Future trends to watch for include:
- Shifts in consumer preferences towards sustainable and ethical products.
- Technological advancements in synthetic alternatives.
- Potential impacts from trade policies and tariffs affecting raw material costs.
- Economic factors influencing consumer spending power.
