Production in the leather products sector in South Korea is projected to see a slight decline over the next five years, based on the forecasted data provided. The production value, starting from 1.2983 Trillion South Korean Wons in 2024, is anticipated to decrease gradually year-on-year, culminating at 1.2619 Trillion in 2028. The percentages depicting year-on-year variation are as follows: a -0.73% decrease from 2024 to 2025, a -0.71% decrease from 2025 to 2026, a -0.70% decrease from 2026 to 2027, and a -0.69% decrease from 2027 to 2028. Looking at the compound annual growth rate (CAGR), the sector shows an average annual decline of approximately -0.71% over this five-year period compared to 2023 figures.
Future trends to watch for include technological advancements in the production process, shifts in consumer preferences towards sustainable and ethical leather products, and the potential impact of international trade policies. These factors could influence the trajectory of the leather industry in South Korea either positively or negatively, depending on how they evolve.
