From 2013 to 2023, the US leather product market experienced a general downward trend in production volumes, with fluctuations. Strong growth in 2016 was followed by continuous decreases, including notable drops in 2019 and 2020. By 2023, the market stood at 5.53 billion USD.
Year-on-year analysis shows mixed results: sharp declines in 2019 and 2020, a slight increase in 2021, but decreases resumed in subsequent years. The average yearly decline (CAGR) over the last five years leading up to 2023 was around -5.36%.
Looking forward, the forecast for 2024-2028 indicates a steady decrease in production volumes, with an anticipated CAGR of -4.6%, resulting in a total decline of around 20.99% by 2028.
Future trends to watch for include shifts in consumer preferences toward sustainable and synthetic materials, technological advancements in leather production, and potential economic impacts on disposable income and consumer spending.
