In 2023, the value-added of leather products in South Korea stood at 1.4041 trillion South Korean Wons. Over the past years, there has been a noticeable downward trend in value-added figures, starting in 2017. Despite some fluctuations, including a significant drop of 18.18% in 2020 and a subsequent recovery in 2021 with a 17.46% increase, the overall trend points to a steady decline.
When examining year-on-year variations from recent years:
- 2022 witnessed a decrease of 2.52%.
- 2023 continued this trend with a further decline of 2.54%.
Looking at the compounded annual growth rate (CAGR) over five years ending in 2023, the value decreased on average by 2.25% per year. Forecasted data up until 2028 suggests the value will keep declining at an average CAGR of 2.31%, resulting in an overall reduction of 11.05% by 2028.
Future trends to watch for include potential changes in consumer preferences, technological innovations in leather production, and shifts in global trade policies that could influence South Korea's leather product market. Monitoring these factors could provide insights into reversing or mitigating the ongoing decline in value-added leather products.
