The Sports Footwear with Uppers of Leather market in Australia stood at $130.01 million in 2023. From 2013 to 2023, the market has seen fluctuating trends. Key observations include a peak in 2015 at $161.97 million, followed by a notable decline in subsequent years. The market hit a low in 2020 at $109.43 million, likely impacted by broader economic conditions. A recovery was observed in 2021 with a 19.91% year-on-year increase. Over the last two years, the market value slightly dipped by 0.47% and 0.46% in 2022 and 2023, respectively. The Compound Annual Growth Rate (CAGR) over the last five years is -0.75%, indicating a slight long-term decline.
Looking forward, the market is expected to continue a modest downtrend, with forecasted values decreasing to $126.88 million by 2028. The projected CAGR for the next five years is -0.39%, signaling continued challenges in market growth.
Future trends to watch for include:
- Changes in consumer preferences towards sustainable and synthetic materials over leather.
- Impact of economic factors such as consumer spending power and inflation.
- Innovations in sports footwear technology and design.
- Potential recovery post-pandemic as global supply chains stabilize.
