From 2013 to 2023, the production volume of leather products in Mexico displayed a mix of minor fluctuations with a notable dip in 2020. Post-2020, there was a slight recovery, but overall, the trend continued to show a gradual decrease. In 2023, the production volume stood at 72.57 billion Mexican Pesos. The data indicated year-on-year variations, including a prominent decrease in 2020, followed by moderate recovery and slight declines in 2022 and 2023. The compound annual growth rate (CAGR) over the last five years (from 2018 to 2023) registered at -0.42%.
Looking forward, the forecast data suggests a continued but gradual decline in production volumes. By 2028, production volumes are expected to reach 70.85 billion Mexican Pesos, with a forecast five-year CAGR of -0.38%. This represents an overall expected reduction of 1.88% from 2023 to 2028.
Future trends to watch for:
- Potential recovery or stabilization in key economic conditions impacting the leather industry.
- Changes in consumer behavior and demand for leather products, particularly driven by sustainability concerns.
- Technological advancements in the production process to enhance efficiency.
- Global trade policies and their effect on exports and imports influencing production volumes.
- Impact of substitute materials and innovations in synthetic alternatives.
