The market size for Hides, Skins, or Leather Working and Footwear Making or Repairing Machinery in Portugal showed a fluctuating trend over the past decade, standing at 16.153 Million Euros in 2023. The initial period up to 2018 exhibited growth, with notable double-digit year-on-year increases up to 2015. However, the market faced a downturn starting in 2019, seeing variations like an 11.4% decline in 2020 and 8.65% in 2023. The compound annual growth rate (CAGR) over the past five years was -6.45%, indicating a declining market trend.
Future trends to watch include:
- Adoption of advanced manufacturing technologies to improve efficiency.
- Sustainability trends influencing material sourcing and machinery innovations.
- Potential market recovery as global footwear demand stabilizes post-pandemic.
- Government and EU policies impacting the leather and footwear industries.