The Leather Products Manufacturing Gross Value Added (GVA) in Mexico has seen significant fluctuations from 2013 to 2023. It stood at 33.86 Billion Mexican Pesos in 2023. The data reveals notable growth between 2013 and 2015, with a brief dip in 2016, followed by relative stability until 2019. The industry suffered a dramatic decline in 2020 due to the pandemic, but rebounded strongly in subsequent years. From 2021 to 2023, the GVA showed a solid recovery with a year-on-year variation of 3.23% in 2023, and a five-year CAGR of 1.5%.
Looking ahead, the forecasted average annual growth rate (CAGR) over the next five years (2024-2028) is 2.28%, reaching an expected GVA of 39.09 Billion Mexican Pesos by 2028. This represents a total growth of 11.91% over the period.
Future trends to watch for:
- Technological advancements and automation in leather manufacturing.
- Sustainability initiatives and eco-friendly practices gaining prominence.
- Changes in consumer preferences influencing market dynamics.
- Potential impacts of trade policies and international agreements.
