In Turkey, the value added of leather products stood at 8.74 Billion New Turkish Liras in 2023. The forecast values from 2024 to 2028 suggest a steady increase as follows: 9.15 Billion in 2024, 9.56 Billion in 2025, 9.96 Billion in 2026, 10.35 Billion in 2027, and 10.74 Billion in 2028. The year-on-year growth rates are as follows:
- 2024: 4.69%
- 2025: 4.48%
- 2026: 4.23%
- 2027: 3.91%
- 2028: 3.77%
The compound annual growth rate (CAGR) over the last 5 years is approximately 4.22%. This indicates a positive and consistent growth trajectory for the leather products sector.
Future trends to watch for:
- Technological advancements in leather processing
- Changes in consumer preferences towards sustainable and eco-friendly products
- Potential impact of international trade agreements and tariffs
- Economic factors including inflation and currency stability
