In 2023, the gross investment in Norway's leather products sector stood at 4.4 million Norwegian Krones. The forecasted data for 2024 shows a significant drop to 4.2 million Norwegian Krones, indicating a year-on-year decline of approximately 4.5%. This downward trend continues over the following years, with the investment value decreasing to 4.01 million in 2025 (a 4.5% decline from 2024), 3.83 million in 2026 (a 4.5% decline from 2025), 3.66 million in 2027 (a 4.4% decline from 2026), and 3.49 million in 2028 (a 4.6% decline from 2027). Over the five-year forecast period, the Compound Annual Growth Rate (CAGR) reflects a steady decline of around 4.5% per year.
Future trends to watch for:
- Factors influencing demand for leather goods, such as consumer preferences and economic conditions.
- Potential impact of environmental regulations and sustainability practices on production costs.
- Technological advancements in synthetic alternatives that may affect the leather market.
- Global trade policies and their potential effect on exports and imports.
