The market for footwear with uppers of leather in Finland has shown a consistent decline since 2013, with actual values recording a downward trend from $614.97 million to $362.83 million in 2023. The variations indicate that the market has experienced several significant drops, particularly in 2015, 2016, and during the COVID-19 pandemic in 2020. Despite slight recoveries in certain years, the overall trend remains negative. The last two years have seen a decrease by 3.1% in 2022 and 3.13% in 2023. The CAGR for the last 5 years (2018-2023) stands at -4.42%.
Future forecasts suggest a continued decline, projecting the market size to drop to $301.58 million by 2028, with a forecasted 5-year CAGR of -2.93%, equating to a total decrease of 13.82% from 2023 to 2028. This ongoing reduction indicates a persistent contraction in demand for leather footwear in Finland in the coming years.
Future trends to watch for include shifts in consumer preferences toward sustainable materials, potential economic factors influencing consumer spending, and the impact of global trade dynamics on the availability and cost of leather products. Increased competition from synthetic and alternative materials may also play a significant role.
