In 2023, the import value of machinery to prepare, tan, work hides, skins, leather stood at 494s. From 2024 onwards, the forecast reveals a significant decline, with values dropping from 406s in 2024 to 116s by 2028.
- From 2024 to 2025, the imports are expected to drop by 18.48%.
- Between 2025 and 2026, a decrease of 22% is anticipated.
- The period of 2026 to 2027 suggests an additional 27.9% reduction.
- Finally, from 2027 to 2028, a decline of 37.6% is expected.
The compounded annual growth rate (CAGR) for the years 2024 to 2028 shows a significant negative trend, averaging a decrease of 25.4% annually.
Future trends to watch for include technological advancements in domestic leather processing and the emergence of sustainable alternatives, which could further diminish the need for imported machinery. Fluctuations in global trade policies and economic conditions could also impact these forecasts.
