The leather products manufacturing output in Mexico has shown significant fluctuations over the past decade. Between 2013 and 2019, the industry experienced steady growth overall, with variations in year-on-year percentage change ranging from a modest 1.38% to a peak of 9.11%. However, in 2020, the sector faced a substantial decline of 26.74%, likely due to the impact of the COVID-19 pandemic.
The industry bounced back significantly in the following years, with a remarkable 23.5% increase in 2021 and a further 15.58% growth in 2022. By 2023, the value of the industry reached 88.63 billion Mexican pesos, marking a 3.42% year-on-year increase. The compound annual growth rate (CAGR) over the past five years, including the downturn in 2020, settled at 1.02%.
Looking ahead, the forecasted data from 2024 to 2028 suggest a steady upward trend, with an average annual growth rate (CAGR) of 2.39%. Key future trends to watch include:
- Technological advancements in manufacturing processes
- Increasing global demand for luxury leather goods
- Sustainability initiatives and eco-friendly production
- Impact of trade policies and economic stability in Mexico
