The Australian market for footwear with uppers of leather reached a value of 4.0914 Billion US Dollars in 2023. This market has shown steady growth over the years, barring a significant drop in 2020 due to external factors. The year-on-year growth from 2022 to 2023 was modest at 0.67%. The Compound Annual Growth Rate (CAGR) over the last five years stands at 0.41%, indicating slow yet consistent market expansion.
Key trends and variations observed:
- 2013-2018: Gradual increase with minor fluctuations, peaking before 2019.
- 2019-2020: Decline seen due to market disruptions, with the sharpest drop in 2020 (-15.9%).
- 2021: Strong recovery with a significant increase of 21.34% post-2020 decline.
- 2022-2023: Stable growth with annual increases around 0.67%.
The future outlook (2024-2028) projects a moderate growth rate with a forecasted five-year Compound Annual Growth Rate (CAGR) of 0.54%, translating to an overall growth rate of 2.75% over this period.
Future trends to watch for:
- Consumer demand for eco-friendly and sustainable materials could drive market innovation.
- Technological advances in leather production and footwear design may impact market dynamics.
- Economic fluctuations and global trade policies could influence market trends.
