The leather market of bovine or equine animals in India showed varied trends over the last decade. From 2013 to 2015, the market experienced substantial growth with significant year-on-year increases. However, 2016 to 2020 marked a period of decline, with consistent negative growth attributed to possible market saturation and global economic factors. Positively, from 2021 onwards, the market began recovering, showing moderate growth. Specifically, the market value in 2023 stood at 2.8778 billion USD, reflecting a slight year-on-year increase of 0.81%. The forecast indicates a continued but modest upward trend with a 5-year CAGR of 0.65%, projecting a value of 2.9979 billion USD by 2028.
Future trends to watch for include a potential increase in demand for eco-friendly and sustainable leather products, which may drive market growth. Additionally, technological advancements in leather processing could lower production costs and boost market expansion. However, global economic conditions and shifts in consumer preferences towards alternatives like synthetic leather are factors that could impact future market trends. Monitoring these variables will be crucial for strategic planning and market positioning.
