The market size for footwear with uppers of leather in China has shown significant fluctuations over the past decade. In 2023, the market stood at $36.953 billion. Over the past two years, the market experienced a year-on-year growth rate of 6.57% in 2023 and 8.13% in 2022, representing a steady recovery and growth. The past five-year CAGR stood at 4.42%, indicating moderate overall growth since 2018. Noteworthy is the significant negative impact observed in 2020 with an 11.17% decline, possibly due to pandemic-related disruptions. Forecasted data from 2024 onwards suggests a more stable and steady growth, with an expected 5-year CAGR of 2.82%, translating to a total growth of 14.94% by 2028.
Future trends to watch for include:
- Emerging consumer preferences for sustainable and eco-friendly products.
- Technological advancements in leather processing and footwear manufacturing.
- Potential impacts of economic variability and trade policies in China.
- Increasing competition from synthetic alternatives and non-leather footwear.
