In 2023, the Leather Products Manufacturing Gross Value Added (GVA) in the US was [value to be inserted] billion USD. Forecasts from 2024 to 2028 show a steady, albeit slow, increase in GVA. In 2024, GVA is predicted to be 3.31 billion USD, rising slightly to 3.32 billion in 2025 and 2026. By 2027, GVA is estimated to grow marginally to 3.33 billion USD, reaching 3.34 billion USD in 2028. Year-on-year variation between 2024 and 2025 is 0.30%, between 2025 and 2026 is 0.00%, and between 2026 and 2027 is 0.30%. Between 2027 and 2028, it continues with a slight increase of 0.30%. The Compound Annual Growth Rate (CAGR) over the five-year forecast period is approximately 0.23%.
Future trends to watch for include sustainable and eco-friendly leather production practices, advancements in technology and automation, and shifting consumer preferences towards ethically sourced products. These factors could significantly impact the GVA growth rate in the coming years.
