In 2023, Canada imported vegetable tanning extracts, tannins, and salts valued at approximately 1.36 million US dollars. From 2024 to 2028, a steady decline is projected, from 1.2921 million to 1.0312 million US dollars. Year-on-year, the import value decreases by around 5%, indicating a shrinking market for these materials. The compound annual growth rate (CAGR) over the five-year span shows an average reduction of about 5% each year.
Future trends to monitor include:
- Potential shifts towards synthetic alternatives impacting import levels.
- Environmental and regulatory influences affecting market dynamics.
- Global trade policies and their effects on pricing and supplier diversity.
