From 2013 to 2023, the production of leather products in Mexico experienced a general upward trend, increasing from 67.99 billion MXN to 92.8 billion MXN, marking a notable growth.
The sector saw some volatility, particularly in 2020 when production dropped by 14.9% due to the COVID-19 pandemic, but rebounded with a substantial 23.4% increase in 2021. The last two years (2022-2023) displayed modest growth rates, with a year-on-year increase of 2.32% in 2022 and 2.22% in 2023.
The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) stood at 2.47%, showcasing steady growth despite challenges.
Forecasted data for the period 2024 to 2028 indicates continuous growth with a forecasted 5-year CAGR of 1.69%, leading to an estimated production value of 103.31 billion MXN in 2028—a projected growth of 8.74% over this period.
Future trends to watch for include potential impacts of technological advancements in production processes, shifts in global market demands, sustainability efforts, and possible economic fluctuations that could influence both local production and export dynamics.
