The value added of leather products in Mexico experienced a growth trajectory from 2013 to 2023, reaching 31.79 billion Mexican Pesos in 2023. The market showed year-on-year growth, except in 2020, which saw a significant decline of -14.87% due to the global pandemic. Following this drop, the market bounced back with a 23.44% increase in 2021. The 5-year CAGR from 2018 to 2023 is 2.47%. The forecast indicates a continued upward trend, albeit at a slower pace, with a forecasted 5-year CAGR of 1.71% and an expected value of 35.44 billion Mexican Pesos by 2028.
Future trends to watch for:
- Impact of global economic conditions on leather product demand.
- Technological innovations in manufacturing for efficiency gains.
- Shifts in consumer preferences towards sustainable and ethical products.
- Trade policies and tariffs affecting export and import of leather goods.
