From the provided forecast data for the production of leather products in Norway, we observe a consistent year-on-year decline. The production value is projected to decrease from 124.89 million NOK in 2024 to 83.31 million NOK by 2028. This indicates a steady downward trend in the industry. Transitioning from 2024 to 2025, the value drops by approximately 8.58%, followed by a sharper decline of around 9.18% in the subsequent year up to 2026. The trend continues with an approximate 9.92% decrease year-on-year from 2026 to 2027 and about 10.75% from 2027 to 2028. Over the past two years, the Compound Annual Growth Rate (CAGR) is -9.11%.
Future trends to watch include sustainability practices in leather production, changes in consumer preferences towards synthetic alternatives, and economic conditions influencing disposable income. Monitoring these factors will be crucial in anticipating further shifts or potential stabilizations in the market.
