The leather product output in South Korea has shown a general declining trend since 2015, decreasing from a high of 12.558 trillion South Korean Wons to 7.8334 trillion in 2023. Year-on-year variations reveal periodic fluctuations, with notable drops like the 19.86% decrease in 2020 followed by a 16.53% increase in 2021. However, the long-term trend remains negative, culminating in a 3.37% decline in 2023. The CAGR from 2019 to 2023 decreased by 3.35% annually. Forecasts predict a continued reduction, with a value of 6.4071 trillion South Korean Wons by 2028, exhibiting a projected 5-year CAGR of -3.19%.
Future trends to watch for include potential technological advancements in leather processing, shifts in consumer preferences towards sustainable materials, and changes in export market dynamics, particularly considering global economic conditions and trade policies.
