Leather Tanning & Finishing in the US - Industry Market Research Report

Leather Tanning & Finishing in the US - Industry Market Research Report

Leather Tanning & Finishing in the US

Companies in the industry process, tan and finish animal hides using various methods to increase the useability and durability of the material. Leather is popular among a range of downstream manufacturing industries due to its abundance, versatility, and perceived elegance. But the industry has suffered as leather prices stumbled to multi-decade lows amid oversupplied markets and turmoil brought upon by the COVID-19 pandemic. US tanneries have also contended with falling demand as more domestic manufacturing capacity has been moved abroad. However, the industry's latest downturn came during the second half of the current period as demand for discretionary goods, including many items that use leather as a key material, fell sharply in response to the adverse socioeconomic climate. Profit is expected to reach 3.7% in 2023. IBISWorld estimates revenue will fall at a CAGR of 5.4% to $1.2 billion over the past five years, with a 1.9% decrease in 2023 alone.

Companies in this industry are involved in the following activities: tanning, currying and finishing hides and skins; having others process hides and skins on a contract basis; and dyeing and finishing furs. Operators in this industry generally purchase or obtain raw skins from slaughterhouses and treat and dye them to create finished leather.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.