Latin America and the Caribbean: Composition Leather Market 2025

Composition Leather Market Size in Latin America and the Caribbean

In 2021, the Latin American composition leather market increased by 13% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a mild decrease. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Composition Leather Production in Latin America and the Caribbean

In value terms, composition leather production expanded slightly to $X in 2021 estimated in export price. In general, production, however, showed a noticeable curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 4.9% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Composition Leather Exports

Exports in Latin America and the Caribbean

Composition leather exports surged to X square meters in 2021, picking up by 96% against the year before. Over the period under review, exports, however, showed a deep setback. The volume of export peaked at X square meters in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, composition leather exports soared to $X in 2021. Overall, exports, however, showed a abrupt downturn. The growth pace was the most rapid in 2013 with an increase of 96%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Colombia was the largest exporting country with an export of about X square meters, which reached 49% of total exports. Brazil (X square meters) ranks second in terms of the total exports with a 19% share, followed by Mexico (19%) and Argentina (7.5%). The Dominican Republic (X square meters) held a minor share of total exports.

Colombia was also the fastest-growing in terms of the composition leather exports, with a CAGR of +21.3% from 2012 to 2021. At the same time, the Dominican Republic (+5.0%) and Brazil (+2.8%) displayed positive paces of growth. By contrast, Mexico (-16.9%) and Argentina (-19.6%) illustrated a downward trend over the same period. Colombia (+45 p.p.) and Brazil (+12 p.p.) significantly strengthened its position in terms of the total exports, while Argentina and Mexico saw its share reduced by -20.2% and -33.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest composition leather supplying countries in Latin America and the Caribbean were Brazil ($X), Colombia ($X) and Mexico ($X), with a combined 73% share of total exports. The Dominican Republic and Argentina lagged somewhat behind, together accounting for a further 23%.

The Dominican Republic, with a CAGR of +22.9%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per square meter in 2021, declining by -23.6% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by 40% against the previous year. The level of export peaked at $X per square meter in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Dominican Republic ($X per square meter), while Colombia ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+17.1%), while the other leaders experienced mixed trends in the export price figures.

Composition Leather Imports

Imports in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in supplies from abroad of composition leather, when their volume increased by 43% to X square meters. Total imports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -22.9% against 2018 indices. The volume of import peaked at X square meters in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, composition leather imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a slight slump. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The Dominican Republic dominates imports structure, reaching X square meters, which was approx. 87% of total imports in 2021. Guatemala (X square meters), Colombia (X square meters), Brazil (X square meters) and Argentina (X square meters) followed a long way behind the leaders.

Imports into the Dominican Republic increased at an average annual rate of +6.2% from 2012 to 2021. At the same time, Argentina (+15.1%), Colombia (+5.9%) and Guatemala (+4.4%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +15.1% from 2012-2021. By contrast, Brazil (-9.6%) illustrated a downward trend over the same period. While the share of the Dominican Republic (+25 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Brazil (-4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Dominican Republic ($X) constitutes the largest market for imported composition leather in Latin America and the Caribbean, comprising 85% of total imports. The second position in the ranking was taken by Guatemala ($X), with a 4.4% share of total imports. It was followed by Brazil, with a 2.6% share.

From 2012 to 2021, the average annual growth rate of value in the Dominican Republic amounted to +1.9%. In the other countries, the average annual rates were as follows: Guatemala (-0.9% per year) and Brazil (-11.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per square meter in 2021, picking up by 8.8% against the previous year. In general, the import price, however, continues to indicate a noticeable shrinkage. Over the period under review, import prices reached the peak figure at $X per square meter in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per square meter), while Argentina ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (-1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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