CAGR stands for “Compound Annual Growth Rate.” It is a measure used to describe the average annual growth rate of an investment, market, or industry over a specified period, assuming the growth compounds each year. For example, if the synthetic leather market is anticipated to reach a value of US$ 78.5 billion by 2025 globally, with a CAGR of 4.4%. This means that the synthetic leather market is expected to grow at an average annual rate of 4.4% from the starting year until 2025, taking into account the compounding effect of growth.)