The footwear production industry in Belgium has experienced significant fluctuations from 2014 to 2023. Production value has steadily declined from a peak of 41.8 million Euros in 2014 to 21.7 million Euros in 2023. The industry exhibited notable year-on-year variations: sharp decreases in 2015 and 2016, substantial recovery in 2017 and 2018, followed by a series of declines from 2019 onwards. The Compound Annual Growth Rate (CAGR) over the past five years leading to 2023 is -11.25%, indicating a robust downward trend.
Future trends to watch for include:
- A continued decline in production value is forecasted, with the expectation of reaching 15.5 million Euros by 2028.
- Potential factors influencing these declines could include shifts in consumer preferences, rising production costs, or increased competition from international markets.
Monitoring industry innovations, governmental trade policies, and sustainable production practices will be critical in assessing the potential for reversing this trend in the coming years.
