The Latvian market for footwear with outer soles and uppers of rubber or plastics experienced a generally upward trend between 2013 and 2023, growing from $26.118 million to $37.863 million. Despite some fluctuations, such as declines in 2018 and 2020, the market showed robust growth, exemplified by the 16.46% spike in 2021. Over the last two years, the market has maintained a positive growth rate, with increases of 2.65% in 2022 and 2.56% in 2023. The compound annual growth rate (CAGR) over the past five years stood at 3.64%.
Future trends to watch for include:
- A potential shift towards sustainable footwear products, which could influence both market growth and consumer preferences.
- Increasing demand due to evolving fashion trends and technological innovations in footwear design and materials.
- Potential market expansion driven by increased consumer spending and export activities in the region.
| # | 39 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Japan | 5,181,600,000 | 2023 | -3.68% | -2.85% | View data |
| 2 | 2 Germany | 4,872,500,000 | 2023 | +2.21% | +1.5% | View data |
| 3 | 3 France | 4,282,900,000 | 2023 | +1.36% | +1.03% | View data |
| 4 | 4 United Kingdom | 3,283,400,000 | 2023 | -0.29% | +0.39% | View data |
| 5 | 5 Italy | 3,094,400,000 | 2023 | +1.71% | +1.71% | View data |
| 33 | 33 Lithuania | 51,963,000 | 2023 | +0.99% | +0.73% | View data |
| 34 | 34 Honduras | 42,223,000 | 2023 | +1.03% | +0.95% | View data |
| 35 | 35 Latvia | 37,863,000 | 2023 | +2.56% | +3.64% | |
| 36 | 36 Cyprus | 32,386,000 | 2023 | -1.88% | -1.43% | View data |
| 37 | 37 Jamaica | 20,449,000 | 2023 | -1.68% | -1.71% | View data |
