The import of hand-made paintings, drawings, pastels, and collages to Belgium has seen considerable fluctuations over the years. Starting at $90.741 million in 2013, it reached $102.48 million in 2014 before experiencing a sharp decline to $65.254 million in 2016. Following a recovery phase and subsequent declines, the value fell to a significant low of $35.755 million in 2020, affected heavily by the COVID-19 pandemic. However, the subsequent recovery is evident with consistent growth from 2021 to 2023, where it stood at $94.956 million. The Compound Annual Growth Rate (CAGR) for the last five years (2019-2023) attested to a slight average yearly increase of 1.38%, while the forecasted CAGR for the next five years projects a modest growth rate of 1.53%.
Year-on-year variation for the past two years has been positive, showing an increase of 13.37% in 2022 and 1.95% in 2023, indicating recovery and stabilization post-pandemic. Looking at the future, the market is expected to grow steadily, reaching a forecasted value of $103.92 million by 2028. Future trends to watch for include the impact of global economic conditions, cultural initiatives promoting the arts, and shifts in consumer preferences towards handmade art. Technological advancements in global logistics and e-commerce could further facilitate increased imports and market expansion.켜