The market size for footwear with outer sole of rubber or plastics and uppers of leather in Armenia has experienced fluctuations over the last decade. In particular, the market stood at $17.797 million in 2023, reflecting a slight decline from 2022. The year-on-year change from 2022 to 2023 was a decrease of 0.55%, while the Compounded Annual Growth Rate (CAGR) over the last five years showed a modest increase of 0.17%. Despite a rebound in certain years, the market faced downward pressures over the decade, particularly with notable decreases in 2015 and 2020.
Future trends to watch for include:
- Potential recovery and growth due to increasing consumer demand for hybrid and multifunctional footwear designs.
- The influence of sustainable materials as a factor shaping consumer preferences and impacting market dynamics.
- Potential economic shifts in the Armenian market that could alter disposable income patterns and thus footwear purchasing power.
- Advancements in digital retail channels could expand consumer reach and impact market growth significantly.
| # | 36 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 21,467,000,000 | 2023 | +3.71% | +2.39% | View data |
| 2 | 2 Germany | 9,742,700,000 | 2023 | +0.57% | +0.33% | View data |
| 3 | 3 France | 8,048,300,000 | 2023 | +0.61% | +1.05% | View data |
| 4 | 4 Italy | 7,793,000,000 | 2023 | -1.26% | -1.25% | View data |
| 5 | 5 United Kingdom | 5,601,600,000 | 2023 | -1.85% | -1.11% | View data |
| 31 | 31 El Salvador | 34,954,000 | 2023 | -0.7% | +0.46% | View data |
| 32 | 32 Montenegro | 27,760,000 | 2023 | +0.19% | -0.82% | View data |
| 33 | 33 Armenia | 17,797,000 | 2023 | -0.55% | +0.17% | |
| 34 | 34 Honduras | 17,089,000 | 2023 | +0.74% | -0.33% | View data |
| 35 | 35 Iceland | 16,555,000 | 2023 | +0.75% | +0.28% | View data |
