Canada's footwear manufacturing expenses have shown significant volatility over the past decade. From a peak of 347.83 million CAD in 2015, the industry saw substantial declines, particularly between 2016 and 2017, which marked a trough at 211.05 million CAD. The expenses gradually stabilized with minor fluctuations until 2021. However, a continuous decline resumed, reaching 191.26 million CAD by 2023.
Year-on-year variations over the last two years demonstrated a consistent downward trend, with a decrease of 3.56% in 2022 and a further decrease of 3.65% in 2023. The compound annual growth rate (CAGR) over the last five years showed a contraction of 1.94%, indicating a steadily shrinking industry.
Looking ahead, forecasted data from 2024 to 2028 anticipate a continued decline at an average annual rate of 3.25%, projecting expenses to fall to 156.06 million CAD by 2028 - a cumulative decline of 15.22% over five years.
Future trends to watch in this sector include shifts in consumer preference towards sustainable and locally sourced products, advancements in manufacturing technology, and potential impacts of global trade policies. These factors could influence cost structures and industry dynamics moving forward.
