Footwear manufacturing revenue in Canada reached 224.39 Million CAD in 2023. Over the past decade, the industry experienced significant fluctuations with high revenue in the mid-2010s followed by a decline. Year-on-year variation from 2022 to 2023 shows a minor decrease of -1.38%, and over the last five years, the Compound Annual Growth Rate (CAGR) stood at 0.16%, indicating relative stability compared to previous years of more pronounced declines.
From 2024 onward, forecasted data point towards a continuous decrease in revenue, with a predicted -1.12% CAGR over the next five years and an overall decline of -5.47% by 2028. Factors contributing to these trends include increased competition from imports, changing consumer preferences, and evolving market dynamics.
Future trends to watch for:
- Rising importance of sustainable and eco-friendly footwear production.
- Advancements in footwear technology and its impact on domestic manufacturing.
- Shifts in consumer behavior towards online shopping and direct-to-consumer models.
- Potential trade policy changes affecting the import-export balance.
- Emerging markets and global competition influencing Canadian manufacturers.
