The footwear sector in Belgium has experienced significant volatility in production over the past decade. The sector saw a peak production value in 2014 at €41.8 million, followed by a general decline with minor fluctuations. Notable declines occurred in 2015 (-21.53%) and 2016 (-23.78%), while increases were seen in 2017 (20.4%) and 2018 (30.9%). The trend has moved predominantly downward from 2019 onward, with some recovery in 2020 (9.28%) but negative growth resuming in subsequent years. By 2023, the production stood at €21.7 million, marking a -6.06% year-on-year decline, and the 5-year CAGR was -11.25%.
The forecasted data from 2024 to 2028 predicts a continued decline, with a forecasted 5-year CAGR of -5.35% and an overall decrease in production by 24.02% by 2028.
Future trends to watch for include shifts in consumer preferences towards sustainable and ethical footwear, potential economic factors influencing consumer spending, and the impact of technological advancements in manufacturing processes.