From 2012 to 2022, the market for polishes and creams for footwear or leather in Belgium displayed a consistent downward trend, starting from 15.409 million USD in 2012 and reaching 11.479 million USD in 2022. Significant declines were observed, especially in 2020 with a decrease of 18.7% compared to the previous year, likely due to the impacts of the COVID-19 pandemic. The market partially rebounded in 2021 with a growth of 18.01%, but the figures tapered slightly in 2022 with a decline of 2.05%. Over the last five years, the compound annual growth rate (CAGR) has been -2.39%, reflecting an overall contraction.
Looking ahead to 2024 and beyond, potential trends to monitor include the increasing consumer shift towards sustainable and eco-friendly products, digital transformation in retail and e-commerce, and potential changes in fashion and lifestyle post-pandemic. These elements could significant influence market dynamics and consumer purchasing behavior.
