Production in the footwear sector in Turkey has shown a robust growth trajectory from 2013 to 2023. The value, expressed in Billion New Turkish Liras, stood at 17.04 billion in 2023. Over the years, the sector recorded several significant year-on-year growth spurts, with peaks such as a 20.93% increase in 2016. The trend of growth decelerated slightly, with the year-on-year variation dropping to 6.17% by 2023.
The Compound Annual Growth Rate (CAGR) over the past five years stands at 8.36%. This indicates a steady but more moderated growth phase compared to earlier years. From 2024 onwards, forecasted figures suggest a continued upward trajectory but at a more conservative pace, with a forecasted 5-year CAGR of 3.83% by 2028 and an aggregate growth rate of 20.66%.
Future trends to watch for include:
- The potential impact of economic conditions, as slower production growth may reflect market stabilization or saturation.
- Technological advancements in manufacturing and materials that could drive efficiency and production capacity.
- Changes in consumer demand patterns, potentially influenced by global fashion trends and sustainability considerations.
