The market for footwear with uppers of textile materials in Germany has exhibited substantial growth from 2013 to 2023, increasing from $5.599 billion to $14.592 billion. This represents a significant compound annual growth rate (CAGR) over the decade. The growth trajectory has been strong despite a slight dip in 2020 due to global disruptions. Year-on-year growth rates varied significantly, peaking in 2014 with a 22.13% increase and showing a more moderate growth pattern in recent years, with 5.75% in 2023.
Key trends over the historical period include:
- Strong overall growth from 2013 to 2018, with notable spikes in 2014 and 2017.
- A brief decline in 2020, likely due to the COVID-19 pandemic, followed by a recovery.
- Gradual deceleration in year-on-year growth rates from 2019 onwards, stabilizing around 5-7%.
The forecasted growth from 2024 to 2028 indicates a steady increase, with the market expected to reach $18.439 billion by 2028. The projected CAGR for this period is 3.7%, suggesting more stable but slower growth compared to the historical period.
Future trends to watch for:
- Innovations in sustainable and eco-friendly materials, responding to rising consumer awareness.
- Increased online sales channels and digital marketing strategies as consumer shopping habits evolve.
- Potential market saturation and more competitive pricing strategies.
- Adaptation to global economic conditions and potential supply chain disruptions.