The footwear sector in Norway is forecasted to experience a significant decline in production values from 2024 to 2028. In 2024, the production value stands at 24.56 million NOK. This value is projected to drop to 19.58 million NOK in 2025, representing a year-on-year decline of approximately 20.3%. The downward trend continues in 2026 with a value of 14.7 million NOK, marking a 24.9% decline from the previous year. By 2027, the production value is forecasted to reach 9.91 million NOK, showing a further decrease of 32.6%. In 2028, the value is expected to plunge to 5.23 million NOK, a 47.2% decline from the previous year. Over the five-year period, the compound annual growth rate (CAGR) indicates an average annual decline of approximately 34.7% in production value.
Future trends to watch for:
- Potential shifts in domestic and global market demands influencing production rates.
- The impact of technological advancements and automation on production efficiency.
- Changes in consumer preferences towards sustainable and eco-friendly products.
- Economic policies and trade agreements that may affect the Norwegian footwear industry.
- Market expansion or contraction due to geopolitical and economic conditions.
