The footwear sector in Turkey has shown robust growth from 2013 to 2023, achieving a turnover of 19.15 billion New Turkish Liras by 2023. The year-on-year variation in turnover has been decreasing, from highs of around 20% during the mid-2010s to single-digit growth in the more recent years (7.04% in 2023). Forecasts suggest a continued but slower growth trend, with the turnover expected to reach 24.92 billion by 2028. The forecasted five-year Compound Annual Growth Rate (CAGR) is projected to be 4.11%, emphasizing a tapering growth trajectory.
Future trends to watch for:
- Potential impact of economic conditions on consumer spending.
- Emergence of e-commerce in the sector.
- Innovation and sustainable practices in footwear production.
- Possible market expansions and new entrants.
