The production of clothing in Belgium, measured in million euros, has shown mixed trends over the past decade. After peaking in 2015 at 762.1 million euros with a year-on-year increase of 15.79%, the industry faced a significant downturn. Particularly between 2019 and 2020, the sector suffered declines of -20.93% and -16.75%, respectively. By 2023, the value had fallen to 498.9 million euros, marking a continuous downward trend with a year-on-year decrease of -5.69%. The compound annual growth rate (CAGR) over the last five years stood at -7.71%, highlighting a persistent contraction in the sector.
Looking ahead, forecasts indicate a continued decline with production expected to drop to 341.58 million euros by 2028. This represents a projected five-year CAGR of -6.02% and an overall decrease of 26.67% from 2023 levels.
Future trends to watch include:
- Potential market shifts due to increasing demand for sustainable and ethically-produced clothing.
- The impact of technological advancements in production processes.
- Changes in consumer behavior and potential economic fluctuations affecting retail demand.
