According to the 2024 World Footwear Yearbook, global footwear production fell by 6% YoY in 2023, reaching 22.4 billion pairs, the lowest in a decade excluding the pandemic years. This decline was driven by reduced consumption in key markets, with significant decreases in the US, China, and the EU. Global exports also dropped by 9.1%, with the value of exports falling by 6.1% to $168 million. Asia remains the dominant footwear producer, accounting for 87.1% of global production, with China alone producing 55% of the world’s shoes. The report notes a shift towards nearshoring as a potential recovery strategy for the industry.