footwear-market

Footwear Market By Product (Athletic, Non-Athletic Footwear), By Material (Plastic, Synthetic Rubber, Leather, Plant Based, Others), By Distribution Channel (Hypermarkets, Online Channels, Specialty Stores, Others), By End-user (Men, Women, Kids) - Growth, Future Prospects & Competitive Analysis, 2024 – 2032

27 Jan 2019 Format PDF icon PPT icon XLS icon Request Sample

Industry Outlook

In terms of value, the global footwear market stood at US$ 250.5 Bn in 2021 and is expected to reach 314.5 Bn by 2030, expanding at a CAGR of 3.1% during the forecast period from 2023 to 2030. The Asia Pacific dominated the footwear market in 2020 and is expected to remain dominant throughout the forecast period. The region is expected to witness the fastest growth during the forecast period.

Footwear comprises of two types such as athletic footwear and non-athletic footwear. Purchase of different footwear among the consumers has increased significantly in the past few decades majorly driven by the millenials. New product launch, product innovation by the leading manufacturers targeted towards population across all age groups has resulted in the steady growth of the footwear market over the years. Moreover, rising demand of athletic footwear owing to the concerns towards personal health and inclination towards different physical activities among the population is a major factor driving the market.

In addition to this,shoe knitting technology is one of the latest trends that expected to gain traction in the global footwear market in the coming years. Several manufacturers such as Nike, Adidas among others, adopted the knitting technology as it results in less waste generation and reduced labor cost. Italy sock knitting manufacturer Cesare Colosio launched a new knitting machine for the production of shoe upper in 2021 in order to meet the rising demands for fashionable shoes with knitted uppers.

China is one of the growing markets for footwear, with fashionable and sports shoes capturing the attention of the consumers. Greater advertising spending on footwear and rising availability of footwear in retail chains, rising number of working women population are some of the key factors responsible for the steady market growth of footwear in China. However, the counterfeit product is a significant concern and a threat in brand-driven footwear industry. Such products hamper the growth of sales and damage the original brand value.

"Non-Athletic Footwear Captured Major Chunk of the Market in 2020, and Expected to Display Similar Trend in Coming Years"

In terms of market value, non-athletic footwear accounted for the major share in 2020. Loafers & boat shoes are the major famous types among consumers, especially in the developed economies of Europe and North America. Increasing influence of fashion is an important driver for this segment as consumers look for fashionable and trendy shoes that matches with their daily attires.

However, athletic footwear expected to witness significant growth rate during the forecast period. The increasing demand for sports shoes among the population stems from the rising participation of the people in different sporting activities such as squash, basketball, football, volleyball and aerobics among others. In addition to this, awareness towards physical benefits of engaging in regular exercises is boosting the growth of the athletic footwear market. Prominent players such as Adidas AG, Nike Inc., New Balance Athletics, Inc., among others are focusing on developing innovative athletic shoes in order to grab more customer attention across the globe. For instance in 2021, Adidas launched running shoes, which are inspired by NASA engineering technology. With this technology every single millimeter of the shoes are precisely constructed and stitched. The result is that the shoes are comfortable and lightweight, which helps the wearer experience confidence during sporting activities.

"Asia Pacific is Likely to Dominate the Global Footwear Market throughout the Forecast Period"

Based on geography, Asia Pacific accounted for major market share in 2021 and expected to continue dominating the market in the coming years. Recent years witnessed rise in the consumer inclination towards sporting activities, changing fashion trends and shift in the preferences towards premium brands. Athletic shoes is gaining importance among the population, which is a key factor pushing market growth. Several brand such as Nike, Adidas, Puma are focusing upon product launch, product innovation in order to grab more number of customer attention. In addition to this, the brands also target the customers who constantly seek new style, designs, and thus focuses upon improving the product portfolio as per the preferences of the consumers. The major growing markets in the Asia Pacific region are China, India, and Japan among others that has the highest number of participation rate in sporting events over the years. Europe and North America expected to witness the significant growth during the forecast period due to high-income levels and rising demand for sports shoes among the health conscious population.

"New Product Launch is one of the Key Strategy of the Companies Operating in the Footwear Market"

The global footwear market is marked by intense competition from major players operating in this market. Tactical acquisitions & mergers, partnerships & ventures, product innovations and geographical expansion are some of the strategies adopted by the major players in order to ensure strong presence in the market. Key players operating in the field of footwear include Adidas AG, Nike Inc., Bata Limited, Puma SE, Asics Corporation, VF Corporation, New Balance Athletics, Inc., Deichmann SE, The Columbia Sportswear Company, Polartec, LLC, Skechers USA, Inc., Wolverine World Wide, Inc. among others.

In July 2021, Bata India who is constantly focusing upon “Aggressive Product Launch “planned to expand its distribution channel by opening 50 franchise stores and 100 retail stores across India in order to grab more number of customer attention. In addition to this, the Company also plans to expand its e-commerce presence on high traffic generating websites.

Earlier, in 2021, global fitness brand Reebok introduced plant-based footwear where chief raw materials included cotton and corn. The raw materials used to develop the product can be easily replenished compared to the petroleum-based products. In addition to this, Reebok partnered with DuPont Tate & Lyle in order to develop petroleum-free, non-toxic bio-based footwear.

In 2021, Asics Corporation launched FlyteFoam Fast Series, which is a new collection of running shoes. The product launch aimed to gain more attention from athletes. The company held a 60-meter sprint at the top of the Tower Bridge in order to attract customer attention and offer an experience of running with the newly launched shoes.


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Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Footwear market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Footwear market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Billion
Segmentation
Product
  • Athletic Footwear
    •     Running
    •     Tennis
    •     Soccer/Football
    •     Others (hockey, golf, etc.)
  • Non-Athletic Footwear
    •     Loafers & Boat Shoes
    •     Dress Shoes
    •     Sandals/Flip-flops
    •     Others (boots, wedges, etc.)

Material
  • Plastic
  • Synthetic Rubber
  • Leather
  • Plant Based
  • Others (foam, cotton, polyester, etc.)

Distribution Channel
  • Hypermarkets
  • Online Channels
  • Specialty Stores
  • Others (unorganized Stores, etc.)

End-use
  • Men
  • Women
  • Kids

 Region Segment (2022-2032; US$ Billion)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Footwear market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Footwear market?
  • Which is the largest regional market for Footwear market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Footwear market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Footwear market worldwide?
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