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2020
Footwear Market

Footwear Market

by Type (Athletic and Nonathletic), Material (Leather and Non-leather), End User(Men, Women, and Children), and Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Brand Outlets, Online Sales Channel, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A00570
Pages: 216
Apr 2020 | 340596 Views
Author(s) : Nitesh Chouhan, Himanshu Vig , Roshan Desmukh
Tables: 157
Charts: 89
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The global footwear market size was valued at $365.5 billion in 2020, and is estimated to reach $530.3 billion by 2027 with a CAGR of 5.5% from 2020 to 2027. Footwear is used for covering and protecting the foot from ground textures, temperatures, and from gravel roads. Footwear are made up of different materials such as leather, plastic, rubber, and fabric. Among these, leather is one of the prominent materials used for fabricating footwear. Major players, such as Nike, use eco-friendly raw materials, including recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leathers for producing footwear.

Presently, increase inhealth awareness is observed among individuals across the world, which has led to increase in number of individuals visiting fitness centers and performing indoor & outdoor exercise activities. This, in turn, has boosted the demand for athletic footwear among all age groups. Moreover, working individuals opt for fitness regimes such as swimming and running to remain healthy and active. This has created a demand for footwear among all age groups, thereby fostering the footwear market size.

Footwear-Market-2020-2027 (002)

Footwear Market
By Type

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The athletic segment would witness the fastest growth, registering a CAGR of 6.3% during the forecast.

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Moreover, an increase has been witnessed in the number of users of various social media sites along with rise in internet penetration. Taking this into consideration, most of key players in the footwear market strategize on promoting their products and services on these social media platforms. Social media marketing is one of the major strategies adopted by various companies and industries, including wearable products market, on imparting awareness about their product offerings among target customers on social media channels. Thus, through social media marketing strategy, global footwear market sights critical opportunity in gaining traction and eventually

Footwear Market
By Material

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Leather segment would witness the fastest growth, registering a CAGR of 6.3% during the forecast period.

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increase its registration among its target segments which also results in boosting the footwear market demand. However, high prices and significant popularity of footwear brands such as Nike, Adidas, and Puma have led to the advent of counterfeit brands. Counterfeit brands are usually prevalent in developing economies where customers are highly price-sensitive. This factor hampers the sale of the existing original footwear brands in these countries.

Increase in number of working women worldwide has augmented the demand of trendy and stylish footwear, which can be used for formal as well as casual occasions. Moreover, surge in disposable income is allowing individuals to spend more on luxury goods, thereby driving the growth of the footwear market. Demand for new fancy and trendy footwear, shoes, slip-ons, and flip flops is continuously growing, thereby boosting the footwear market growth.

Footwear Market
By End User

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Children segment would witness the fastest growth, registering a CAGR of 7.1% during the forecast period.

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The global footwear market is segmented into type, material, end user, distribution channel, and region. By type, the market is categorized into athletic and nonathletic. Depending on material, it is bifurcated into leather and non-leather. On the basis of distribution channel, it is classified into hypermarket/supermarket, specialty stores, brand outlets, online sales channels, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, ASEAN and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). 

On the basis of type, the nonathletic segment led in terms of footwear market share in 2019, and is expected to retain its dominance during the forecast period. This is attributed to rise innumber of working professionals, which, in turn, has propelled the overall demand for formal shoes and casual shoes. Furthermore, rise in fashion consciousness among women has boosted the demand for nonathletic footwear. The non–athletic footwear market segment is dominated by the presence of a wide range of footwear encompassing sandals, heels, and wedges.

Footwear Market
By Distribution Channel

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Online Sales Channel segment would witness the fastest growth, registering a CAGR of 8.3% during the forecast period.

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By material, the non-leather segment led the market, in terms of value, in 2019. Artificial and synthetic leather footwear are most often used as formal shoes by men, women, and children. Moreover, increase in use of artificial and synthetic in making sports shoes, slippers, casual shoes, sandals, sneakers, flip flops, and rubber clogs is driving the growth of non-leather segment.

Depending on end user, the women segment led in terms of market share in 2019, and is expected to retain its dominance during the forecast period. This is attributed to increase in number of working women worldwide that fuels the demand for trendy and stylish footwear, which can be used for formal as well as casual occasions. Moreover, increase in disposable income is allowing individuals to spend more on luxury goods, thereby driving the growth of the women footwear segment.

By distribution channel, the specialty stores segment led the market, in terms ofvalue, in 2019, owing to increase in urbanization, rise in working class population, and competitive pricing, which boost the popularity of specialty stores in developed and developing region.

Footwear Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific is the largest market growing at a CAGR of 6.5% from 2020-2027.

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The key players operating in the footwear market analysis include Adidas AG (Adidas), Nike, Inc. (Nike), PUMA SE (KERING), Under Armour, Inc., Skechers USA, Inc., Geox S.p.A, VF Corporation,  CROCS, Inc., Ecco Sko A/S, and Wolverine World Wide, Inc.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the footwear market analysis from 2019 to 2027 to identify the prevailing market opportunities.
  • The key countries in all the major regions are mapped on the basis of market share.
  • The market forecast is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global industry. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global industry trends, key players, market segments, application areas, and market growth strategies.

Footwear Market Report Highlights

Aspects Details
By Type
  • Athletic
  • Non-athletic
By Material
  • Leather
  • Non-leather
By End User
  • Men
  • Women
  • Children
By Distribution Channel
  • Hypermarkets/Supermarkets
  • Specialty Stores
  • Brand Outlets
  • Online Sales Channel
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia and New Zealand, ASEAN, Rest of Asia-pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Adidas AG (Adidas), Nike, Inc. (Nike), PUMA SE (KERING), Under Armour, Inc., Skechers USA, Inc., Geox S.p.A, VF Corporation, CROCS, Inc., Ecco Sko A/S, Wolverine World Wide, Inc.
 

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Footwear industry is experiencing a speedy expansion, owing to rise in demand for trendy and comfortable footwear among all age groups. Rapid urbanization, demographics changes along with increase in demand of middle class population,and surge in disposable income fuel the growth of the footwear market. In addition, increase in demand for sports shoes and branded footwear among all age groups is expected to boost the demand for sports footwear and branded footwear category products.Consumers are seekingto include sport-styled designs into their everyday wardrobe. Furthermore, increase in number of working women and increase in theirfashion consciousness drive the growth of the footwear industry. 

Change in lifestyleof individuals has drastically affected the footwear industry.A survey by leading Asia-Pacific retailer, Bata shows changing fashion trends among individuals.The survey indicated that a man buys a pair of shoes after every four months compared to women, who purchase footwear after every twomonths. Consumers consider comfort as an important parameter while choosing appropriate footwear. In addition, consumers presently are ready to indulge in stylish and comfortable footwear. Non-leather products dominate the men’s footwear segment. 

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FREQUENTLY ASKED QUESTIONS?

A. The global footwear market in 2020 was valued at $365.5 billion for the year 2020.

A. The global footwear market size is estimated to reach $530.4 billion by the end of 2027.

A. The forecast period in the market report is 2020-2027

A. The global footwear market is segmented into type, material, end users, distribution channel, and region. By type, the market is categorized into athletic and nonathletic. Depending on material, it is bifurcated into leather and non-leather. On the basis of distribution channel, it is classified into hypermarket/supermarket, specialty stores, brand outlets, online sales channels and others.Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

A. The active players operating in the footwear market include Adidas AG (Adidas), Nike, Inc. (Nike), PUMA SE (KERING), Under Armour, Inc., Skechers USA, Inc., GeoxS.p.A, VF Corporation, CROCS, Inc., EccoSko A/S, and Wolverine World Wide, Inc.

A. Smart footwear are the latest footwear market trends.

A. The footwear market projected to grow with 5.5% in the forecast period (2020-2027).

A. The Asia-Pacific region will provide more business opportunities for footwear market in coming years.

A. China and India are emerging markets in this market. China is expected to grow with a CAGR of 8.0% while India is expected to exhibit 7.3% growth rate during the forecast period.

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