Footwear Market

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.
 

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

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.

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.

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.

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