Footwear Market Expected to Reach $725.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Footwear Market," The footwear market was valued at $409.5 billion in 2022, and is estimated to reach $725.1 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.

Growing health and fitness awareness among people is boosting the growth of footwear market. Moreover, rise in trend of fitness exercises such as Zumba (a dance form) and Yoga (exercise activity) is generating huge demand for sports shoes among individuals. Rise in number of sport lovers and fan followers of sports such as football, basket balls, and hockey is further creating higher demand for cleats and shoes required for respective sports. In addition, upcoming Summer Olympic Games in 2020 in Tokyo is anticipated to create lucrative opportunities for market players to launch new products and endorse their products to enhance their offerings. Therefore, it will result in driving the footwear market growth across the globe.

Along with men and women, children nowadays demand for fancy, stylish, colorful, and sports-inspired footwear. Increase in number of children engaged in various sports activities fuels the demand for athletic footwear. This has increased large demand for football, basketball, hockey, tennis, baseball and many other sports footwear among children. Along with sport footwear, stylish sneakers, flip-flops, slip-ons, boots, and casual shoes are witnessing huge demand among children, which drives the growth of the overall market.

With increase in demand for fancy yet comfortable footwear, affordable pricing and enhanced designs of footwear at a cheaper price is expected to boost the overall growth of the industry. Moreover, various sportswear brands such as Nike, New Balance, and Under Armour are adopting 3D printing technology in footwear production. Such features attract the attention of the customers for purchasing the footwear, which is projected to provide lucrative opportunities for market expansion during the forecast period.

However, presently ban on cow slaughter and its associated leather products led to shortage of leather as raw material for the footwear industry. Inadequate availability of hide or skin, which are essential raw materials for leather footwear products has resulted in high prices of leather across the world. Furthermore, the demand for leather footwear is high, as it is regarded as a premium product in this industry. However, ban on the use of leather in footwear manufacturing by the Council for Leather Exports, India has ultimately reduced the production of leather footwear in India, which is a major exports hub of developed countries. High price of leather is restricting individuals to buy leather footwear, which are sold at comparatively higher prices, thereby restricting the market growth.

Continuous increase in demand for trendy yet comfortable footwear, affordable pricing, and enhanced designs of footwear at a cheaper price are expected to boost the overall growth of the market. Moreover, various sportswear brands are using eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leathers for producing footwear products. This is expected to increase the adoption of footwear among its end users, thereby contributing toward the growth of the global footwear market trend.

The Footwear industry is segmented on the basis of type, material, end users, distribution channel and region. By type, the footwear Market is classified into athletic and non-athletic. Depending on material, the market is categorized into leather and non-leather. By end users, it is categorized into men, women and children. Depending on the distribution channel, the market is categorized into E-Commerce and offline channel. By region the market is analyzed in North America, Europe, Asia Pacific and LAMEA.  

Depending on the type, non-athletic segment dominated the market in 2022, garnering more than half of the market share; moreover, the athletic is expected to grow at the highest CAGR of 6.1% from 2023 to 2032. In addition, because there are more working professionals, there is a greater need for both formal and casual footwear. Due to shifting female preferences and an increase in fashion consciousness, the demand for non-athletic footwear has also increased. The non-athletic footwear market is dominated by the huge range of shoes that are offered, including sandals, heels, and wedges. Sandals, sandals and boots are becoming more and more well-liked among kids, which is helping the global industry grow. A rise in the number of working professionals, along with an increase in fashion consciousness and the desire to dress fashionablely, contributed to the expansion of the non-athletic footwear market.  

Depending on the material, the non-leather segment dominated the footwear market size in 2022, garnering more than half of the market share; moreover, the leather is expected to grow at the highest CAGR of 6.2% from 2023 to 2032. In addition, working men and women are most likely to wear formal shoes made of artificial or synthetic leather and it is one of the footwear market trends across the globe. Additionally, it is currently fashionable to produce sports shoes, slippers, casual shoes, sandals, sneakers, flip-flops and rubber clogs more frequently using fake and synthetic leather. Due to the availability of expensive, stylish, and exquisite boots, sandals, heels, and wedges, the footwear market demand is growing across the globe.  

Depending on the end user, the women segment dominated the footwear market share in 2022, garnering around half of the market share. Moreover, children is expected to grow at the highest CAGR of 6.6% from 2023 to 2032. In addition, demand for stylish shoes that can be worn both officially and casually is rising due to the rise in the number of working women worldwide. The market for women's shoes is growing as a result of consumers having more disposable money and being able to spend more on luxury goods. The market for new fashionable shoes, slip-ons and flip-flops is also constantly growing, which is expected to assist the growth of the women's footwear market. 

Depending on the distribution channel, the offline channel segment dominated the footwear industry in 2022, garnering majority of the market share; however, the e-commerce is expected to grow at the highest CAGR of 6.1% from 2023 to 2032. In addition, the offline channel makes a wide variety of product portfolios from various market segments easily accessible to customers. It is a well-run store with a sizable collection of footwear and a presence both at home and abroad. Customers can find niche products in these types of establishments that cater to specific market segments. As a result, the growth of offline channels in various areas opens up lucrative opportunities for the market expansion for footwear. The unique discounts provided by the manufacturers through these channels significantly increase the sales of footwear while also encouraging hypermarket and supermarket chains to sell their own products. 

Region wise, Asia-Pacific dominated the market in 2022, garnering a market share of 41.4%. Businesses who sell cutting-edge and innovative footwear products have a chance to expand in the Asia-Pacific region. More people of all ages are also drawn to easy lives as urbanisation and the number of middle-class consumers has increased in both emerging and developed countries. The Asian footwear market is also experiencing strong demand for chunky trainers, stilettos, colourful sandals, and high heels, which has driven the industry's growth. 

Some of the major players analyzed in this report are Adidas AG, Nike Inc, Puma SE, Under Armour, Inc, Skechers USA, Inc., Geox S.P.A., VF Corporation, Crocs, Inc., ECCO Sko A/S and Wolverine World Wide, Inc.

Key findings of the study

• By type, the non-athletic segment is estimated to witness significant growth, registering a CAGR of 5.8% during the forecast period. 
• By material, the non-leather segment is anticipated to grow at a CAGR of 5.8% during the footwear market analysis period.. 
• By end user, the women segment is anticipated to grow at a CAGR of 5.6% during the forecast period. 
• By distribution channel, the offline stores segment is estimated to witness significant growth, registering a CAGR of 5.8% during the forecast period. 
• By region, Asia-Pacific was the dominant region in 2021, occupying a major share of the market.