The Footwear Market size was valued at $409.51 Billion in 2022 and is estimated to reach $725.06 Billion by 2032, registering a CAGR of 5.9% from 2023 to 2032.
The foot is shielded and protected by footwear from the textures, temperatures, and gravel roads of the ground. Different materials, Including leather, plastic, rubber, and cloth, are used to make shoes. One of the most popular materials for the original iteration of footwear is leather. For the production of footwear, companies like Nike are turning to environmentally friendly raw materials Including recycled carpet padding, car tires, and organic cotton.
The Increase in penetration of various online portals in developing regions and the rise in the number of offers or discounts attract consumers to purchase footwear through online channels. Moreover, online sales channels Increased consumer reach owing to which it has evolved as a key source of revenue for many companies. Furthermore, the online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets. An Increase in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter new international markets for major brands further augment the growth of the footwear market.
Consumer behavior changes have had a big impact on the footwear sector. A survey was done by prominent Asia-Pacific retailer Bata to find out how people's fashion preferences are changing. The poll discovered that men buy a pair of shoes every four months, as opposed to women who buy them every two months. This factor significantly affects how quickly the global footwear market is growing. Additionally, customers consider comfort when choosing the appropriate footwear. Additionally, individuals are purchasing stylish and comfortable shoes, which contributes to the market's expansion. The demand for stylish, vibrant shoes among children is similar to that of adults and is a key factor in the growth of the global market.
People are currently becoming more aware of their health on a global scale. As a result, more individuals across all age groups are using fitness centers and participating in both indoor and outdoor exercise activities, which in turn has raised the demand for athletic footwear. Working people also pick fitness regimens like swimming, running, and exercising to maintain a healthy and active lifestyle. As a result, all age groups now have a need for footwear, which is encouraging market expansion.
Government support for competitive sports has Increased, Including FIFA, the Olympics, Formula 1, and Cricket World Cups. The number of athletes competing in the organized domestic athletic events has Increased thanks to government officials' encouragement to sign up. There is a growing need for sports accessories such as apparel, sunglasses, and footwear as a result of the Increase in participation.
Like men and women, today's kids demand elegant, stylish, colorful, and sporting-inspired footwear. The demand for athletic footwear has Increased as a result of the rise in the number of youth playing sports. Shoes for kids' sports Including football, basketball, hockey, tennis, baseball, and more are becoming much more in demand. In addition to athletic footwear, children have a strong preference for attractive trainers, flip-flops, slip-ons, boots, and casual shoes, which is what is fueling the growth of the worldwide footwear sector.
The Footwear Market 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 the 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.
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.
The foot is shielded and protected by footwear from the textures, temperatures, and gravel roads of the ground. Different materials, Including leather, plastic, rubber, and cloth, are used to make shoes. One of the most popular materials for the original iteration of footwear is leather. For the production of footwear, companies like Nike are turning to environmentally friendly raw materials Including recycled carpet padding, car tires, and organic cotton.
The Increase in penetration of various online portals in developing regions and the rise in the number of offers or discounts attract consumers to purchase footwear through online channels. Moreover, online sales channels Increased consumer reach owing to which it has evolved as a key source of revenue for many companies. Furthermore, the online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets. An Increase in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter new international markets for major brands further augment the growth of the footwear market.
Consumer behavior changes have had a big impact on the footwear sector. A survey was done by prominent Asia-Pacific retailer Bata to find out how people's fashion preferences are changing. The poll discovered that men buy a pair of shoes every four months, as opposed to women who buy them every two months. This factor significantly affects how quickly the global footwear market is growing. Additionally, customers consider comfort when choosing the appropriate footwear. Additionally, individuals are purchasing stylish and comfortable shoes, which contributes to the market's expansion. The demand for stylish, vibrant shoes among children is similar to that of adults and is a key factor in the growth of the global market.
People are currently becoming more aware of their health on a global scale. As a result, more individuals across all age groups are using fitness centers and participating in both indoor and outdoor exercise activities, which in turn has raised the demand for athletic footwear. Working people also pick fitness regimens like swimming, running, and exercising to maintain a healthy and active lifestyle. As a result, all age groups now have a need for footwear, which is encouraging market expansion.
Government support for competitive sports has Increased, Including FIFA, the Olympics, Formula 1, and Cricket World Cups. The number of athletes competing in the organized domestic athletic events has Increased thanks to government officials' encouragement to sign up. There is a growing need for sports accessories such as apparel, sunglasses, and footwear as a result of the Increase in participation.
Like men and women, today's kids demand elegant, stylish, colorful, and sporting-inspired footwear. The demand for athletic footwear has Increased as a result of the rise in the number of youth playing sports. Shoes for kids' sports Including football, basketball, hockey, tennis, baseball, and more are becoming much more in demand. In addition to athletic footwear, children have a strong preference for attractive trainers, flip-flops, slip-ons, boots, and casual shoes, which is what is fueling the growth of the worldwide footwear sector.
The Footwear Market 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 the 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.
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 Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the footwear market analysis from 2022 to 2032 to identify the prevailing footwear market opportunities.
- The market research 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 footwear market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- 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 footwear market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Material
- Leather
- Non-leather
By Distribution Channel
- E-Commerce
- Offline Stores
- Sub type
- Brand Outlet
- Hypermarket/Supermarket
- Specialty Store
- Others
By End User
- Men
- Women
- Children
By Type
- Non-athletic
- Athletic
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Switzerland
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- UAE
- Rest of LAMEA
Key Market Players
- Adidas AG
- Crocs, Inc.
- ECCO Sko A/S
- Geox S.p.A.
- Nike Inc.
- Puma SE
- Skechers USA, Inc.
- Under Armour, Inc.
- VF Corporation
- Wolverine World Wide, Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FOOTWEAR MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 5: FOOTWEAR MARKET, BY END USER
CHAPTER 6: FOOTWEAR MARKET, BY MATERIAL
CHAPTER 7: FOOTWEAR MARKET, BY TYPE
CHAPTER 8: FOOTWEAR MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, 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.The use of footwear for people with functional impairments is also a key consideration in its design. In order to avoid overexposure to the cold during the winter, pedestrians are dressed in layers. The process of getting ready for winter outings can be taxing for persons with weak muscles and restricted joint mobility, keeping them inside for months at a time.
Newspaper print, television, and radio advertisements are effective, but they can no longer be the only part of a marketing strategy since modern consumers demand a more individualized experience, and traditional advertising in the digital age comes across as passive. The number of users on various social media platforms has increased along with the growth in internet use. Given this, the bulk of the industry's leading players in the footwear market intends to market their products on these social media platforms. Many firms and industries, including the market for wearable products, employ social media marketing to promote awareness of their product offers among their target clients on social media platforms. Because of this, the global market for footwear sees social media marketing as a key strategy for gaining traction and subsequently raising brand recognition within its target market.
However, according to studies from the OECD and EU's Intellectual Property Office, the footwear industry is the one that is most affected by the counterfeiting problem. Some of the companies impacted by counterfeit goods include Nike, Asics, Reebok, Adidas, and Sketchers. A growth in demand for various kinds of footwear items has been observed during the past few years. Manufacturers in the industry are taking advantage of the circumstance by offering their items to be branded and making similar promises about their features. Contrary to popular belief, third-party vendors are actually the ones marketing and selling these products. Customers become less loyal, and more significantly, the consumer base is diminished as a result. Because of this, the availability of fake goods eventually slows down market expansion as a whole.
The increasing disposable income of customers in the Asia-Pacific region is the primary factor driving the industry's expansion. People in the nation are choosing premium, branded footwear as they become more financially secure. This is especially true in cities where individuals are searching for stylish, cosy, and long-lasting footwear. Leading footwear exporter to nations like the U.S., the UK, and Germany, the nation is anticipated to keep up this trend in the years to come. The government in this region has also been putting laws and programs into place to encourage the export of footwear, such as the Make in India campaign, which attempts to make Indian manufacturers more competitive on the international in the current global trade environment, high-quality footwear demand has surpassed expectations by industry experts. This skyrocketing demand has been fueled in part by the rising purchasing power in tier-II and tier-III cities, which has given brands with a global reputation the opportunity to not only enter these untapped markets but also to establish a strong e-infrastructure as opposed to conventional retail outlets with limited sales opportunities to generate revenue and secure enormous profits.
Asian suppliers and owners of regional shoe brands are being lured to join the cross-border e-commerce movement by large online retailers like Amazon and Walmart. The innovative solutions Amazon has come up with for virtual try-on will only boost sales by luring more customers to click the Call-to-Action button. Even though Europe is still the biggest market for online footwear sales, countries like Brazil, South Africa, and India have the best prospects. Private labels are now able to sell their products not just online but also on social media, where influencers are building significant partnerships to reach millions of followers and tempt them to purchase with enticing discounts.
86 percent of footwear consumption worldwide is now non-leather by volume due to shifting customer tastes, and Asian countries are seeing a similar trend. However, leather footwear is still a sizable component of the business and an important export market for Asian countries. For instance, one of the main markets for Indian leather footwear exports is the UK. However, factors like government regulations prohibiting the slaughter of animals in leather tanneries have reduced the supply of leather, further pushing the business toward the non-leather category.
The Footwear Market 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.
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 forecast 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.
Companies Mentioned
- Adidas AG
- Crocs, Inc.
- ECCO Sko A/S
- Geox S.p.A.
- Nike Inc.
- Puma SE
- Skechers USA, Inc.
- Under Armour, Inc.
- VF Corporation
- Wolverine World Wide, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 518 |
| Published | May 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 409.51 Billion |
| Forecasted Market Value ( USD | $ 725.06 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
