Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A00570 | Pages: 518 | Charts: 80 | Tables: 171 |
The global footwear market size was valued at $409.5 billion in 2022, and is projected to reach $725.1 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
Footwear is apparel that is worn on the feet and frequently serves as protection from environmental risks such as temperature variations and wear from various ground textures.
[COVIDIMPACTSTATEMENT]
Footwear aid in covering and protecting the foot from ground textures, temperatures, and gravel roads. Footwear is made up of different materials such as leather, plastic, rubber, and fabric. Leather is one of the prominent materials used for the first version of footwear. Companies such as Nike are using eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leather for manufacturing footwear products.
Moreover, the rise in the number of working professionals has increased the overall demand for formal shoes and casual shoes. In addition, the increase in fashion consciousness and changing tastes of women have boosted the demand for the nonathletic footwear market. The nonathletic footwear market is dominated by the presence of a wide range of footwear encompassing sandals, heels, and wedges. The rise in demand among children for a wide variety of footwear, including flip-flops, sandals, and boots augments the growth of the global market. In addition, the increase in the number of working professionals paired with the rise in fashion consciousness and the need to look stylish & trendy fueled the overall growth of the nonathletic footwear market. However, high prices and the rise in popularity of footwear brands such as Nike, Adidas, and Puma have led to the advent of counterfeit brands. Counterfeit brands are usually available in developing economies where customers are highly price-sensitive. This factor hampers the sale of the existing original footwear brands in these economies.
The footwear industry has been significantly impacted by changes in consumer habits. Leading Asia-Pacific retailer Bata conducted a survey to determine how people's fashion preferences are evolving. In contrast to women, who purchase shoes every two months, the survey found that men buy a pair every four months. This element has a sizable impact on the expansion of the worldwide footwear market. Additionally, when picking the right footwear, buyers take comfort into account. Additionally, people are buying fashionable and cozy shoes, which helps the market expand. Children's need for fashionable and colorful shoes, which is similar to that of men and women, is a major driver of the global market's expansion.
Currently, people all around the world are becoming more cognizant of their health. This has compelled people to go to fitness centers and engage in both indoor and outdoor exercise activities, which has in turn increased demand across all age groups for athletic footwear. To maintain a healthy and active lifestyle, working people also choose exercise regimens like swimming, running, and exercising. All age groups now have a need for footwear as a result of this, which is promoting market expansion.
Government funding for competitive sports like the Olympics, Formula 1, Cricket World Cups, and FIFA has increased. The government officials' encouragement of the athletes to join has increased the number of athletes participating in the domestic sporting events that are being organized. As a result of the rise in participants, there is a rising need for sports accessories such as clothing, sunglasses, and footwear.
Children today want fancy, stylish, colorful, and sports-inspired footwear, just like men and women do. The number of kids participating in sports has increased, which is driving up demand for athletic footwear. Children now have a much greater demand for footwear for sports including football, basketball, hockey, tennis, baseball, and more. Children have a big desire for fashionable trainers, flip-flops, slip-ons, boots and casual shoes in addition to athletic footwear, which is what is driving the expansion of the global footwear industry.
However, the rise in popularity of footwear brands like Nike, Adidas, and Puma as well as their high prices have prompted the emergence of knockoff names. In underdeveloped nations with price-conscious consumers, counterfeit products are frequently offered. The selling of the current original footwear brands in these economies is hampered by this problem. Since counterfeit goods are of poor quality and frequently cause inconveniences and safety concerns, consumers tend to have negative impressions of them. One of the main platforms where the sale of fake brands can be easily camouflaged is the online distribution channel. Therefore, it is projected that the growth of the footwear market will be hampered by the development of the counterfeit sector.
The footwear sector currently faces a shortage of leather due to the restriction on cow slaughter and the leather goods that go along with it. The insufficient supply of hide or skin, which are necessary raw materials for leather footwear goods, has led to high leather costs all around the world. Furthermore, leather shoes are in high demand because they are valued highly in this industry. However, the Council for Leather Exports, India's ban on the use of leather in the manufacture of footwear has ultimately decreased the production of leather footwear in India, a significant hub for industrialized countries' exports. Individuals are hesitant to purchase leather shoes because of the expensive cost of the material, which is limiting market expansion.
On the other hand, Local businesses that sell cheap, low-quality shoes dominate the footwear market. On the other hand, foreign manufacturers emphasize comfort while creating footwear items, which are typically sold at high prices. The overall expansion of the business is anticipated to be boosted by the rise in demand for stylish yet comfortable footwear, affordable pricing, and improved designs of footwear at lower prices. Additionally, a number of athletic companies, including Nike, New Balance, and Under Armour, are utilizing 3D printing technology in the manufacture of footwear. Customers are drawn to these attributes, which are predicted to offer profitable potential for market expansion over the course of the projection period.
The number of people using social media has greatly expanded with the surge in internet usage. In light of this, the majority of the industry's major players develop strategies for promoting their goods and services on these social media channels. One of the main tactics used by many businesses and sectors to spread knowledge about their product offerings among target clients on social media platforms is social media marketing. Therefore, the global footwear industry sees a crucial potential through its social media marketing approach to establish momentum and expand its client base among its target demographics.
Segmental Overview
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.
By Type
Depending on the type, the non-athletic segment dominated the Footwear Market Share 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, the overall demand for formal shoes and casual shoes has increased due to the rise in the number of working professionals. The demand for non-athletic footwear has also increased due to changing tastes of women and a rise in fashion consciousness. The enormous variety of footwear available, including sandals, heels, and wedges, dominates the non-athletic footwear market. The rise in popularity of flip-flops, sandals and boots among children is contributing to the footwear market demand globally. Additionally, the market for non-athletic footwear expanded as a result of an increase in the number of working professionals, together with a rise in fashion consciousness and the desire to dress fashionably.
[TYPEGRAPH]
By Material
Depending on the material, the non-leather segment dominated the market in 2022, garnering more than half of the market share; moreover, leather is expected to grow at the highest CAGR of 6.2% from 2023 to 2032. In addition, working men and women most frequently wear artificial and synthetic leather shoes as formal shoes. Additionally, the current fashion is for more fake and synthetic leather to be used in the production of sports shoes, slippers, casual shoes, sandals, sneakers, flip-flops, and rubber clogs. The footwear market growth is expanding due to the accessibility of fancy, fashionable, and elegant boots, sandals, heels, and wedges.
[MATERIALGRAPH]
By End User
Depending on the end user, the women segment dominated the market 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, an increase in the number of working women around the world is driving up demand for fashionable footwear that can be worn both formally and casually. Additionally, a rise in disposable income is enabling people to spend more on luxury items, which is fueling the expansion of the women's footwear market. Additionally, the market for new fancy and contemporary shoes, slip-ons, and flip-flops is constantly expanding, which is anticipated to support the expansion of the women's footwear market forecast year.
[ENDUSERGRAPH]
By Distribution Channel
Depending on the distribution channel, the offline channel segment dominated the market in 2022, garnering the majority of the market share; however, e-commerce is expected to grow at the highest CAGR of 6.1% from 2023 to 2032. In addition, the offline channel offers a broad range of product portfolios from numerous market sectors, making it simple for clients to access. It is a well-organized store with a large selection of winter shoes and a presence both domestically and internationally. These kinds of stores provide customers with access to niche products that are available on the market. As a result, the development of offline channels in several regions creates profitable openings for the expansion of the footwear market. Footwear sales are greatly boosted by the manufacturers' special discounts offered through these channels, which also encourage hypermarket and supermarket chains to sell their own goods, hence creating various footwear market opportunities across the globe.
[DISTRIBUTIONCHANNELGRAPH]
By Region
Region wise, Asia-Pacific dominated the market in 2022, garnering a market share of 41.4%. The Asia-Pacific market offers growth opportunity for businesses selling cutting-edge and novel footwear goods. Additionally, as urbanization and the number of middle-class customers has grown in both developing and developed countries, more individuals of all ages are being attracted to convenient lives. A big demand for chunky trainers, stilettos, colorful sandals, and high heels is also being seen in the Asian footwear market, which has fueled the expansion of the industry.
[REGIONGRAPH]
Competitive Analysis
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.
Some Examples of Expansion in the Global Footwear Market
Key Market Segments
Key Market Players