The rising demand for fashionable, trendy, yet comfortable footwear across age groups is a key factor driving the global footwear industry
According to a new report published by Allied Market Research, titled, “Footwear Market by Type, Material, End User and Distribution Channel:Global Opportunity Analysis and Industry Forecast, 2020 – 2027,” the global footwear market size was valued at $365.5 billion in 2020, and is projected to reach $530.3 billion by 2027, registering a CAGR of 5.5% from 2020 to 2027
Driving Trends and Growth of Footwear Market :-
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 growth of market.
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Key Findings of the Study
Depending on type, the nonathletic segment dominated the global footwear market in 2019, and is expected to retain its dominance throughout the forecast period.
By material, the non-leather segment accounted for highest share in the footwear market growth in 2019, and is projected to grow at a CAGR of 5.0% from 2020 to 2027.
On the basis of end user, the women segment led the global footwear market demand in 2019, and is expected to retain its dominance throughout the forecast period.
As per distribution channel, the specialty stores was the major shareholder in 2019, and is projected to register a CAGR of 4.3% from 2020 to 2027.
Region wise, Asia-Pacific accounted for about 41.4% footwear market share in 2019, and is expected to grow at a CAGR of 6.5%.
The key players operating in the footwear market analysis includes:-
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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Along with men and women, children now a days 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.
Important Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of Footwear Market
– Changing market dynamics of the Footwear Market Industry.
– In-depth segmentation of Footwear Market by Type, Application etc.
– Historical, current and projected market size in terms of volume and value.
– Recent industry trends and developments.
– Competitive landscape of Footwear Market.
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LIST OF TABLES
TABLE 01.GLOBAL FOOTWEAR MARKET, BY TYPE, 2019–2027 ($MILLION)
TABLE 02.ATHLETIC FOOTWEAR MARKET BY REVENUE, BY REGION, 2019–2027 ($MILLION)
TABLE 03.NONATHLETIC FOOTWEAR MARKET BY REVENUE, BY REGION, 2019–2027 ($MILLION)
TABLE 04.GLOBAL FOOTWEAR MARKET REVENUE, BY MATERIAL, 2019–2027 ($MILLION)
TABLE 05.LEATHER FOOTWEAR MARKET BY REVENUE, BY REGION, 2019–2027 ($MILLION)
TABLE 06.NON-LEATHER FOOTWEAR MARKET BY REVENUE, BY REGION, 2019–2027 ($MILLION)
TABLE 07.GLOBAL FOOTWEAR MARKET REVENUE, BY END USER, 2019–2027 ($MILLION)
TABLE 08.FOOTWEAR MARKET BY REVENUE FOR MEN, BY REGION, 2019–2027 ($MILLION)
TABLE 09.FOOTWEAR MARKET BY REVENUE FOR WOMEN, BY REGION, 2019–2027 ($MILLION)
TABLE 10.FOOTWEAR MARKET BY REVENUE FOR CHILDREN, BY REGION, 2019–2027 ($MILLION)
FREQUENTLY ASKED QUESTIONS?
Q1. What was the size of the global footwear market in 2020?
Q2. How much will the global footwear market be worth in the future?
Q3. What would be forecast period in the market report?
Q4. What are the segments of footwear market?
Q5. Who are the active players in the footwear market?
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