According to a new report published by Allied Market Research, titled, “global sustainable footwear market by product type, demographics, distribution channel, and region: global opportunity analysis and industry forecast, 2021–2030,” The global sustainable footwear market was valued at $7.7 billion in 2020, and is projected to reach $13.3 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030. Sustainable footwear is a type of footwear which is made by recycling waste and are manufactured by eco-friendly production process. In addition to this, surge in youth population, improved lifestyle, and rise in disposable income of individuals in developing countries are anticipated to offer immense opportunities for sustainable footwear market players during the forecast period. Nowadays, sustainable footwear is gaining popularity among the environment conscious consumers which in turn has propel the demand for sustainable footwear from the consumers contributing in driving the sustainable footwear market growth in terms of value sales.
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Rise in the interest of the younger generation and the working class toward the use of sustainable footwear, change in lifestyle, and increase in disposable income drive the growth of the global sustainable footwear market. However, availability of counterfeit products hinders the market growth. On the other hand, product innovation, increase in the number of sport-inspired children, and growth of online shopping platforms offer many opportunities to the market players.
The sustainable footwear market demand is expected to increase during the forecast period. This is attributable to rising number of environment conscious consumers across the globe and increase in number of women working populations who are increasingly spending on buying sustainable footwear is likely to further creating demand for sustainable footwear among female consumers.
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Key market players operating in the sustainable footwear market have adopted key developmental strategies such as product launch to fuel demand for sustainable footwear in the market, in terms of value sales. In addition, they have also emphasized on continuous innovations in their products to maintain a strong foothold in the market and to boost sustainable footwear demand globally. Additionally, in order to a give a positive contribution to the environment manufacturers are continuously developing and launching innovative sustainable footwear in the market.
CXOs further added that rise in environment consciousness among individuals as well as rising working class women professionals propels growth of the sustainable footwear market. The industry has recently observed an emerging trend of men using skin care and hair care products to enhance their physical appearance. Use of sustainable footwear by male consumers is expected to eventually increase and in turn supplement growth of the global sustainable footwear market in terms of value sales.
Moreover, sustainable footwear have witnessed prominent adoption in the developing countries such as India, owing to swift change in consumer lifestyle, increase in disposable income, and surge in demand for eco-friendly products among the consumers. Furthermore, increase in penetration of various online portals globally and rise in number of offers or discounts attract large consumer base to purchase sustainable footwear through online channels. Moreover, online sales channel has increased consumer reach, making it key source of revenue for many companies.
However, easy availability of counterfeit products in the market is projected to hamper growth of the sustainable footwear market during the forecast period.
The global sustainable footwear market segments are categorized into product type, demographics, distribution channel, and region. By product type, it is classified into athletic and non-athletic. By Demographics, it is divided into men, women and kids. On the basis of distribution channel, it is segregated into specialty store, supermarket/hypermarket, online store, and others. Region wise, the sustainable footwear market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Australia & New Zealand, Japan, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Argentina, and Rest of LAMEA).
Key findings of the study
- By sustainable, the non- athletic segment accounted for the highest market share in 2020, growing at a CAGR of 5.3% from 2021 to 2030.
- By demographics, the women segment accounted for the highest sustainable footwear market share in 2020, growing at a CAGR of 4.5% from 2021 to 2030.
- By distribution channel, the specialty store segment accounted for the highest market share in 2020, growing at a CAGR of 5.3% from 2021 to 2030.
- By Region, Asia-Pacific occupied the maximum share in the market in 2020 and is expected to be the dominating segment during the sustainable footwear market forecast period.
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Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. In the recent past, many leading players opted for product launch as a business strategy to strengthen their foothold in the sustainable footwear market. To understand the key sustainable footwear market trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the sustainable footwear market analysis includes Adidas group, Nike Inc., New Balance, GIESSWEIN, Reebok, Native shoes, Rothy’s, Reformation, Amour Vert, and MATISSE FOOTWEAR.
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