According to a new report published by Allied Market Research, titled, “Barefoot shoes Market,” The barefoot shoes market was valued at $471.09 million in 2021, and is estimated to reach $788.7 million by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
A barefoot shoe has a zero heel-to-toe drop, which means the entire foot is on the same level as the ground same as barefoot. These shoes let the foot drop on the ground as if one is running barefoot because they just offer grip and safeguard feet from dangerous things on the ground. Some are made to aid in the transition from running with heels first to running barefoot. To strengthen and allow the foot to grow at a real pace, the shoes were introduced.
A minimalist type of shoe could be beneficial for an experienced runner or active walker who wants to take it to the next level. Large population size, coupled with rising disposable income are among the major factors that boost demand for high-end footwear in developing markets.
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The COVID-19 pandemic had a negative impact on the barefoot shoes market since no sport activity resulted in the downfall of barefoot shoes buying and selling activities. However, online stores were supplying footwear to the public but it was of no use as people were forced to stay at home.
An increase in sales through online channels, innovative product launches, attractive marketing, and promotional strategies are other factors that propel the overall growth of the barefoot shoe market. The major obstacles facing industry participants are growing environmental concerns and rising raw material prices. However, changing consumer lifestyles and increasing penetration of online retailing is anticipated to unfold attractive business opportunities for market growth. Consumers are becoming more health-conscious owing to work-related stress and lifestyle disorders. Thus, the rise in the number of health-conscious consumers has created a strong demand for athletic sportswear and footwear, which, in turn, augments the growth of the overall market.
Additionally, the market for barefoot shoes is expanding due to the rising popularity of trendy athletic wear. Furthermore, the industry is growing significantly as a result of ongoing advancements in sportswear and footwear. During the projection period, a rise in children’s propensity for indoor recreational activities is anticipated to restrain market expansion. On the other hand, it is projected that a rise in the number of women participating in sports would create a lucrative potential for the growth of the barefoot shoes industry in the future.
People are being encouraged to embrace daily exercise routines like jogging, going to the gym, and yoga by their hectic work schedules and the rise in health-related problems. Due to this, the market for barefoot shoes is now more in demand. Additionally, it is anticipated that people’s concern for fitness activities would rise in response to the rising obesity rate among the global population. According to the World Health Organization (WHO), worldwide obesity has nearly tripled since 1975. This huge rise in the population suffering from obesity is grabbing consumers’ attention toward fitness which is expected to boost the barefoot shoes market size.
The government’s initiative to encourage youth towards sports participation is anticipated to accelerate market expansion. For instance, the National Youth Sports Strategy seeks to align American youth sports culture with the goal of providing all children in the nation with access, inspiration, and means to participate in sports. Along with this, growing government spending on the Olympics and other sporting events is anticipated to boost barefoot shoes market growth.
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The primary raw materials utilized to make barefoot shoes are rubber, leather, and mesh. Over the past few years, the cost of basic materials like rubber and synthetic foam has been steadily rising. The cost of producing goods is directly impacted by the price of raw materials, which raises the market price of finished goods. The market for barefoot shoes is so constrained.
Change in the consumer lifestyle in developing countries owing to urbanization has led to a rise in the demand for new and fashionable products. This provides manufacturers an opportunity to introduce new and innovative products to increase their market size. For instance, in India, urbanization is taking place at a dramatic pace and is influencing the lifestyle and buying behavior of consumers. The rapid increase in the number of people involved in gyms, jogging, and other such activities has increased sales of barefoot shoes in developing nations.
E-commerce is expected to act as one of the barefoot shoes market opportunities for market players in the coming years. E-commerce has a large number of benefits, including speed of access and a wider selection of goods and services. E-commerce is gaining traction in most countries as demand for online goods is increasing. The rise in penetration of the internet and smartphones has been the major growth factor for e-commerce. Moreover, apart from the outlets, e-commerce has become a necessity for players to increase their sales and consumer base globally.
The barefoot shoes market is analyzed based on end-user, shoe closure type, distribution channel, and region. By shoe closure type, the market is classified into buckle, lace-up, zipper, and others. By end-user, the market is categorized into men, women, and kids. By distribution channel, the market is segmented into hypermarkets, specialty stores, brand outlets, and e-commerce. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market have adopted product launch, business expansion, and merger & acquisition as their key strategies to expand their market share, increase profitability, and remain competitive in the market. Leading players analyzed in the barefoot shoes market analysis include Vivobarefoot Limited, Adidas AG, New Balance Athletics, Inc., Asics Corporation, Vibram S.p.A, Softstar Shoes, Lems Shoes, Wolverine Worldwide, Inc., Inov-8 Inc, Puma SE, KINEYATABI CO LTD., Body Glove, Nike Inc., Tadeevo, VF Corporation and Feel The World, Inc.
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Key findings of the study:
- According to the barefoot shoes market forecast, on the basis of end-user, the men segment dominated the global market and is expected to retain its dominance during the barefoot shoes market.
- According to the barefoot shoes market trends, on the basis of the country in North America, the U.S. was the largest market for barefoot shoes in 2021, in terms of revenue generation.
- On the basis of region, North America accounts for the largest barefoot shoes market share, registering a CAGR of 5.6% from 2022 to 2031.
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