The Global Footwear Market size was valued at USD 389.14 Billion in 2022 and is expected to surpass USD 568.41 Billion by 2031, expanding at a CAGR of 4.3% during the forecast period, 2023–2031. Footwear refers to outfit worn on the feet, which normally serves the purpose of safety against adversities of the environment such as ground textures and temperature.
Footwear serves the purpose to ease locomotion and avoid injuries. It can also be worn for fashion and beautification as well as to designate the status or position of the person within a society. Socks and other hosiery are typically worn in addition to the footwear for further comfort and relief. Cultures have diverse customs regarding footwear. This includes not wearing footwear on certain occasions.
Market Trends, Drivers, Restraints, and Opportunities
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Rising emand for fashionable yet comfortable footwear across age groups is a key factor driving the global footwear industry.
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Rapid growth of sports-focused footwear, such as football, cricket, and golf coupled with exponential investment by global organizations to support sports leagues and contribution are major drivers of themarket growth.
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Increasing number of counterfeits can restraint the footwear market. These duplicates often seem to be as good as their twin on initial check, but they are not made with same quality checks adopted by global players. As a result, they hinderthe distribution channels and lead a negative impact on the global market.
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Growing trend of sustainable fashion and adoption of recycled materials is anticipated to create new market avenues for the market growth during the forecast period.
Scope of Footwear Market Report
The report on global footwear market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Footwear Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Athletic Footwear and Non Athletic Footwear), Materials (Rubber, Leather, Plastic, Fabric, and Others), Distribution Channels (Offline Retail Stores and Online Retail Stores), End-users (Men, Women, and Kids)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered
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Nike, Inc., Adidas America, Inc., PUMA, Geox S.p.A., Timberland, Skechers USA, Inc., EccoSko A/S, Crocs Retail, Inc., Under Armour Inc., and Wolverine World Wide, Inc.
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Footwear Market Segment Insights
Athletic footwear segment to hold a significant share in the market
Based on types, the market can be bifurcated into athletic footwear and non athletic footwear. The athletic footwear segment to hold a significant share of the market owing to growing enthusiasm and awareness regarding the health benefits of sports and fitness activities and presence of major global sporting events such as Olympics, Asian Games, Cricket World Cup, IPL and FIFA World Cup.
On the other hand, the non-athletic segment is expected to grow at a steady rate owing to rising number of working professionals in emerging economies such as India and China.
Leather segment accounted a considerable market share in 2020
On the basis of materials, the footwear market can be divided into rubber, leather, plastic, fabric, and others. The leather segment is anticipated to account for a considerable market during the forecast period. Rising demand for premium products owing to comfortable and luxurious experience. On the other hand, the others segment is anticipated to exhibit a high CAGR during the forecast period.
Online retail stores to lead the footwear market
In terms of distribution channels, the market can be fragmented into offline retail stores, and online retail stores. The online retail stores segment to exhibit a high CAGR during the forecast period.
Increasing preference for convenient and hassle-free shopping and presence of variety of products on various e-commerce platforms are key factors driving the growth of the market. However, the retail stores segment is expected to account for a significant market share due to preference for physically buying the footwear in assistance of sales personnel.
Asia Pacific to dominate the market
In terms of regions, the footwear market can be divided into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific region held a major market share in 2020, and is anticipated to dominate the market owing to high demand for stylish and comfortable footwear. However, the market in North America is expected to register a high CAGR due to increasing demand for premium sneakers.
Segments
By Types
- Athletic Footwear:
- Non-Athletic Footwear
By Materials
- Rubber
- Leather
- Plastic
- Fabric
- Others
By Distribution Channels
- Offline Retail Stores
- Online Retail Stores
By End-users
By Regions
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
By Key Players
- Nike, Inc.
- Adidas America, Inc.
- PUMA
- Geox S.p.A.
- Timberland
- Skechers USA, Inc.
- EccoSko A/S
- Crocs Retail, Inc.
- Under Armour Inc.
- Wolverine World Wide, Inc.
Competitive Landscape
Key players in the global footwear market includes Nike, Inc., Adidas America, Inc., PUMA, Geox S.p.A., Timberland, Skechers USA, Inc., EccoSko A/S, Crocs Retail, Inc., Under Armour Inc., and Wolverine World Wide, Inc.These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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