Changing Fashion Styles World Over define the Emerging Contours of Footwear Market, observes Fact.MR
Published : 11 Sep 2018 Industry: Consumer Goods
The global footwear market is markedly dynamic, fueled increasingly by emerging consumer preferences, prevailing fashion styles, and changing brands positioning strategies in several regions. A dynamically changing wardrobe choices and outfit styles among men in developing and developed economies is reinforcing new trends in the global footwear market. The demand for an assortment of new styles in shoes, especially for women, has been underpinning the lucrativeness of the footwear market. The advent of trendy footwear continues to feed prevailing consumer fads and meet emerging sensibilities make the footwear market increasingly attractive. Furthermore, there is growing demand for various types of footwear that can meet therapeutic and specific therapeutic goals, especially in several developing and developed countries. The demand for footwear types to meet the objectives of comfort, durability, trendiness, and the pricing is shaping the various evolutional trajectories of the market.
Riding on the back of aforementioned trends, Fact.MR sees large promising avenues in the global footwear market and anticipates the market to rise at a CAGR of 4.5% during the forecast period of 2017–2022. The footwear market will reach a worth of US$450 billion by the end of 2022.
The global footwear market is in a constant flux of change underpinned by the rapid changes in fashion in several parts of the world. These trends are also reinforced by emerging styles in the overall apparel industry. With growing role of footwear as lifestyle statement across demographics, the market is likely to witness attractive trajectories.
Among the various product types, footwear meant for casual and occupational purposes are potentially lucrative segments. These are expected to contribute over a fifth of revenue in the overall footwear market. The development of new designs of casual footwear is expected to allure teenagers in the footwear market. Europe is emerging as a potentially lucrative market for casual footwear. In the continent, casual footwear segment is expected to expand at a CAGR of 5.9% from 2017 to 2022.
Companies are increasingly focused on this region to unveil new brands of casual footwear. However, occupational shoes are expected to witness more lucrative prospects in Asia Pacific excluding Japan (APEJ). This can be attributed to a burgeoning white collar and blue collar employees in key economies of the region. As millions of people add to the occupational cycle year after year, APEJ is emerging as a substantial promising regional market for footwear.
An opportunity worth of around US$30 billion to the occupational shoe segment in the footwear market is likely to come from APEJ alone.
There are several other factors that make APEJ market for footwear increasingly lucrative. The global footwear market is potentially benefitting from the changing fashion norms in the key economies of the region. This is also field by a burgeoning population of the continent. The APEJ market for footwear is projected to contribute around 33.0% of the revenue for fashion footwear. The regional footwear market is expected
to retain its dominance in the coming years as well. Howbeit, Europe as the regional market for footwear is emerging at a higher pace than that of APEJ. The rapid growth of the Europe footwear market is attributed to the rising demand for economy priced footwear. Among all priced-based segment, the economy segment presently contributes 40.0% in the global footwear market. By the end of 2022, this segment is expected to reach a worth of US$190 billion. This is emerging as a potential avenue for new entrants as well as incumbent players in the footwear market.
Online or e-commerce channels hold great potential for manufacturers and designers in the global footwear market. The ease of accessibility of online shopping sites and the vast variety of products that consumers can choose from is a key factor stoking the popularity of this sales channel. Coupled with these, favorable product return and exchange policies professed by these sites are also boosting the footwear market. The demand for premium footwear for meeting therapeutic ends is unlocking several prospects in developing and developed markets.
The presence of several local players doesn’t bode well for the footwear market as it lead to proliferation of counterfeit products hampering the overall market revenue. Some of the top players in the footwear market are Deichmann SE, ASICS Corporation, ALDO group, Crocs Inc., Under Armor, PUMA, and Nike.