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I AgreeAnalysis of Footwear market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The footwear market tends to grow nearly 1.5x between 2021 and 2031, reaching nearly US$ 640 Bn in 2031 with a 10-year compound annual growth rate (CAGR) of 4% as per Fact.MR report. Demand across North America accounts for nearly 36% share, boosted by the presence of prominent shoe manufacturer brands like Adidas, Under Armour, Skechers, ASICS Corporation in the region.
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The footwear market valued nearly US$ 346 Bn in 2016 which expanded to US$ 411 Bn by 2020, expanding at a CAGR of 3.5%, attributed by the rapid urbanization and growing preference to adopt a western lifestyle.
The market for footwear is predicted to surpass US$ 430 Bn by 2021, expanding at around 4% CAGR in the forecast period. Through countless options, modern consumers, particularly millennials, are reflecting greater demand for personalized products, from brands and retailers.
Based on product type, athletic footwear was valued at US$ 83 Bn in 2022 and is expected to register the fastest CAGR of 4.4% from 2021 to 2026. Growing awareness about health and fitness is resulting in a swelling demand for athletic footwear. Furthermore, intensifying popularity of global sporting events, such as The Commonwealth Games, Olympics, and FIFA, boosted the product demand.
Global footwear brands are marking their presence on social media platforms to gain the customer loyalty and offer more personalized products. Online segment is growing at a stellar rate with market worth recorded US$ 21.4 Bn in 2021.
Increasing penetration of smartphones, e-commerce, and mobile internet connectivity is propelling the retail sales of footwear worldwide. Moreover, consumers can compare different products and brands on e-commerce platforms. Furthermore, the footwear industry is harnessing the power of celebrity and influencer culture to attract different customer groups.
Fashionable footwear is anticipated to make significant headway across the global market, with an estimated share of more than 1/4th. This is majorly assisted by interest by designers and consumers towards aesthetics. Resulting in soaring demand for fashionable, trend and comfortable footwear across age groups.
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Prominent players are leveraging social media and event sponsorships to gain exposure and market their brand. Furthermore, many start-ups are also finding market growth opportunities through Internet channels.
Extensive advertising strategies on social media platforms or alternative shopping models, including subscription boxes, are gaining traction in the sector. Retailers are increasingly using machine learning and big data tools to collect and study customer data for optimized response.
Global footwear brands like NIKE Inc are working on sustainable innovations by adopting modern recycling approach- Move to zero. The company is manufacturing shoes out of waste by optimizing the product design and process shifts to achieve the goal of cutting down environmental impact by 50%.
However, digitalization, sustainability, and personalization are important trends influencing the world market for footwear today, with consumer demands affecting strategies by market leaders. Additionally, rising demand for superior quality footwear along with product innovation and premiumization represent key demand driving determinants.
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The United States has the largest footwear market in the world, amounting to over US$ 91 Bn in revenue in 2019 growing at a moderate rate. Stronger consumer spending on footwear has increased U.S. imports in recent years.
According to USITC , China remained the largest supplier of footwear to the United States, accounting for over 50% of total U.S. footwear imports in 2017, its share fell from 57.8% in the previous year to 55.6%.
Furthermore, the rate of consumer spending in the U.S. rose by 3%, compared with an increase of under 1% in 2017. Additionally, swelling number of millennial billionaires in U.S in recent years stimulates the market demand for premium priced luxury footwear in the forecast period.
According to the Fact.MR report, the Chinese market for footwear is one of the largest, accounting for over US$ 50 Bn in 2020.
It is the strength of consumer expenditure and the huge size of the domestic market that makes the Chinese footwear market stand apart from others in Asia.
Furthermore, China’s athletic footwear industry is projected to reach US$ 10 Bn in 2025, accounting for more than 10% of the global market.
Sales of medical & therapeutic footwear were valued at USD 8.3 Bn in 2020 and is predictable to grow at a CAGR of around 5% from 2021 to 2031.
Soaring number of foot-related issues, such as plantar fasciitis, bunions, arthritis, foot and ankle injuries, corns, and flat feet, on account of poorly fitting shoes, is a prime factor driving the market. According to the American Podiatric Medical Association (APMA) 2019, in the U.S., about 77% of Americans have encountered foot disorders and related issues.
Footwear is produced in a vast variety on the basis of style and functionality, including casual, fashion, occupational, therapeutics, athletic, protective, and others. Of these, sales of fashion footwear accounted for nearly US$ 109 Bn in 2020.
Furthermore, major investments by international fashion houses and collaborations with major designers by market leaders are key factors bolstering sales. Also, the popular trend of fast fashion is projected to aid growth in the long term.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
Report Attribute |
Details |
Market size value in 2021 |
USD 430 Billion |
Market forecast value in 2031 |
USD 640 Billion |
Growth Rate |
CAGR of 4% from 2021 to 2031 |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Key Regions Covered |
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Key Countries Covered |
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Key Companies Profiled |
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