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Footwear Market

Footwear Market

Growing interest of Millennials for personalized products, from brands & retailers promotes the Growth of Footwear Market during 2021-2031

Footwear Market
FACT120MR
  • Aug-2021
  • List of Tables : 342
  • List of Figures : 120
  • 170 Pages
  • Consumer Goods

Market Snapshot

A new forecast by Fact.MR estimates that footwear revenues will 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%. 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.

Key Points Covered in the Global Footwear Industry Survey

  • Market Estimates and Forecasts 2016-2031
  • Key drivers and restraints shaping market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on the Footwear Market and How to Navigate
  • Recommendation on a Key Winning Strategy.

Know More Details About the Report

Sales Analysis of Footwear Market during 2016-2020 Vs Future Outlook for 2021 to 2031

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.

Which Factors Drive the Demand for Footwear?

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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Which are Some Lucrative Growth Opportunities for the Footwear Market?

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.

How will Changing Trends Impact the Footwear Market?

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.

An Adaptive Approach to Modern-day Research Needs

Country-wise insights

Why is U.S an Attractive Footwear Market?

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.

Why is the Footwear Market Flourishing in China?

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.

Category-wise insights

Why are Medical & Therapeutic Footwear Projected to be Popular?

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.

What are the Commercial Prospects for Fashion Footwear?

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.

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Competitive Landscape:

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.   

  • NIKE, Inc. entered into a definitive agreement to acquire Converse, Inc. The total price paid for 100 % of the equity shares was approximately US$305 Mn plus the assumption of certain working capital liabilities at the time of the transaction’s consummation.
  • Likewise, Adidas-Salomon AG and Reebok International Ltd. signed an agreement under which adidas-Salomon AG would acquire all of the outstanding shares of Reebok for U.S. $59.00 per share in cash.

Report Scope

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

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Brazil
  • Mexico
  • Argentina
  • GCC
  • South Africa

Key Companies Profiled

  • Nike Inc.
  • Adidas AG
  • PUMA SE
  • Sketchers U.S.A. Inc.
  • Under Armor Inc.
  • Wolverine Worldwide Inc.
  • Crocs Inc.
  • ASICS Corporation
  • Deichmann SE
  • The ALDO Group Inc. (indicative list)

Key Segments Covered

  • Product Type

    • Casual Footwear
    • Fashion Footwear
    • Occupational Footwear
    • Therapeutic Footwear
    • Athletic Footwear
    • Protective Footwear
    • Other Footwear
  • Material

    • Leather Footwear
    • Natural Rubber Footwear
    • Synthetic Rubber Footwear
    • EVA Footwear
    • PVC Footwear
    • PU Footwear
    • Textile Footwear
  • Price Range

    • Economy Footwear
    • Mid Footwear
    • Premium Footwear
    • Super-Premium Footwear
  • Sales Channel

    • Online Footwear Sales
    • Footwear Sales via Specialist s
    • General Merchandise Footwear Sales
    • Footwear Sales via Departmental Stores
    • Footwear Sales via Other Sales Channels

Footwear Market- Scope of Report

A recent study by Fact.MR on the footwear market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging associated with the manufacturing of footwear.

The study also provides the dynamics responsible for influencing the future status of the Footwear Market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the footwear market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers a comprehensive analysis of diverse features, including production capacities, demand, product developments, revenue generation, and sales of the Footwear market across the globe.

A comprehensive estimate of the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of the Footwear market during the forecast period. Price point comparison by region with the global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative Footwear markets?
  • Which factors will impact the growth of the Footwear market?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the Footwear market industry?
  •  What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for the Footwear market are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global footwear market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which has helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the footwear market during the forecast period.

Country-specific valuation on demand for the footwear market has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions ad countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of the footwear market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in producing footwear have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which includes essentials such as product portfolios and key strategies, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the Footwear market domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the Footwear market industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the draw conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

From 2021 to 2031, demand for Footwear Market is expected to surge at approximately 6-7% CAGR

From 2016 to 2020, sales of Footwear Market expanded at approximately 6% CAGR

As of 2018, sales of Footwear Market is estimated to reach US$ 68 Bn

Incorporating technologies like AI to optimize cost and increase efficiency of drugs production system are likely to transform Footwear  Market market across key industries.

Increasing number of cancer cases and investments in R&D of oncology drug production are the prominent demand driver for the market.

The Asia-Pacific Footwear Market is projected to register a CAGR of app. 6-8% during the forecast period.

Novartis AG, Sanofi S.A. AbbVie Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, AstraZeneca plc  are prominent Footwear Market producers included in the report.

The Oral segment based on route of administration is the fastest-growing segment in the market.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.