Footwear Market Size, Share Analysis by Product Type (Casual, Fashion, Occupational Footwear), by Material (Leather, Natural Rubber, Synthetic Rubber), by Price Range (Economy, Mid, Premium), by Sales Channel, by Region - Global Forecast to 2031
Footwear Market Outlook
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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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.
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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.
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.
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. $59.00 per share in cash.
Market size value in 2021
USD 430 Billion
Market forecast value in 2031
USD 640 Billion
CAGR of 4% from 2021 to 2031
Historical Data Available for
Key Regions Covered
Key Countries Covered
Key Companies Profiled
Key Segments Covered
- Casual Footwear
- Fashion Footwear
- Occupational Footwear
- Therapeutic Footwear
- Athletic Footwear
- Protective Footwear
- Other Footwear
- Leather Footwear
- Natural Rubber Footwear
- Synthetic Rubber Footwear
- EVA Footwear
- PVC Footwear
- PU Footwear
- Textile Footwear
- Economy Footwear
- Mid Footwear
- Premium Footwear
- Super-Premium Footwear
- Online Footwear Sales
- Footwear Sales via Specialist s
- General Merchandise Footwear Sales
- Footwear Sales via Departmental Stores
- Footwear Sales via Other Sales Channels
- FAQs -
From 2021 to 2031, demand for Footwear Market is expected to surge at approximately 6-7% CAGR
From 2016 to 2020, sales of Footwear Market expanded at approximately 6% CAGR
As of 2018, sales of Footwear Market is estimated to reach US$ 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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