Footwear Market - Forecast(2023 - 2028)

Footwear Market Overview:

According to the World Footwear Yearbook published by the Portuguese Footwear Association, approximately 23.5 billion pairs of footwear were sold across the world in 2018. Footwear has always been an incredibly important segment of the fashion industry. Every year, footwear companies across the world invest large amounts of money in developing newer trends to drive the market forward. Key market players in the footwear market are increasingly reliant on convenient stores and e-commerce websites for increasing sales of footwear among both men and women. With e-commerce websites providing regular discounts and collectively selling shoes of different brands on a single platform, customers are buying more footwear than ever. Additionally, sports footwear companies have increased their consumer base by having sports personalities market their products while playing as well as through advertisements. This segment is also driven by rising health concerns of people worldwide which inspires them to invest in a better pair of shoes for exercising outside or in gymnasiums. All these factors have been pivotal in accentuating growth of the footwear market. In 2018, the market earned revenue amounting to $340 billion. During the forecast period of 2019-2025, the footwear market will expand at a compound annual growth rate (CAGR) of 4.5%.

Though footwear is popular among both men and women, it is the former gender that is driving market growth. An increasing number of males are gravitating towards investing in better pieces of footwear. This application segment is expected to grow at a CAGR of 3.9% during the forecast period.

Footwear Market Growth Drivers:

One of the primary reasons, why the footwear market has seen a growth in the past decade, is due to rising popularity for sneakers among teenagers and men. With televisions now preset in almost every household, watching sports has become a common pastime. Admiration of sports stars leads to idolization, subsequently followed by purchase of products marketed by them. Since footwear forms an important part of a sportsperson’s jersey, increase in sales of retail sneakers has helped the global footwear market grow as well.

Footwear Market Key Players Perspective:

In 2018, North America led the footwear market with a regional share of 36%. This has been largely credited to the four prominent sports played in the continent, namely football, baseball, basketball, and hockey. The national leagues for these sports have compelled sportspersons to engage in marketing campaigns for the footwear market.

Key market players in the footwear market are Nike Inc., Adidas AG, PUMA, GEOX S.P.A, SKECHERS USA, Inc., Under Armour, INC., Wolverine World Wide, Inc., Timberland, Crocs Retail, Inc., and ECCO Sko A/S.

Nike Inc., one of the most popular brands in the world alongside Adidas, has made a name for itself by sponsoring several sports teams throughout the world. Similarly, Adidas AG and Puma have also followed similar marketing methods, and reaped massive revenue.

Footwear Market Trends:

Ø  Feather Footwear

As part of the fashion industry, the footwear industry is perennially undergoing change and development. In recent times, the most dominant trend in the market is feather-based footwear. After gaining immense popularity in fashion shows and among celebrities of the world, feather-based footwear is now being launched by minent brands such as Valentino, Giambattista Valli, Simone Rocha, Prabal Gurung, and others for ordinary consumers.

Footwear Market Research Scope

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the footwear market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of segments in the footwear market, and their specific applications in different areas.

Footwear Market Report: Industry Coverage

The footwear market can be segmented on the basis of type into athletic, non-athletic, retail sale, online sale, leather, and non-leather.

The footwear market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

•           North America: The U.S., Canada, Mexico

•           South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

•           Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark

•           APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

•           Middle East and Africa: Israel, South Africa, Saudi Arabia