Market Definition
Footwear is manufactured using various materials like wood, leather, jute, plastics, & rubber. Available for both sports & non-athletic purposes, it can either be hand- or machine-made. Over the years, besides being a necessity, footwear has transformed into a luxury symbol. With the rise in awareness among consumers about the latest fashion trends, they desire the highest-quality footwear from different brands. Simultaneously, comfort, the prime priority for people nowadays, cannot be undermined for design. Hence, the leading footwear manufacturers are developing customized products to cater to the varied & burgeoning consumer requirements.
Market Insights
The Global Footwear Market is projected to grow at a CAGR of around 5.3% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the rising health concerns owing to sedentary lifestyle & its related issues, i.e., surging the consumer participation in sports & physical activities and, in turn, driving the sales of footwear globally. Besides, a significant surge in consumer spending, coupled with the changing consumer preferences towards stylish & comfortable footwear, is further augmenting the growth of the global market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR(2022-27) | 5.3% |
| Regions Covered | North America: The US, Canada, Mexico |
| Europe: The UK, France, Germany, Italy, Spain, Russia, Rest of Europe | |
| Asia-Pacific: China, India, Japan, Australia, South Korea, Rest of Asia-Pacific | |
| South America: Brazil, Argentina Rest of South America | |
| Middle East & Africa: South Africa, GCC, Rest of Middle East & Africa | |
| Key Companies Profiled |
Adidas AG, Asics Corp., Authentic Brands Group LLC (Reebok International Limited), Bata Corporation, Columbia Sportswear, Deichmann SE, ECCO Sko A/S, Fila Holdings Corp., Geox, Jack Wolfskin, New Balance, Nike Inc., Puma SE, Relaxo Footwears Limited, Skechers USA, Inc., The ALDO Group, Timberland, Under Armour, Inc., Wolverine World Wide, Inc., Others |
| Unit Denominations | USD Million/Billion |
The leading footwear manufacturers are increasingly focusing on developing unique designs while prioritizing consumer comfort. As a result, the emergence of innovative products that are both comfortable & trendy is boosting the market. Moreover, the surging sales of athletic footwear for sports like cricket, basketball, football, etc., and substantial expenditure by both governments & the private sector on encouraging sports leagues & events across different countries worldwide, are other crucial aspects projected to drive the Global Footwear Market through 2027.
Key Trend in the Global Footwear Market
Nowadays, most consumers are portraying active interest in adopting sustainable products, mainly due to the mounting concerns over rising carbon emissions worldwide. As a result, the leading manufacturers in the Global Footwear Market are conducting rigorous R&D activities and developing footwear using sustainable sources & recyclable materials to cater to the burgeoning demand for innovative & eco-friendly products. These aspects project lucrative prospects for the growth of the global market through 2027.
Impact of Covid-19 on the Global Footwear Market
In 2020, the advent of Covid-19 adversely affected several industries worldwide, and the Global Footwear Market was no exception. Governments of different countries imposed lockdowns & movement restrictions to curb the spread of the virus. As a result, the closure of footwear retail stores and stringent norms for online sales of only essentials resulted in a significant decline in the market growth. Besides, with a rapid rise in the unemployment rate and uncertainty of the pandemic, consumers reduced their discretionary expenses, which, in turn, further negatively impacted footwear sales globally.
Moreover, sports events like the FIFA & Olympics were either deferred or canceled, along with the shutdown of sports academies & clubs, which led to a significant decline in athletic footwear sales amidst the crisis. Moreover, schools & colleges were also shut down and are still not reopened across most countries, i.e., another aspect that has led to limited sports activities during the pandemic and, consequently, a notable decline in the growth of the footwear industry.
Market Segmentation
Based on Product Type:
Out of two, the demand for athletic footwear is expected to grow at a significant pace during 2022-27. It attributes primarily to the mounting awareness among people about the various health benefits of sports & fitness activities, their improving disposable income, and the rapidly expanding e-commerce sector.
The increasing number of desk-bound jobs is leading to sedentary lifestyles & other related issues among people, coupled with a growing number of health concerns worldwide. As a result, the active participation of people in both indoor & outdoor physical activities is driving the demand for athletic footwear globally.
Moreover, the surging popularity of global events like the Olympics, Commonwealth Games, World Cup, etc., has also moved sports enthusiasts toward taking part in fitness activities and buying athletic footwear. Hence, these aspects project remunerative prospects for the global market for athletic footwear through 2027.
On the other hand, non-athletic footwear is projected to acquire the largest share in the Global Footwear Market during 2022-27, mainly due to the extensive availability of footwear in this category, ever-evolving consumer demands, and a rapidly increasing consumer base & sales for footwear available through social media sites.
Based on Material:
Here, the Non-Leather footwear holds a dominant share in the global market as leather footwear is increasingly being replaced by synthetic, especially in women’s and sports footwear, owing to the flexibility that synthetic products offer. The rising globalization & internet penetration has led to increased consumer exposure to various types of footwear products.
As a result, the majority of consumers, especially the youth, are increasingly exploring & buying low-cost & trendy footwear products, i.e., shifting the overall consumer preference from leather to non-leather or synthetic footwear globally. In addition, the latest trend of knitted uppers used by the leading footwear manufacturers is another prominent aspect contributing to the market expansion for the non-leather category of footwear products, owing to their easy manufacturing, lightweight, & enhanced comfort.
Based on Sales Channel:
Amongst both, online sales of footwear products are witnessing significant growth in the global market. It attributes to the rapidly expanding e-commerce sector and the mounting penetration of smartphones & fast-speed internet services, i.e., drawing consumer interest in buying footwear online owing to the hassle-free shopping experience and easy payment options.
The younger generation worldwide is the most prominent end-user of online shopping due to the comfort & convenience it offers. In addition, consumers can choose from & compare a wide variety of products of different brands on e-commerce platforms. As a result, the major companies involved in the global market are adopting digital platforms to sell their products online and cater to the requirements of a large consumer base by providing mega discounts & offers.
Regional Landscape
Geographically, the Global Footwear Market expands across:
Amongst all regions globally, Asia-Pacific is the largest footwear market with the highest consumption worldwide. It attributes primarily to the extensive presence of leading footwear manufacturers, the easy availability of low-cost labor, and a massive consumer base across the region, coupled with changing buying behavior of people & their rising disposable income, especially in countries like China & India.
Besides, the exponential growth of the e-commerce sector and the mounting penetration of smartphones, which have enabled an easy & hassle-free online footwear shopping experience, are other crucial aspects contributing to the market growth across Asia-Pacific.
With rapidly changing fashion trends, consumers nowadays prefer buying footwear with maximum comfort, numerous styles, & superior quality. Now since they are extensively available in both athletic & non-athletic categories, their demand is significantly increasing and, in turn, driving the regional market.
China, Vietnam, & Indonesia are the top three countries in footwear exports worldwide. In addition, India is the second-largest manufacturer & end-user of footwear globally. The growing demand & consumer base for non-leather footwear products is fueling the market growth across India.
Market Dynamics
Key Drivers: Growing Health Concerns & Rapid Expansion of the E-commerce Sector
The rapidly expanding e-commerce sector, the growing penetration of smartphones, and the mounting health concerns over sedentary lifestyles are the prime aspects driving the Global Footwear Market. Benefits like easy comparison & quick delivery are infusing online footwear sales worldwide. Furthermore, the celebrity influence, i.e., attracting a wider consumer base, is also expected to boost the global footwear industry during 2022-27.
Possible Restraint: Extensive Availability of Counterfeit Products
The most prominent challenge to the growth of the Global Footwear Market is the extensively available counterfeit brands, which, at first, seem as good as their originals but lack several quality parameters that the global companies possess. These products are creating severe disruptions in supply chain & distribution channels and, in turn, negatively impacting the growth of the global footwear industry.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Footwear Market is projected to grow at a CAGR of around 5.3% during 2022-27.
A. The increasing consumer inclination toward fitness owing to sedentary lifestyles & other related problems, coupled with the flourishing e-commerce industry, is driving the Global Footwear Market through 2027. However, the rising penetration of counterfeit footwear across several countries worldwide might hinder the fledged growth of the global market in the years to come.
A. Athletic footwear is projected to create lucrative growth prospects for the leading players in the Global Footwear Market over the forecast years.
