Global Footwear Market Research Report: Forecast (2024-2030)

Market Definition

In today’s world, footwear is not just a necessary item but it also shows the fashion choice of a person. They can be manufactured using wood, rubber, leather, etc with either machine or by hand. As the season or occasion changes, footwear also changes accordingly. Nowadays, the demand for footwear that is comfortable along with stylish, is increasing. Leading companies in this field are providing their customers with customized products to fulfill their demands.

Market Insights & Analysis: Global Footwear Market (2024-30):

The Global Footwear Market size was valued at around USD 402 billion in 2023 and is projected to grow at a CAGR of around 4.3% during the forecast period, i.e., 2024-30. Various factors like the increasing popularity of online shopping and social media play a big role in driving the growth & expansion of the Global Footwear Market. It is now much easier and accessible to buy different footwear due to the presence of online platforms and social media keeps everyone updated with trends leading to more purchases.

*Boost strategic growth with in-depth market analysis - Get a free sample preview today!

As people become more conscious about the impact of products on the environment & sustainability, lucrative growth opportunities are developing in the market for the top manufacturers. Due to this people are now buying products made from recyclable materials. Even the big brands like Adidas and Nike are producing various products using recycled materials and this is not exclusive to only major brands because some small brands are also benefiting from the same by providing similar products. The aim of this trend is not only to satisfy customers but also to contribute to the country’s sustainable goals set by the government. Despite a positive market outlook, one of the major challenges for the global footwear industry is the counterfeiting of products. This not only ruins the big brand’s reputation, but it also ruins the trust of the customers who bought the counterfeit item unknowingly at the price of the original one.

Moreover, personalization and customization are some of the major market trends in the footwear market. Everyone nowadays seeks a more unique and personalized product. Even major brands like Nike and Adidas are providing customization tools on their website that help a person choose different colors, patterns, and materials. This market trend is changing market dynamics and is anticipated to pave the path for future growth & development during the forecast period.

Global Footwear Market Driver:

Growing Popularity of Online Shopping – Due to an increase in the popularity of online shopping platforms and social media, the process of buying footwear has become easy and more accessible. Using social media, people can see what is trending and are more likely to align with current fashion trends, which results in more people buying footwear that is trending. People can now even customize and personalize their products on online shopping platforms which results in a much more unique product and customer satisfaction. This helps people to choose their style based on their preference which makes every product more personalized. Due to online platforms being so popular, various fashion influencers also use them to buy footwear, which makes the trend keep on changing and evolving and then resulting in many more purchases of similar products. Moreover, some brands like Adidas are integrating with Augmented Reality (AR), using which a person can virtually try the product.

Global Footwear Market Growth Opportunity:

Growing Demand for Sustainable & Environment-Friendly Footwear – As people are becoming more focused on the impact of products on the environment, they are now preferring sustainable and environment-friendly footwear. In this type of footwear, the material used is mostly recyclable. Various companies now are using methods that don’t produce much waste and carbon emission, they are using more environment-friendly approaches. Various big brands like Nike and Adidas have now introduced eco-friendly collections. Adidas introduced the Parley collection which involves footwear made from ocean plastic.

This is not exclusive to major brands as some of the smaller brands are now also using similar practices. The goal of this trend is not only to just satisfy customers but also to fight against climate change and meet sustainable goals set by the government. Adopting Sustainable and environment-friendly footwear can open various opportunities for companies to become market leaders and improve revenue growth during the forecast period, overall availability of such lucrative growth opportunities is anticipated to enhance the size & volume of the global footwear industry.

Global Footwear Market Challenge:

Increasing Threat from Counterfeit Products – One of the biggest problems in the global footwear industry is counterfeiting, mostly for big well-known brands. The counterfeit products are copied products from big established brands but of low price and low quality. Due to this, not only the established brands suffer losses but customers also suffer as the products they are buying are of bad quality. The rise of online platforms has also increased the problem of counterfeiting as it provides easy access to counterfeited products. Due to this problem, the trust between the organization and the customers also gets damaged. Thus, brands are investing heavily in anti-counterfeiting measures, like taking legal action against counterfeit product supplying channels but still, the challenge posed by counterfeiting remains steady and affects the growth & expansion of the Footwear Industry at the global level.

Global Footwear Market Trend:

Personalized Customization Gaining Traction – Due to people’s desire for unique products that represent their individuality and style, customization has become an important trend in the global footwear industry. This provides various options of colors, patterns, designs, and materials for consumers to choose from for their product which makes their product unique. Multiple companies are now offering customization through online mode which makes the process of customization very easy and accessible. Big market players like Nike and Adidas are allowing consumers to design their products through digital platforms. Nike provides its customers to add pendants in the shoes showing, their name, logo, etc.

Customization encourages customer loyalty and also allows brands to provide a personalized experience for every customer. As technology advances, customization will become more possible, giving people more choices and options in the future. Thus, this market trend is anticipated to augment the size & volume of the footwear market during the forecast period.

Global Footwear Market (2024-30): Segmentation Analysis

The Global Footwear Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Material:

• Leather
• Non-Leather

• Rubber
• Plastic
• Fabric
• Others

Research shows that the Non-Leather material type is the one that dominates the Global Footwear Market. Due to social media and internet, people are more exposed to various kinds of materials used. Non-leather type is very affordable in comparison to leather material. It is more versatile as it is more flexible, waterproof, etc. Footwear used for physical activities like running, playing outdoor games, etc. needs flexibility which leather material cannot provide. It is more easily produced with varied designs and colors which makes it preferable for designing different or personalized footwear.

The durability of some non-leather materials is also very good making them easier to work with. Although leather is seen as a high-durable and premium material, it is not cheap or eco-friendly, in the case of non-leather materials there is a rise in eco-friendly synthetic materials and recycled alternates. Moreover, very little change is seen in the designs of Leather shoes over time. Thus, non-leather footwear has a larger market share and is anticipated to play a main role in the growth & expansion of the Global Footwear Market in the coming years.

Based on End User:

• Men
• Women
• Children

According to market research, the men segment currently holds the largest share of the Global Footwear Market, driven by demand for various types of footwear like formal, casual, and sports shoes. Men are more engaged in business and sports activities as compared to women and children. Due to the trend of fitness sports shoes are in high demand and make up a very large portion of the market. Women are also increasingly using footwear driven by the fashion trend. Footwear has various types in the women’s segment like heels, sandals, boots, and athletic shoes.

This segment is mostly defined by various trends in fashion, seasonal changes, etc. The rise in sports participation among women is also the reason for the recent growth in athletic footwear by women. In the case of children, people invest less because the foot size of a child keeps changing. Usually, people do not buy premium shoes as they can be used for very short periods only. Thus, top market companies are generating the largest revenue growth through the sale of men’s footwear while the women’s footwear segment is also showing a trend of rapid growth, which is anticipated to drive additional market demand in the coming years.

Global Footwear Market (2024-30): Regional Projections

Geographically, the Global Footwear Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

According to the research report, Asia-Pacific is projected to witness the highest revenue growth for the forecast period, 2024-30, This is due to the presence of many leading manufacturers in the region, availability of cheap labor, a massive consumer base spread across the region, and a high disposable income in countries like China and India. The ease of access to purchase footwear through online mode has reduced all the hassle and given consumers a very easy way to purchase various products in this region.

Moreover, with changing fashion trends, consumers demand a comfortable and fashionable product. Now since it includes both athletic and non-athletic types, this in turn drives market growth & expansion in the region. The top three countries in footwear exports worldwide are China, Vietnam, and Indonesia. In addition, India is estimated as the second-largest manufacturer & end-user of footwear globally. This indicates the region’s supremacy in the global footwear industry.

Global Footwear Industry Recent Development:

• March 2024 Timberland Pro introduced the product range to include footwear tailored for the hospitality sector. It launched the Burbank Collection, marking the brand’s inaugural line of footwear designed especially for workers in the restaurant and Hotel sectors.
• September 2023: Nike Inc. unveiled Luka 2, the much-awaited basketball shoe line. 20% of the materials used in the production of these shoes are recycled, demonstrating Nike's commitment to sustainability. This is what makes them special.

Gain a Competitive Edge with Our Global Footwear Market Report

1. Global Footwear Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & market share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Footwear Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

*Reports Delivery Format  - Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address