Footwear Market By Type (Athletic, Non-athletic) By End-User (Women, Men, Children)- Growth, Future Prospects & Competitive Analysis, 2016 – 2028

What is the Total Production of Footwear?

Globally, 20.5 billion pairs of footwear were made, in 2020. In comparison, global footwear production in 2019 was 24.3 billion pairs. The reduction in production is mainly attributable to the worldwide lockdown, closure of various outlets, and reduced demand for footwear due to the ongoing Covid-19 pandemic. Asia accounts for more than 85 percent of global footwear production. Within Asia, China dominates the regional as well as world market with a total production share of 55 percent. Rapid urbanization and industrialization in countries such as China, Indonesia, and India are driving the Asia Pacific footwear market. This has resulted in an increase in demand for formal, casual, athletic, and stylish footwear throughout the region.

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What is the Market Size of the Footwear Market in terms of value?

Global Footwear market is projected to increase at a significant CAGR of 3.5 % in the coming years. In 2021, the global Footwear market was valued at USD 208.1 billion and is projected to reach at value of USD 264.76 billion by 2028. The demand for footwear is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players that worth USD 1,883.66 billion during the forecast period between 2022 and 2028.

How will Athletic Shoe Type Benefit the Market Growth?

Growing customer passion and understanding of the health advantages of sports and fitness activities, a thriving retail e-commerce industry worldwide, and rising levels of disposable income are the primary factors enabling the growth of Athletic shoes. Rising health concerns related to sedentary lifestyles and the problems that emerge from them are benefiting Athletic footwear demand. Major global sporting events such as the Olympics, Commonwealth Games, Asian Games, Cricket World Cup, Super Bowl, and FIFA World Cup, which are staged on a regular basis, also increase demand for the athlete’s shoes.

Interesting Facts about Footwear Industry

  • The top 5 countries for Footwear exports are China, Germany, France, United Kingdom, and Switzerland.
  • The top 5 countries for Footwear imports are United States, Vietnam, Italy, Indonesia, and Germany.
  • The growing desire for fashionable, trendy, yet comfortable footwear across all age groups is driving the worldwide footwear market.
  • One of the reasons expected to impede the expansion of the footwear market is non-genuine products, which is a big issue and a threat in the brand-oriented footwear sector.
  • Asia-Pacific dominates the footwear industry due to the existence of a significant consumer user base in emerging nations such as China, India, and Indonesia, and the region's rising demand for athletic and non-athletic footwear consumption.
  • In terms of market share, the women segment dominated the market and is likely to maintain its dominance throughout the projection period. This is due to an increase in the number of working women around the world, which stimulates the need for trendy and stylish footwear.

Who are the Top 10 players/companies in the Footwear market in terms of value?

The key players in the global Footwear market in terms of value and volume include Nike, Inc.; Adidas America, Inc.; PUMA; Geox S.p.A.; Timberland; Skechers USA, Inc.; Ecco Sko A/S; Crocs Retail, Inc.; Under Armour Inc.; Wolverine World Wide, Inc. These key players are concentrating on new product developments as well as technological innovation to enhance their production of Footwear to gain competitive market share at a global level. Moreover, some regional and country-level players are also investing heavily to expand their product portfolio and enhance their sales.  For instance, in October 2021, In Gurgaon, Puma SE opened its largest store in north India. The store, located in Gurgaon's CyberHub retail area, is a "digitally-enabled experience store" with digital touchpoints to attract digitally savvy customers who are increasingly shopping Children. For instance, in July 2021, Nike unveiled its 'Rawdacious colorway palette,' which consists of white as the primary color, with components of the pink blast, total orange, and bright crimson, for its new line of athletic footwear, which includes the Pegasus 38, Invincible Run, Air Zoom Superfly Elite 2, ZoomX Vaporfly NEXT percent 2, and Air Zoom Alphafly NEXT percent 2.

Who are the Top 10 Countries in the Footwear Market?

In the global Footwear market, the major countries are China, India, Vietnam, Indonesia, United States, Brazil, UK, Russia, Spain, France, and Saudi Arabia. The Chinese footwear market is one of the largest. The Chinese footwear market stands out from others in Asia due to the strength of consumer spending and the enormous scale of the home market. The expansion of China's footwear industry is fuelled by rising worldwide footwear demand, particularly for products such as running shoes, boots, wedding shoes, women's shoes, and other well-known footwear categories. China's dominance in the global footwear market has also drawn a large number of buyers and dealers from around the world hoping to find the greatest business deals in the country.

Which is the Key End-User in the Footwear Market?

In terms of market share, the women segment will dominate the market in the forecast period. This is due to an increase in the number of working women globally, which increases the desire for innovative and stylish footwear that can be worn for both professional and casual events. The women’s footwear market is being influenced by changing lifestyles, rising fashion concerns, and celebrity endorsement. Furthermore, rising disposable income allows people to spend more on luxury items, fuelling the expansion of the women's footwear market. The introduction of new revolutionary designs has made them lightweight and easy to fit, which is expected to drive growth in the women's footwear segment in the coming years.

What are the Major Driving Factors for the Footwear Market?

The increasing proliferation of smartphones, e-commerce, and mobile internet access is boosting footwear retail sales globally. The footwear sector is capitalizing on the power of celebrity and influencer culture to attract a diverse range of customers. Fashionable footwear is greatly aided by designers' and consumers' interest in aesthetics. As a result, there is a surge in demand for fashionable, trendy, and comfortable footwear across all age groups. Furthermore, retailers are increasingly relying on machine learning and big data techniques to collect and analyze customer data in order to provide the best possible response.

What are the Major Restraints for the Footwear Market?

With the high costs and widespread appeal of footwear brands such as Nike, Adidas, and Puma, counterfeit brands have emerged. Counterfeit brands are common in emerging economies because clients are price sensitive. This aspect makes it difficult for established original footwear brands to sell in these nations. Furthermore, rising variations in raw material prices are projected to limit market expansion.

Which Region Dominated the World Footwear Market?

Asia Pacific will be the largest regional market in the forecast period. This is primarily due to the rising demand for fashionable and comfortable footwear. The changing consumer habits and rising disposable income levels, particularly in developing nations such as China and India, are likely to drive market expansion. China and India alone account for approximately one-third of the global population, ensuring that the Asia-Pacific region has the world's largest footwear market. Both countries are likely to maintain their lead, as they account for over 40% of the worldwide footwear market. This can be due to a variety of factors, including increased urbanization and a tendency for adopting a western lifestyle and/or brands, particularly among the middle and upper classes. Furthermore, the presence of major manufacturers in these nations will stimulate additional expansion.

North America has the world's second-largest footwear market, with a special emphasis on athletic and sports shoes. In addition, the region is home to many multinational sports equipment companies that are frequently at the forefront of innovation. It is reasonable to expect them to lead the globe in inventing innovative footwear that satisfies both a desire for design and a preference for exceptional quality. Consumers' rising awareness of fashion trends is boosting demand for new footwear in North America. The increase in the number of working professionals has increased the need for formal footwear, leading to the expansion of the footwear market.

 

Segmentation of Global Footwear Market-

Footwear Market- By Type

  • Athletic
  • Non-athletic

Footwear Market- By End-User

  • Women
  • Men
  • Children

The global COVID-19 epidemic has had a negative impact on various businesses, notably the footwear market. Given the combined effect of outlet closures and frugality as a result of the rapidly deteriorating economic situation, the discretionary nature of footwear made it one of the most severely affected industries by the pandemic.

Asia Pacific will be the largest regional market in the forecast period. This is primarily due to the rising demand for fashionable and comfortable footwear.

The footwear industry is being driven by the growing demand for convenient and comfortable footwear, as well as enterprises focusing on a few key criteria, such as creative designs, product developments, and advanced technical manipulations.

The growing interest in health and fitness is driving up demand for Athletic footwear.

In terms of market share, the women segment dominated in 2019 and is likely to maintain its dominance throughout the projection period.

Footwear Market Report Scope

Report Attribute Details
Market Value in 2021 USD 208.1 billion
Market Value in 2028 USD 264.76 billion
CAGR 3.5%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  Jun 2022
Category:  Consumer Goods
Report ID:   59445
Report Format:   PDF
Pages:   190
Rating:    4.6 (74)
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