Footwear Market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity.
The global Footwear Market size was estimated at USD 408.0 billion in 2023 and is projected to reach USD 782.2 billion in 2030 at a CAGR of 6.1% during the forecast period 2023-2030.
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Footwear plays a crucial role in providing coverage and safeguarding the foot against various ground textures, temperatures, and gravel roads. The composition of footwear comprises diverse materials like leather, plastic, rubber, and fabric.
The prominent players in the Footwear market are:
· Adidas AG
· ASICS Corporation
· Bata
· Reebok International Limited
· ANTA Sports Products Limited
· Bata India Ltd.
· Caleres
· ECCO Sko A/S
· Feng Tay Enterprises Co., Ltd.
· Geox s.p.a
· Deckers Brands
· Kenneth Cole Productions, Inc.
· LaCrosse Footwear, Inc.
· Gucci Group NV
· Nike Inc.
· Nine West
· Puma SE
· RG Barry Corporation
· Power Athletics Limited
· Timberland LLC
· Weyco Group Inc.
· Vans, Inc.
· Wolverine Worldwide, Inc. and More
Leather stands out as one of the prominent constituents employed in the initial rendition of footwear. In the manufacturing of footwear products, companies like Nike are incorporating eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leather.
The increase in the quantity of individuals engaged in professional occupations has led to a corresponding escalation in the overall requisition for both formal and casual footwear. Moreover, the surge in fashion awareness and the evolving preferences of women have significantly amplified the demand for nonathletic shoes.
Within the nonathletic footwear sector, a vast assortment of footwear, consisting of sandals, heels, and wedges, holds a dominant position. The expansion of the global market is further propelled by the growing appeal of a wide range of footwear among children, encompassing flip-flops, sandals, and boots. Furthermore, the upsurge in the population of working professionals, in conjunction with the mounting fashion consciousness and the desire to appear stylish and trendy, has acted as a catalyst for the overall progress of the nonathletic footwear market.
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Asia pacific to Dominate the Market
· In the year 2022, the market was primarily controlled by the Asia-Pacific region, which acquired a considerable market share of 41.9%.
· The Asia-Pacific market presents a promising potential for enterprises that specialize in the sale of innovative and unique footwear merchandise.
Recent Developments
In January 2023, VF Corporation established a new regional office in Harajuku district, Tokyo in order to drive innovative product design and support expanded business growth across Asia-Pacific.
In December 2022, Skechers USA, Inc., established its new flagship store in Grafton Street, Ireland in order to expand its presence in Ireland.
Key Findings
· On the basis of type, the segment of individuals who do not engage in athletic activities exerted significant influence over the distribution of the Footwear Market Share in the year 2022, capturing more than fifty percent of the market share. Additionally, the overall demand for formal shoes and casual shoes has witnessed an upsurge due to the increase in the number of individuals employed in professional occupations. The demand for non-athletic footwear has also seen an increase owing to the shift in preferences among women and a rise in their awareness of fashion trends.
· On the basis of material, in 2022, the non-leather sector exhibited dominance in the market, capturing a majority portion of the market share. Furthermore, leather is anticipated to experience the highest compound annual growth rate (CAGR) of 6.2% from the year 2023 to 2032. Moreover, individuals engaged in professional occupations commonly opt for artificial and synthetic leather footwear as their formal attire.
· On the basis of end-user, the market in 2022 was predominantly controlled by the female consumer segment, which managed to accumulate approximately 50% of the overall market share. The surging global workforce of women has contributed to an augmented demand for stylish footwear suitable for both formal and informal occasions. Moreover, the escalating disposable income of individuals has facilitated increased expenditure on luxurious products, thereby propelling the expansion of the women's footwear market.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia-Pacific market presents a promising potential for enterprises that specialize in the sale of innovative and unique footwear merchandise.
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