Footwear is considered as the one of the prominent fashion accessories especially amongst youngsters and millennial. Not only this, the increasing demand for trendy, yet comfortable footwear among all age groups a key factor driving the global footwear market. With increasing participation in sporting activities and changing lifestyle, there is a massive demand for athletic footwear among non-sportspersons as well. Major brands are likely to focus on innovation of new footwear designs and research & development activities to strengthen their foothold in the global footwear market. Companies are undertaking mergers and acquisitions, and joint ventures with local players to expand their product portfolio
Rise in sale of footwear through various mode of distribution channels and the gaining prominence of online mode of distribution is triggering the growth of footwear in the developing countries. Furthermore, the availabity of counterfeit products is anticipated to restrict the growth of the footwear market during the forecasted timeline.
The global footwear market stood at a valuation of US$ 235711.0 Mn in 2018 and is expected to be worth US$ 307549.5 Mn by 2027 in terms of revenue rising at a CAGR of 3.0% between 2017 and 2027.
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Non-Athletic Product Segment is projected to drive the market in the forecast period
In terms of product type, the global footwear market is divided on the basis of non-athletic footwear and athletic footwear. Athletic footwear is further bifurcated into soccer/football shoe, running and cross training/tennis shoe, golf shoe, hiking shoe, basketball shoe, baseball shoe, and others. In addition, non-athletic is sub-segmented into casual footwear, military boots, dress evening footwear, lite hiking outdoor sandal, and others. Non-athletic footwear segment has dominated the market both in terms of value and volume in the year 2018. The market has been classified on the basis of material into rubber, plastic, and others. Rubber holds a majority of market in terms of value in the year 2018. Rubber is considered as the most commonly used material which has been used to manufacture footwear in the recent past.
On the basis of distribution channel, the market has been classified into online channels, supermarkets and hypermarkets, independent retail stores, shoe stores, independent retail stores, textile retailers, and departmental stores. In the year 2018, online channels, independent retail stores, and supermarkets and hypermarkets collectively holds majority of the market in terms of value. On the basis of end-use, the footwear market is divided into men’s footwear, women’s footwear, and kid’s footwear. Women’s footwear has been making significant contribution in the global footwear market. Women are frequent buyers of footwear from hypermarket, supermarkets, and specialty stores and also through e-commerce websites. Manufacturing companies are also spending on innovation of new designs of footwear to rise the penetration of women footwear in the forecasted timeline.
Asia Pacific region anticipated to surge in the forecasted timeline
In terms of geography, the footwear market is divided in this report into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds a major market of footwear in terms of value in the year 2018. The market of Asia Pacific is projected to expand at a significant growth rate in the forecasted timeline. As there is rise in sale of footwear on company-owned websites and various e-commerce websites in countries like China, India, Japan and other South-East Asian countries etc.
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Prominent companies operating in the global footwear market are
- Adidas AG
- Nike Inc.
- New Balance Inc.
- Puma SE
- Asics Corp.
- Bata Limited
- Deichmann SE
- Skechers USA Inc.
- VF Corp.
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