Shoe care includes the products such as cream, polish, spray, brushes etc which are used to maintain footwear. Shoe care products are used for various applications such as formal shoes, casual shoes, sports shoes and others. Additionally, shoe care products comes in many types include shoe care, shoe clean and shoe care accessories which keep shoes new looking as well as shiny.
Market Value and Forecast
The global shoe care market is expected to grow at a CAGR of 4.2% during the forecast period, and is expected to be valued at US$ 6,097 Mn by 2025, from US$ 4,389 Mn in 2017 owing to the factors such as increasing demand of formal shoes among working women and increasing internet retailing.
Market Dynamics
The key driving factors of global shoe care market are increasing internet retailing along with growing demand of sports footwear due to growing health concerns among consumers globally. Increasing technological advancement in shoes and increasing preference of casual shoes are the major factor which drives the shoe care market, owing to growing fashion awareness among consumers across the globe. Other key factors which drive the global shoe care market are significantly increasing Innovation/R&D pace and growing significant importance of orthopedic shoes, owing to surge in the demand for shoes care products for medical shoes. The key trends such as high focus on marketing strategies by key manufacturers, innovation in shoe products along with growing demand of leather shoes among consumers. The key restraining factors of global shoe care market are rapidly changing consumer’s preferences, increasing use of low scale shoes which may hinder the market to grow over the forecasted period. Additionally, other factors which restricts the global shoe care market to grow are high cost on shoe care products along with government regulations related to export and import of shoe care products across the globe.
Market Segmentation by Product Type
The market is segmented based on product type, sales channel type and region type. Based on product type, the market is sub-segmented into shoe care, shoe clean and shoe care accessories. Among all the product type, shoe care segment is expected to account for the highest market share, followed by shoe clean over the forecast period. Shoe care segment is expected to grow with a CAGR of 4.3% during the forecast period in terms of value. Shoe care accessories is estimated to register a CAGR of 3.7% in the global shoe care market over the forecast period. The factors fuelling demand for global shoe care market are incessantly growing footwear market and increasing demand for advance comfort across the globe due to growing innovation in shoes along with rapidly changing the demand pattern among consumers.
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Market Segmentation by Sales Channel
Another segmentation of the global shoe care market is done on the basis of sales channel type such as exclusive, hypermarket and online. Among all the mentioned sales channel type, online segment is estimated to account highest market share in the global shoe care market followed by exclusive segment by end of 2025.
Key Regions
In this report, the global shoe care market has been segmented into five major regions, namely North America, Latin America, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA). North America is expected to be the most favourable region in terms of absolute opportunities lying ahead for high revenue generation. North America is estimated to maintain its dominance in the global Shoe care market with 36.5% market value share in 2017, followed by Europe.
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