Global Footwear Market Size, Segmentation, Trends and Growth Analysis Forecast by 2030

Footwear Market Overview and Analysis:

The Global Footwear Market was currently valued at USD 0.43 trillion in the year 2022 registering a CAGR of 13.6% over the forecast period, 2023-2030. 

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Footwear refers to things that people wear on their feet, for example, shoes and boots. Footwear refers to garments worn on the feet, which typically serve the purpose of protection against adversities of the environment such as wear from the rough ground; stability on slippery ground; and temperature. Shoes and similar garments ease locomotion and prevent injuries. Such footwear can also be used for fashion and adornment, as well as to indicate the status or rank of the person within a social structure. Socks and other hosiery are typically worn between the feet and other footwear for further comfort and relief. 

The rising instances of lifestyle-related health issues, such as stress and obesity, are pushing an increasing number of people to engage in sports and fitness activities, which is fueling the demand for comfortable and stylish footwear. Comfort became a top priority for consumers well before 2020. For years, fashion footwear has been losing market share to more comfortable and athleisure-oriented segments.

Footwear Market Latest Trends: 

Customizing footwear is a growing trend among target buyers. Customized items have grown in popularity in developed regions such as North America and Europe during the previous five years. Customization is offered for a variety of footwear styles.

Segmentation:

The Global Footwear Market is segmented

By Type  :

• Athletic Footwear
• Non-Athletic Footwear  

End User :

• Men
• Women
• Kids

Distribution Channel :

• Offline Retail Stores
• Online Retail Stores

Geography :

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

The report offers market size and values in (USD million) during the forecasted years for the above segments.

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Drivers:

Rising Demand for Convenient, Comfortable, and Fancy Footwear Market.

The emerging economies, changing lifestyle habits, and an increase in health awareness among the population that exercises regularly are driving the demand for the footwear market. Further, some footwear also offers therapeutic benefits that are suitable for the old age population. For instance, Crocs, a leading American shoe manufacturer, claims that their shoes have therapeutic effects, and they are certified by the U.S. Ergonomics Council and the American Podiatric Medical Association. The Clog’s brand of Crocs has anti-bacterial properties that help patients suffering from diabetes to address reduced circulation in feet thereby reducing the risk of wound infection. Thus, due to the introduction of convenient, comfortable, and fancy footwear, the market is expected to witness significant growth over the forecast period.

High Demand for Branded, Comfortable, Fancy, & Affordable Footwear Market to Create Massive Investment Opportunities

The footwear industry is growing rapidly due to high demand for branded, comfortable, fancy footwear that is budget-friendly offers superior cushioning, prevents foot odor, and provides an elegant look. The international players are focusing on raising the bar for comfort in shoes and also adding enhanced designs. For instance, Adidas, the largest footwear manufacturer, launched the new Adidas ZG21 in Jan 2021, a lighter golf shoe, that uses carbon-fiber plates embedded underfoot that are surrounded by light foam. These shoes are comfortable and help runners to boost their speed by reducing deviations during running. In addition, the use of 3D printing technology in shoes with original designs, and insoles, which allows for rapid prototyping and new manufacturing processes are gaining huge popularity. Thus, new technologies focused on providing maximum comfort and enduring fancy looks at an affordable price are estimated to create huge opportunities in footwear market growth during the analysis period. 

Restraints :

Availability of Counterfeit Products in Footwear Market

The availability of various counterfeit products that imitate the original products and offer counterfeit footwear at lower prices is anticipated to restrain the market growth. The footwear brands that are greatly affected by counterfeiting products are Adidas, UGG, Puma, and other well-known international brands. Online platforms have recorded a large number of counterfeit shoe brands where the sellers use genuine product images stolen from brands and once the order is placed, they deliver the counterfeit products. Such factors are estimated to limit the footwear market growth during the review period 

COVID-19 and Russian War Impact of on Footwear Market:

The novel coronavirus pandemic has impacted several industries and the footwear market also experienced major challenges owing to a complete lockdown situation that led to supply chain disruptions, postponements, or order cancellations, and a decline in export orders. Furthermore, the closure of supermarkets, retail stores, premium outlets, and manufacturing facilities led to a decline in demand for footwear globally. The shutting of factories and production units in China has led to supply chain disruptions and a sharp increase in the prices of various raw materials. There has been a sharp decline in the export of footwear from India to other countries. For instance, one of the Indian retailers, the largest retail sector reported to a news provider, on March 31, 2020, that Agra is the leading footwear hub in India, exporting shoes worth USD 406 million to European countries every year. Due to the pandemic, the footwear export from Agra was greatly affected as these manufacturers imported various raw materials and components such as cellulose board, insoles, buckles, laces, foam, and other materials from China as the country was greatly affected by the pandemic. Also, online as well as offline footwear sales were greatly affected due to the pandemic. The premium outlet stores of leading footwear companies such as Puma and Adidas were closed which has created a negative impact on global footwear market demand.

Segmental Analysis:

The Athletic Footwear Market Segment is Expected to Witness Growth Over the Forecast Period 

The segment is predicted to have a dominating market share in globally as the athletic footwear sub-segment has gained huge popularity as they are widely used in various sports activities such as running, basketball, soccer, skating, and others. The increasing health awareness among all age groups has urged people to perform some kind of indoor and outdoor exercises.

The growing importance of sports and fitness activities that ensures good health and reduces the risk of chronic disorders such as obesity, diabetes, and others is increasing the demand for athletic footwear. In addition, the use of athletic footwear for performing any sort of exercise prevents muscle injuries, back pain, and knee pain, and offers maximum comfort. For instance, in June  2020, Adidas, the top footwear manufacturer, unveiled new innovative technology for runners known as Pulseboost HD. This technology offers excellent stability and best-in-class comfort. Thus, innovative technologies and advantages offered by athletic footwear are estimated to drive market growth during the analysis period. 

The Hypermarket/Supermarket Sub-Segment is Expected to Witness Significant Growth Over The Forecast Period 

The segment is predicted to acquire a significant market share in the global market and is expected to register a high revenue during the forecast period as the hypermarket/supermarket offers one-stop access to a variety of footwear from various brands at attractive prices. In hypermarkets/supermarkets, the products are categorized and properly placed on the shelves with a price tag that provides complete details to the customers at a glance. In addition, the availability of ample parking space, various consumer goods, and convenient timings at the same place are estimated to drive the growth of the hypermarket/supermarket sub-segment during the analysis period.

Footwear Market of Asia-Pacific Region is Expected to Witness Significant Growth Over the Forecast Period 

China and India alone account for nearly one-third of the global population and this ensures that the Asia-Pacific is the largest footwear market in the world. Countries are likely to maintain their lead as combined they comprise almost 40% of the entire global footwear market. This can be attributed to several factors, like rapid urbanization and a preference to adopt a Western lifestyle and/or brands, especially in the middle class and rich society. The region is also home to many multinational sports equipment companies that are often at the forefront of innovation. It can be reasonably predicted that they will lead the world in developing new footwear, which fulfills both the penchant for design and also a preference for superior quality.

According to the Thailand Textile Institute, around USD 1.4 billion worth of leather products were imported into Thailand in 2021. Thailand's imports of leather clothing and footwear grew in value that year compared to the year before. According to World Footwear, Asia alone accounted for approximately 88% of the world's footwear production in 2021, reflecting the region's significant concentration in the footwear manufacturing industry. This was due to the availability of cheap labor and raw material which allowed the manufacturers to produce the footwear at lower prices in bulk amounts. This has led to the availability of numerous options in the footwear category at competitive prices which drives the market studied across the region.

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Footwear Market Competitive Landscape:

The global athletic footwear market is highly competitive with major market share held by prominent players, such as

Key Players :

• Nike Inc.
• Adidas AG
• New Balance Inc.
• Asics Corporation
• Skechers USA Inc.
• Fila Holdings Corp
• The Bata Corporation
• VF Corporation
• Puma SE
• Under Armour

These progressive brands have laid their hand on every possible strategy to cater to the footwear market’s demand, which includes employing aggressive digital campaigns, offering a wide range of innovative and customizable products including sustainable footwear, unique, and gender-neutral designs that cater to the preferences of all age groups, including athletic shoes specifically designed for kids, and brand collaborations.

Recent Developments:

1) In August 2023:  Designer Brands Inc., one of the world's largest designers, producers, and retailers of footwear and accessories, launched the first-ever footwear line by Le TIGRE, an iconic New York City sportswear brand and disrupter of classic casual American style since 1977. Designer Brands is flexing its power as a brand-building engine with a bold foray into the athleisure footwear category.

2) In May 2023: Adidas, the German sportswear giant, collaborated with one of the most respected Japanese designers, Yohji Yamamoto, and his Y-3 sub-label to launch a Y-3 running footwear collection. The firm is launching a line that's both technologically advanced and innovative, which can be worn by anyone.

Frequently Asked Questions (FAQ) :

Q1. What is the current Footwear Market size?

Q2. What is the Growth Rate of the Footwear Market?

Q3. Which Region is expected to hold the highest Market share?

Q4. What segments are covered in the Footwear Market Report?