Footwear Market is expected to grow at CAGR 3.7% during the forecast period, 2025
Published | April 2019
According to BlueWeave Consulting, the Global Footwear market is anticipated to worth USD 207.49 million in 2018, with a CAGR of 3.7% during 2019-2025. Footwear is increasingly gaining popularity as a fashion accessory among consumers worldwide. The increasing role of footwear as a precursor to new fashion trends is a lucrative share in the market.
Growing enthusiasm and awareness regarding the health benefits of sports & fitness activities backed up by flourishing retail e-commerce sector globally, and the rising disposable income of consumers in developing countries are estimated to drive the growth of the footwear market over the forthcoming years. Moreover, the health-conscious consumer starts preferring the appropriate type of shoes for sports activities to prevent muscle injuries, leg injuries, knee pain, hip pain, and back pain, which in turn increases the sales volume of footwear.
The increasing demand for trendy yet comfortable footwear among consumers of all age groups is also pushing the footwear market globally. Also, the prominent players in the market are focusing on developing innovative technologies to increase the stability of shoes and make them comfortable, which helps to provide maximum flexibility and adequate support along the ankle to ensure free foot movement. Furthermore, the rising demand for different types of footwear products is paving new opportunities for the manufacturers. Additionally, Key players are using various platforms, such as the Olympic Games, F1 car racing events, and are collaborating with international sports platforms aiming to promote the products worldwide.
Non-Athletic footwear projected to be the most lucrative product segment of the Global Footwear Market over the forecast period.
Based on the product, the global footwear market can be classified as athletic and non-athletic footwear. The non-athletic footwear is dominating the footwear market, such as Loafers & Boat shoes, which falls under the non-athletic shoe category is most popular among the consumers, globally. The non-athletic footwear is dominating, which can be attributed due to the daily usage of running shoes and the availability of these shoes at reasonable prices from affordable athletic shoes to highly luxurious athletic shoes. Moreover, the demand for new casual footwear types characterized by a combination of style and comfort is rising in a population of all age groups. Recent product launch of footwear such as Timberland launched limited-edition boat shoe collection, which was dedicated to some of the European countries such as Italy, Germany, France, the U.K., and Spain are boosting the popularity of footwear.
The female segment is projected to be the fastest-growing End-User segment of the Global Footwear market.
The Male segment accounted for the highest footwear market share of the global footwear market over the coming years. However, the women segment is projected to grow with a healthy growth rate over the forecast period. The Female segment is growing owing to the inclination of female consumers towards the purchasing of footwear based on the different attires they wear on different occasions.
Asia Pacific region is projected to dominate the Global Footwear Market during the anticipated period.
The Asia Pacific region dominated the global footwear market and is expected to retain its leading position throughout the forecast period. Moreover, the region is expected to witness the fastest growth over the coming years. Countries such as China, India, Japan, and Australia recorded an increasing number of footwear purchases over the years. Owing to the rising income level, favorable governmental policies, promotion of the sporting events, increasing media exposure, and rapid development of the economy are the key factors driving the demand for footwear in this region. However, North America is projected to witness a promising growth rate and is an important region in terms of revenue generation of the global footwear market.
Global Footwear Market: Competitive Landscape
Key players operating in the Global Footwear market include Adidas AG, Nike Inc., Bata Limited, Puma S.E., Asics Corporation, V.F. Corporation, New Balance Athletics, Inc., Deichmann SE, The Columbia Sportswear Company, Polartec, LLC, Skechers USA, Inc., Wolverine World Wide, Inc. Major Key Players are focused on organic and inorganic strategies such as merger & acquisition, and new product launches to enhance their business and product.
Explore full report with detailed TOC, “Global Footwear Market, By Type (Athletic And Non-Athletic), By Material (Rubber, Leather, And Plastic), By End-User (Male, Female), By Distribution Channel (Online Stores, Supermarkets And Hypermarkets, Independent Retail Stores And Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Market Trend Analysis, Competitive Analysis, Size And Forecast, 2015-2025”