Global Footwear Market to Experience Pronounced Growth Spurt: Forecast to Grow at the CAGR of 5.4% by 2027
Published | 05 November 2021
The global footwear market is growing at a high CAGR because of the launch of a wide range of products of various styles and fashion trends along with the growing popularity of online sales channels for buying footwear…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global footwear market was worth USD 364.1 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 5.4%, earning revenue of around USD 523.1 billion by the end of 2027. Globally, the footwear market is showing healthy growth, and this trend is expected to continue over the forecast period. The growth of the footwear market has been driven by the demand for new styles of convenient and comfortable footwear, particularly among women. Furthermore, the growing demand for trendy yet comfortable footwear among consumers of all ages is expected to drive the market within the forecast period. Additionally, the growing market for therapeutic and specific therapeutic footwear, especially in developing and developed countries, boosts the overall footwear market. However, market growth is likely to be slowed by fluctuations in the prices of raw materials.
Growing Sustainability in Footwear Industry Is Projected to Drive the Global Footwear Market Growth
With the growing consciousness of consumers towards sustainability and ethical brands, the companies are also joining the bandwagon to target this demographic. Several footwear brands are launching eco-friendly footwear made from recycled materials such as discarded plastic bottles, agricultural products such as pineapple, bamboo, organic cotton, etc. For instance, Allbirds recently launched its first trail running shoe The Allbirds Trail Runner SWT (implies ‘sugar, wool, and tree’) made entirely from merino wool and recycled polyester. As consumers become more conscious about sustainability and ethical brands, companies are also joining the bandwagon to target this demographic. Several footwear brands sell eco-friendly footwear made from recycled materials such as plastic bottles, pineapples, bamboo, organic cotton, etc. Allbirds, for example, recently launched its first trail running shoe, The Allbirds Trail Runner SWT (implies 'sugar, wool, and tree') made entirely of merino wool and recycled polyester. The switch from virgin plastic to eco-friendly raw materials is expected to boost the growth of the global footwear market in the forecast period.
Expanding Penetration of Online Sales Channels Is Anticipated to Boost the Global Footwear Market
The global footwear market is segmented into independent retail stores, supermarkets/hypermarkets, and online stores based on the sales channels. Because independent retail stores offer a wide variety of products and allow shoppers to try the products before purchasing, they hold a large share of the market. On the other hand, online stores are predicted to witness the highest CAGR during the forecast period due to consumers’ preference for convenience shopping, discounts, and easy return policies offered by various e-commerce platforms. In addition, the rapid growth of e-commerce platforms in developing countries, such as India and China, has prompted manufacturers to rethink their distribution strategies.
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Global Footwear Market - By End-User
Based on end-users, the global footwear market is segmented into male, female, and others. Due to the variety of footwear types available for women, such as pumps, stilettos, wedges, canvas shoes, loafers, etc., the female segment accounts for the largest share of the market. Because of this, footwear brands constantly launch new products keeping pace with current fashion trends. However, the male segment also accounts for a significant share in the market and is mainly driven by sports shoes. However, changing social dynamics and fashion trends have resulted in a sharp increase in the popularity of fashion footwear such as loafers, moccasins, Chelsea-style boots, etc., particularly among the millennial generation.
Global Footwear Market - Regional Insights
Geographically, the global footwear market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Among these regions, the Asia-Pacific region dominates the global footwear market. However, North America is projected to witness a high growth rate over the forecast period. With the changing lifestyle, an increase in sports activities, expanding sales channels through retail stores and showrooms, as well as increasing online sales, the footwear market in this region has flourished. Another factor contributing to the dominance of the North America footwear market is the growing awareness among residents of this region to stay healthy, fit, and active.
Impact of COVID-19 on Global Footwear Market
The global footwear market was significantly impacted by the sudden outbreak of the COVID-19 pandemic. Following the outbreak of COVID-19, all footwear manufacturing operations and sales channels were shut down. The manufacturers were forced to store their products in warehouses, increasing their costs and huge losses. Furthermore, footwear was under non-essential items. Thus, its online and retail sales during the lockdown period were also prohibited. There were restrictions on traveling and even leaving the house generally during the quarantine, which limited a person's need for footwear. All these factors affected the global footwear market growth negatively.
The leading players in the global footwear market are Nike Inc. Adidas, SKECHERS USA, Inc., Reebok, Gucci, Crocs Retail, Inc., Timberland Company, Genesco Inc., Wolverine Worldwide Inc., K-swiss, Air Jordans, ECCO Sko A/S, PUMA, GEOX S.p.A, Under Armour, INC., New Balance Inc., Asics Corporation, Bata Ltd, Fila, and other prominent players.
There are several leading footwear brands on the market, such as Adidas, Nike, Fila, and so forth. However, new entrants still have great potential to offer interesting products and designs that will catch consumers' attention. Giant players frequently launch new products that invest heavily in new product designs and research and development. The adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., are also prevalent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global footwear market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global footwear market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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