The footwear market is expected to reach US$ 332.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
IMARC Group, a leading market research company, has recently releases report titled “Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global footwear market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the footwear market?
The global footwear market size reached US$ 243.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 332.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
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Factors Affecting the Growth of the Footwear Industry:
- Evolving fashion trends:
Fashion trends play a pivotal role in shaping consumer preferences within the footwear market. Consumers often seek shoes that not only provide comfort and functionality but also align with current fashion trends. Fashion influences come from various sources, including runway shows, celebrity endorsements, social media influencers, and street style. As trends evolve, footwear manufacturers and retailers must adapt their designs and offerings to meet consumer demand. This may involve experimenting with new materials, colors, patterns, and styles to stay relevant in the market. Additionally, collaborations between footwear brands and fashion designers or celebrities are boosting the demand for trendy footwear among consumers.
- Ongoing technological advancements:
Advancements in technology have revolutionized the footwear industry, impacting both the manufacturing process and the features of the final products. Innovations in materials, production techniques, and design technologies have enabled footwear companies to create products that offer enhanced comfort, performance, and durability. Moreover, the development of lightweight and breathable materials such as knit fabrics and advanced foams has led to the creation of more comfortable and supportive athletic shoes. Besides this, advancements in three-dimensional (3D) printing and digital modeling have facilitated rapid prototyping and customization, allowing consumers to personalize their footwear according to their preferences, creating a positive outlook for market expansion.
- Changing consumer lifestyles:
Shifts in consumer lifestyles and preferences have a significant impact on the footwear market. The rise of athleisure as a dominant fashion trend has led to increased demand for versatile footwear that can transition seamlessly from athletic activities to casual wear. Additionally, the growing focus on health and wellness has driven demand for footwear that prioritizes comfort and support, especially among consumers leading active lifestyles or spending long hours on their feet. Concurrent with this, changing work environments, such as the rise of remote work and casual dress codes are further bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Non-Athletic Footwear
- Athletic Footwear
Non-athletic footwear represents the largest market share due to its versatility and widespread use in various settings.
Breakup by Material:
- Rubber
- Leather
- Plastic
- Fabric
- Others
Rubber dominates the market due to its durability, versatility, and widespread use in a wide range of footwear applications.
Breakup by Distribution Channel:
- Footwear Specialists
- Supermarkets and Hypermarkets
- Departmental Stores
- Clothing Stores
- Online Sales
- Others
Footwear specialists account for the majority of the market share due to their specialized knowledge and extensive product offerings.
Breakup by Pricing:
- Premium
- Mass
Mass pricing leads the market by pricing due to its affordability, appealing to a broad consumer base.
Breakup by End-User:
- Men
- Women
- Kids
Women hold the largest market share as they typically have more diverse footwear needs and preferences.
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
North America enjoys the leading position in the market due to its large population, high disposable income, and strong fashion culture driving footwear consumption.
Global Footwear Market Trends:
The growing awareness of sustainability and ethical consumerism is bolstering the growth of the footwear market, with consumers increasingly seeking eco-friendly and ethically produced footwear options. In confluence with this, the rising demand for specialized footwear catering to niche sports, outdoor activities, and lifestyle trends, is acting as another significant growth-inducing factor. Furthermore, the increasing adoption of online shopping and e-commerce platforms allowing consumers access to a wide range of footwear options, enabling them to compare prices, read reviews, and make purchases from the comfort of their homes is propelling the market forward.
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Who are the key players operating in the industry?
The report covers the major market players including:
- Nike Incorporation
- Adidas AG
- PUMA
- Geox S.p.A
- Skechers USA, Incorporation
- Timberland
- Crocs Retail, Inc.
- Ecco Sko A/S
- Wolverine World Wide, Inc.
- Under Armour Inc., etc
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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