The study also highlighted the factors—cost, market share, import, capacity utilization, gross margin, and supply—that affect the worldwide Footwear Market. In addition, the study emphasizes the potential size of the worldwide market in the near future.
Footwear Market Overview
The global Footwear Market size was estimated at USD 408.0 billion in 2023 and is projected to reach USD 782.2 billion in 2030 at a CAGR of 6.1% during the forecast period 2023-2030.
Footwear plays a crucial role in providing coverage and safeguarding the foot against various ground textures, temperatures, and gravel roads. The composition of footwear comprises diverse materials like leather, plastic, rubber, and fabric. Leather stands out as one of the prominent constituents employed in the initial rendition of footwear. In the manufacturing of footwear products, companies like Nike are incorporating eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leather.
The increase in the quantity of individuals engaged in professional occupations has led to a corresponding escalation in the overall requisition for both formal and casual footwear. Moreover, the surge in fashion awareness and the evolving preferences of women have significantly amplified the demand for nonathletic shoes. Within the nonathletic footwear sector, a vast assortment of footwear, consisting of sandals, heels, and wedges, holds a dominant position. The expansion of the global market is further propelled by the growing appeal of a wide range of footwear among children, encompassing flip-flops, sandals, and boots. Furthermore, the upsurge in the population of working professionals, in conjunction with the mounting fashion consciousness and the desire to appear stylish and trendy, has acted as a catalyst for the overall progress of the nonathletic footwear market.
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The COVID-19 pandemic has had a profound impact on the footwear market, as the viability of the textiles, clothing, leather, and footwear industries is undergoing significant unraveling. This is evident through the directive for workers to remain at home, the closure of factories, and the disruption of global supply chains. The adverse consequences of these developments are particularly pronounced with the cancellation of orders, adversely affecting numerous firms and millions of workers. In light of these circumstances, the International Labour Organization (ILO) is dedicated to assisting governments in safeguarding the health and economic welfare of workers and businesses in the textiles, clothing, leather, and footwear sectors.
Delvens Industry Expert's Standpoint
The current state of the footwear sector is characterized by a scarcity of leather, which can be attributed to the restrictions imposed on cow slaughter and the subsequent decrease in the production of leather goods. The inadequate supply of hide or skin, essential raw materials for the manufacturing of leather footwear, has resulted in escalated leather costs worldwide. Moreover, the demand for leather shoes remains high due to their esteemed value in the industry. However, the prohibition imposed by the Council for Leather Exports in India on the utilization of leather in footwear production has significantly hindered the manufacturing of leather footwear in India, a prominent hub for exports from industrialized nations. The exorbitant cost of the material has deterred individuals from purchasing leather shoes, thereby limiting market expansion. Conversely, the footwear market is dominated by local businesses that offer inexpensive, low-quality shoes. Conversely, foreign manufacturers prioritize comfort in the creation of footwear products, often sold at premium prices. The overall growth of the industry is expected to be bolstered by the increased demand for stylish yet comfortable footwear, affordable pricing, and enhanced designs available at lower prices. Furthermore, several athletic companies such as Nike, New Balance, and Under Armour are incorporating 3D printing technology in their footwear manufacturing processes.
Customers are attracted to these features, which are projected to yield profitable opportunities for market expansion in the foreseeable future. The proliferation of social media usage, in tandem with the surge in internet usage, has led to a significant increase in the number of individuals using these platforms. In response to this trend, a majority of major players in the industry have devised strategies to promote their products and services through social media channels. Social media marketing has emerged as a key approach employed by numerous businesses and sectors to disseminate information about their offerings to target customers on these platforms. Consequently, the global footwear industry recognizes the pivotal potential of its social media marketing strategy in gaining momentum and expanding its customer base among the desired demographics.
Key Findings
• On the basis of type, the segment of individuals who do not engage in athletic activities exerted significant influence over the distribution of the Footwear Market Share in the year 2022, capturing more than fifty percent of the market share. Additionally, the overall demand for formal shoes and casual shoes has witnessed an upsurge due to the increase in the number of individuals employed in professional occupations. The demand for non-athletic footwear has also seen an increase owing to the shift in preferences among women and a rise in their awareness of fashion trends. The non-athletic footwear market is characterized by a wide array of options, encompassing sandals, heels, and wedges, which dominate this particular market segment. The growing popularity of flip-flops, sandals, and boots among children is contributing to the global demand for footwear. Furthermore, the market for non-athletic footwear expanded as a result of the rising number of individuals employed in professional occupations, coupled with an increase in fashion consciousness and the aspiration to dress in a fashionable manner.
• On the basis of material, in 2022, the non-leather sector exhibited dominance in the market, capturing a majority portion of the market share. Furthermore, leather is anticipated to experience the highest compound annual growth rate (CAGR) of 6.2% from the year 2023 to 2032. Moreover, individuals engaged in professional occupations commonly opt for artificial and synthetic leather footwear as their formal attire. Additionally, there is a prevailing trend favouring the utilization of counterfeit and synthetic leather for the production of athletic shoes, slippers, casual footwear, sandals, sneakers, flip-flops, and rubber clogs. The expansion of the footwear market is attributed to the availability of sophisticated, trendy, and refined boots, sandals, heels, and wedges.
• On the basis of end-user, the market in 2022 was predominantly controlled by the female consumer segment, which managed to accumulate approximately 50% of the overall market share. The surging global workforce of women has contributed to an augmented demand for stylish footwear suitable for both formal and informal occasions. Moreover, the escalating disposable income of individuals has facilitated increased expenditure on luxurious products, thereby propelling the expansion of the women's footwear market. Furthermore, the market for novel and contemporary footwear options such as fancy shoes, slip-ons, and flip-flops is incessantly expanding, thereby providing substantial support to the projected growth of the women's footwear market in the forthcoming years.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia-Pacific market presents a promising potential for enterprises that specialize in the sale of innovative and unique footwear merchandise.
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Footwear Market Regional Analysis
Asia pacific to Dominate the Market
• In the year 2022, the market was primarily controlled by the Asia-Pacific region, which acquired a considerable market share of 41.9%.
• The Asia-Pacific market presents a promising potential for enterprises that specialize in the sale of innovative and unique footwear merchandise.
Footwear Market Competitive Landscape
• Adidas AG
• ASICS Corporation
• Bata
• Reebok International Limited
• ANTA Sports Products Limited
• Caleres
• ECCO Sko A/S
• Feng Tay Enterprises Co., Ltd.
• Geox s.p.a
• Deckers Brands
• Kenneth Cole Productions, Inc.
• LaCrosse Footwear, Inc.
• Gucci Group NV
• Nike Inc.
• Nine West
• Puma SE
• RG Barry Corporation
• Power Athletics Limited
• Timberland LLC
• Weyco Group Inc.
• Vans, Inc.
• Wolverine Worldwide, Inc.
Footwear Market Recent Developments
• In January 2023, VF Corporation established a new regional office in Harajuku district, Tokyo in order to drive innovative product design and support expanded business growth across Asia-Pacific.
• In December 2022, Skechers USA, Inc., established its new flagship store in Grafton Street, Ireland in order to expand its presence in Ireland.
Reasons to Acquire in the Footwear Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Footwear Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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