According to the latest report published by Credence Research, Inc. “Global Footwear Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the market was valued at US$ 222.4 Bn in 2017, expected to grow at the CAGR of 3.1% from 2018 to 2026.
Increasing demand for sports shoes and designer shoes are responsible for the major growth of the footwear market. Footwear comprises of athletic[LA1] , non-athletic footwear made up of different materials such as leather, plastic, rubber among others. Purchase of footwear has doubled over the past few decades and introduction of different designs and styles has helped in the retention of the customers and grabbed attention of the new customers as well.
Rising demand for sports shoes among the health conscious consumers is one of the major factor driving the market growth of footwear. Busy work schedules and sedentary lifestyles results to chronic health problems such as diabetes, obesity among others. This influences people to take part in different physical activities and sports. Major sporting events such Cricket World Cup, Olympics, FIFA among others boost the demand for sports shoes among the athletes and fans. In addition to this, frequent product developments and new product launch are the factors pushing demand for sports shoes. For instance, in 2016 Asics launched high tech running shoes “MetaRun” that grabbed significant number of customer attention.
Based on product type, non-athletic shoes dominated the market in 2017. Loafers & Boat shoes, which falls under the non-athletic shoe category is popular among the consumers across the globe. In 2016, Timberland launched limited edition boat shoes collection, which were dedicated to some of the European countries such as Italy, Germany, France, U.K and Spain. Based on different types of material the market segmented into leather, plastic and synthetic rubber, plant based among others. Leather captured a significant market share in 2017 and expected to display similar trend in the coming years. In 2018, luxury brand Hugo Boss launched vegan pineapple leather men’s shoes. The Company raised concerns towards the growing demand for cruelty-free footwear range by releasing vegan shoes for men. The collection was described as “innovation meets responsible design” and the offering included sneakers in four different colors. The market further segmented into distribution channel such as online channel, hypermarkets, and specialty stores among others. Hypermarkets dominated the market in 2017 owing to wide availability of different product types in hypermarket chains, followed by consumer inclination towards this mode of channel for footwear purchase. However online channel expected to witness the fastest growth during the forecast period owing to convenience in shopping, discounts and easy return policies offered by various manufacturers. Based on the end-use women segment dominated the market in 2017 owing to the inclination towards purchases of footwear based on the different attires they wear in different occasions.
Asia Pacific dominated the global footwear market in 2017 and expected to retain its leading position throughout the forecast period. The region expected to witness the fastest growth during the forecast period. Countries such as China India, Japan, and Australia recorded increasing number of footwear purchases over the years. China dominated the Asia Pacific footwear market in 2017. Rising income level, governmental support, promotion of the sporting events, increasing media exposure and rapid development of the economy are the key factors driving the demand of footwear in China.
Browse the full report at https://www.credenceresearch.com/report/footwear-market
Key players operating in the global footwear market include Adidas AG, Nike Inc., Bata Limited, Puma SE, Asics Corporation, VF Corporation, New Balance Athletics, Inc., Deichmann SE, The Columbia Sportswear Company, Polartec, LLC, Skechers USA, Inc., Wolverine World Wide, Inc. among others.