PMR projects a steady growth outlook for the footwear market owing to increased awareness of health benefits of sports and fitness activities and the high-end innovation in the footwear manufacturing
Report ID: PMRREP13795
Report Type: Ongoing
Format: PPT*, PDF, EXCEL
Industry: Consumer Goods
The footwear market is estimated to reach a valuation of US$592 Bn by the year 2032, at a CAGR of 4.2%, during the forecast period 2024 to 2032.
Key Highlights of the Market
|
Attributes |
Key Insights |
|
Market Value(2024) |
US$421 Bn |
|
Market Size (2032) |
US$592 Bn |
|
Forecast Growth Rate (CAGR 2024 to 2032) |
4.2% |
|
Historical Growth Rate (CAGR 2019 to 2023) |
3.8% |
Report Sample is Available
In-depth report coverage is now just a few seconds away
Get Report Sample
The global market is a diverse industry which includes a multitude of products including, varied types of shoes and fashion-forward footwear.
With the evolving lifestyle changes and the latest fashion trends, consumer preferences for fashion footwear, sports shoes, and casual footwear are constantly changing, which is catering to the growing market demand.
Footwear is employed for a variety of activities, including running, cycling, and casual strolling, and is accessible in a variety of colours, patterns, and designs.
Safety shoes, and other protective industrial footwear are employed in a variety of industries, including construction, mining, oil and gas, pharmaceutical production, and food and beverage.
Rubber, textiles, synthetics, foam, and leather are among the materials employed in footwear production. Further recycled plastic is being implemented in shoe production by major market players, owing to the cost factor and being resistant to water and abrasion.
Walking shoes, flip-flops, sneakers, loafers, boat shoes, ethnic footwear, boots, and espadrilles comprise the male footwear options. Stilettos, kitten heels, ankle slippers, ankle strap heels, wedges, cone heels, high heels, and gladiator sandals comprise women's footwear.
The increased per capita income and the growing awareness about the health benefits of sports & fitness activities are proving to be a game-changing trend for the market growth.
The demand for athletic footwear is being positively impacted by the increasing health concerns that are a consequence of a sedentary lifestyle and the resulting issues which motivate individuals to engage in physical activities, whether indoors or outdoors.
Additionally, the demand from athletes and non-athletes is bolstered by the periodic occurrence of significant global sporting events, such as the Olympics, Commonwealth Games, Asian Games, Cricket World Cup, Super Bowl, and FIFA World Cup.
The global footwear market share has experienced a significant boost in demand for athletic footwear from lifestyle consumers due to the increasing health consciousness.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized VersionThe global footwear market size saw a steep rise from 2019 to 2023 and exhibited resilient growth, supported by evolving consumer preferences, technological innovations, expanding market reach through digital platforms, and economic developments in key regions.
Over the period from 2019 to 2023, the global footwear market has demonstrated robust growth showcasing a growth rate of 3.8%, driven by several key factors and trends.
The growth trajectory of the market continued through 2020 despite challenges posed by the COVID-19 pandemic, which temporarily disrupted supply chains and retail operations worldwide. However, the market quickly rebounded in 2021 as economies recovered and consumer spending on comfort and fashion products, including footwear, surged.
Further, the period 2021-2023 witnessed accelerated growth driven by a notable increase in demand for athleisure and casual footwear, reflecting changing consumer lifestyles towards comfort and versatility.
Furthermore, expanding urbanization and rising disposable incomes in emerging markets contributed significantly to market growth. Countries in Asia Pacific, and Latin America especially emerged as key growth regions, fuelled by increasing fashion consciousness and retail expansion.
Moreover, the integration of e-commerce platforms and digital marketing strategies by leading footwear brands further boosted market accessibility and consumer engagement.
Online sales platforms enabled brands to reach broader global audiences, driving sales volumes and market penetration.
Shifting Consumer Preferences
The global footwear market is poised for robust growth driven by several key factors. One of the primary drivers is shifting consumer preferences towards athleisure and casual footwear, reflecting a broader trend of comfort-centric lifestyles.
This shift is supported by advancements in material technologies, such as sustainable and performance-enhancing materials, which cater to both fashion and functional needs.
Additionally, the rise in disposable incomes and urbanization across emerging economies is expanding the consumer base for premium and branded footwear. This demographic trend is further amplified by increasing awareness of health and fitness, prompting higher demand for specialized footwear like running shoes, and orthopaedic footwear.
Growth of the E-commerce Sector
Moreover, e-commerce has revolutionized the distribution landscape, providing consumers with greater access to a wide range of footwear options and driving market expansion beyond geographical boundaries.
The convenience of online shopping coupled with robust logistics infrastructure has significantly boosted sales volumes globally. Furthermore, growing environmental consciousness among consumers has led to a surge in demand for sustainable footwear options.
Brands are increasingly adopting eco-friendly practices, including the use of recycled materials and sustainable manufacturing processes, to meet this rising demand and align with global sustainability goals.
Rising Raw Material Costs
Fluctuating prices of raw materials and major supply chain disruptions can hinder the market's growth. The cost of key materials like leather and rubber can be volatile, which makes it difficult for footwear manufacturers to predict their production expenses and maintain consistent profit margins.
Further, global events can disrupt the supply chains for raw materials and can lead to shortages and drive prices even higher. For instance, the COVID-19 pandemic caused disruptions in the global supply chain, impacting the availability and cost of raw materials for footwear production.
Due to the raw material costs, manufacturers have a few options, as they can absorb the cost, leading to lower profits. Leading to this, they can raise the price of shoes for consumers, potentially dampening demand. Or they may switch to lower-quality materials, which could affect the durability and appeal of their products.
International Trade Policies
Another crucial market restraining factor is the trade tariffs and restrictions governments may impose high tariffs or quotas on imported footwear. This can make it more expensive for manufacturers to sell shoes in certain countries, limiting their market reach and profitability.
Further, trade wars and political tensions also play a vital part in limiting the market's growth. Trade wars and political tensions between countries can lead to increased tariffs and restrictions on footwear imports while creating uncertainty for businesses and discouraging investment in the footwear market.
Trade policies can make it more expensive and challenging for local footwear companies to operate internationally and can stifle growth and limit competition in the global market.
E-commerce Expansion
The continued growth of e-commerce presents significant opportunities for footwear brands and footwear retailers.
Online shopping platforms offer greater reach to global markets, enabling companies to overcome geographical barriers and reach a broader customer base.
Industry participants can leverage digital marketing strategies, personalized recommendations, and seamless Omni channel experiences to enhance customer engagement and drive sales.
Investing in robust e-commerce infrastructure and logistics capabilities will be crucial to capitalize on this growing segment.
Innovation in Materials and Technology
Advancements in material sciences and technology present opportunities for innovation in footwear design, performance, and sustainability.
Industry participants can explore the use of recycled materials, bio-based alternatives, and advanced manufacturing techniques such as 3D printing to create lightweight, durable, and eco-friendly footwear solutions.
Integrating smart technologies, such as wearable sensors for fitness tracking or temperature-regulating materials, can also cater to the growing demand for functional and performance-oriented footwear.
Sustainable Practices and Ethical Sourcing
Consumer awareness and demand for sustainable footwear products are driving industry participants to adopt eco-friendly practices throughout the supply chain.
Opportunities lie in implementing transparent and ethical sourcing practices, reducing carbon footprint, and achieving certifications like B Corp or ISO 14001.
Brands that prioritize sustainability can appeal to environmentally conscious consumers, differentiate themselves in the market, and potentially command premium pricing.
Customization and Personalization Trends
Offering customizable and personalized footwear experiences presents a significant opportunity for industry participants to meet individual consumer preferences and enhance brand loyalty.
Technologies such as AI-driven sizing recommendations, custom design tools, and made-to-order manufacturing processes enable brands to offer unique and tailored footwear solutions.
By providing personalized experiences, companies can deepen customer engagement differentiate themselves in a competitive market landscape and enhance the global footwear market demand.
Non-Athletic Footwear Sales Account for 65% Share
|
Market Segment by Type |
Market Value Share 2023 |
|
Non-Athletic |
65% |
Based on type, the global footwear market is further divided into athletic and non-athletic footwear, where the non-athletic footwear dominates the global market share.
The non-athletic category encompasses a variety of footwear options, including flats, mules, sandals, heels, sneakers, and boots, suitable for various occasions.
As a result of the growing demand for environmentally friendly sneakers and footwear, numerous specialized companies and designers from around the world have made significant contributions to this expansive footwear category.
Further, there are some specialized companies and startups that exclusively concentrate on producing sustainable items and emphasize the advantages of sustainable footwear.
New sneakers are constructed using 100% post-consumer recycled plastic, while other components, such as insoles, laces, and outsoles, are crafted from recycled rubber, fishing nets, cork, and cotton.
Men Continue to Dominate Footwear Purchasing
|
Market Segment by End User |
Market Value Share 2023 |
|
Men |
55% |
Based on end user insights, the market is further divided into men, women and children, where the men segment dominates the market share. The men segment dominated the footwear market share with a majority share of 55.4%. The proclivity of males towards outdoor activities has been propelling the need for men's footwear.
Men have consistently shown a strong affinity for sports such as golf, cricket, hockey, and trekking. Therefore, introducing shoe designs targeted at various sports categories will contribute to the men's footwear market expansion.
Further, in the years to come, the expansion of the men's footwear business is anticipated to be driven by the rise of high-end e-commerce platforms.
Asia Pacific’s Contribution Rises High up to 40%
|
Region |
Market Value Share 2023 |
|
Asia Pacific |
40% |
The Asia Pacific region had the largest market share of around 40% and is anticipated to maintain this trend during the forecast period. The footwear business is heavily reliant on manual labour and is influenced by multiple factors like land availability, labour expenses, material availability, environmental conservation, and sales marketplaces.
As a result, to maximize their profits, major consumer markets, footwear manufacturers, wholesalers, and retailers around the world are increasingly turning their attention to nations with lower production costs.
This has resulted in a continuous relocation of global shoemaking facilities. Japan, Taiwan, India, and China are very profitable markets for footwear in the Asia Pacific region.
The increasing disposable income and higher living standards of customers are significant elements that are driving the footwear market demand for type in these countries.
The global footwear market is highly competitive, with several leading companies providing better commercial opportunities to their end consumers while utilizing new and high-end technologies into the manufacturing of shoes in different categories.
Major players in the footwear industry are utilizing high-end machineries to pacify their production with smart and automated machining tools, which eventually caters to the evolving consumer needs.
February 2023 -
Nike has continued its focus on sustainable footwear materials and launched new footwear lines made from recycled materials. They might have also made advancements in smart shoe technology, building on their existing innovations.
June 2023 -
Adidas likely continued to push boundaries in performance footwear and potentially introduced new athleisure lines catering to the growing demand for stylish and comfortable everyday wear. They might have also made progress in their sustainable material efforts.
June 2023 -
Puma has been upping its game with strategic collaborations with celebrities and fashion brands. This approach helps them tap into new markets and reach younger demographics.
|
Attributes |
Details |
|
Forecast Period |
2024 - 2032 |
|
Historical Data Available for |
2019 - 2023 |
|
Market Analysis |
US$ Billion for Value |
|
Key Regions Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon request |
By Type
By End User
By Region
For report customisation and delivery information contact our sales representative.
The global footwear market is estimated to exhibit a CAGR of 4.2% during the forecast period.
Asia Pacific is the leading region in the market.
The global footwear market is segmented based on type and end use.
Addidas, Nike, Puma, Crocs, Timberland Skechers are some of the major key companies in the market.
Non-athletic is the dominant product type segment.
