The footwear market is expected to reach $530.3 billion by 2027 growing at a CAGR of 5.5% from 2020 to 2027
The online sales channel segment would witness the fastest growth, registering a CAGR of 8.3% during the forecast period.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Aug. 25, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Footwear Market by Type, Material, End User and Distribution Channel: Global Opportunities Analysis and Industry Forecast, 2020 – 2027”, the global footwear market size was valued at $365.5 billion in 2020 and is expected to reach $530.3 billion by by 2027, registering a CAGR of 5.5% from 2020 to 2027 Growing awareness of health and fitness among people is driving the growth of footwear market. Moreover, the increase in the trend of fitness exercises such as Zumba (a form of dance) and Yoga (physical activity) generates a huge demand for sports shoes among individuals. The increase in the number of sports enthusiasts and fans of sports such as football, basketball and hockey further creates an increased demand for cleats and shoes required for the respective sports. Furthermore, the upcoming 2020 Summer Olympics in Tokyo are expected to create lucrative opportunities for market players to launch new products and endorse their products to enhance their offerings. Hence, this will drive the growth of the market.
Key players operating in Footwear Market analysis include Adidas AG (Adidas), Nike, Inc. (Nike), PUMA SE (KERING), Under Armour, Inc., Skechers USA, Inc., Geox SpA, VF Corporation, CROCS, Inc., Ecco Sko A/S and Wolverine World Wide, Inc.
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Along with men and women, children now demand stylish, colorful and sport-inspired shoes. The increase in the number of children participating in various sports activities is fueling the demand for sports shoes. This has increased the high demand for soccer shoes, basketball shoes, hockey shoes, tennis shoes, baseball shoes and many other sports shoes among children. Apart from sports shoes, stylish sneakers, flip-flops, slip-ons, boots, and casual shoes are witnessing huge demand among kids, which is driving the growth of the overall market.
With the rise in demand for stylish yet comfortable shoes, affordable prices and improved designs of shoes at a cheaper price are expected to boost the overall growth of the industry. Moreover, various sportswear brands such as Nike, New Balance and Under Armor are adopting 3D printing technology in the production of shoes. Such features attract customers’ attention for purchasing the shoes which is expected to provide lucrative opportunities for market expansion over the forecast period.
However, the current ban on the slaughter of cows and related leather products has resulted in a shortage of leather as a raw material for the footwear industry. Insufficient availability of leather or hide, which are essential raw materials for leather footwear products, has resulted in high leather prices across the world. Moreover, the demand for leather shoes is high as they are considered a premium product in this industry. However, the ban on the use of leather in footwear manufacturing by the Leather Export Council of India ultimately reduced the production of leather footwear in India, which is a major export hub for developed countries. . The high price of leather prevents individuals from buying leather shoes, which are sold at relatively higher prices, which limits the growth of the market.
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Main results of the study
By type, the non-sports segment dominated the global footwear market in 2019 and is expected to maintain its dominance throughout the forecast period.
By material, the non-leather segment accounted for the highest share of footwear market growth in 2019 and is projected to grow at a CAGR of 5.0% from 2020 to 2027.
On the basis of end-user, women’s segment dominated the global footwear market demand in 2019 and is expected to maintain its dominance throughout the forecast period.
According to distribution channel, specialty stores were the largest shareholder in 2019 and are expected to register a CAGR of 4.3% from 2020 to 2027.
Regionally, Asia-Pacific accounted for approximately 41.4% of the footwear market in 2019 and is expected to grow at a CAGR of 6.5%.
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