Footwear Market Analysis

Footwear is a type of apparel intend to wear on the feet in order to protect from various environmental factors such as ground texture and temperature. Footwear includes shoes, boots, and sandals. The footwear’s basically serve the function of preventing injuries and ease the locomotion. They can be classified into athletic footwear, hiking shoes, sneakers, sports, non-athletic footwear, and others.

The global footwear market is estimated to be valued at US$ 225,019 million in 2021 and is expected to exhibit a CAGR of 1.9% over the forecast period (2021-2028).

Recent Developments:

• In August 2021, Skechers, American lifestyle and performance Footwear Company, launched the sixth iteration of its widely successful walking shoes, GO WALK 6 in India. The GO WALK 6 collection features a lightweight ULTRA GO cushioning midsole and high-rebound Hyper Pillar Technology for added support.
• In September 2021, Kiwi Footwear Company, company manufactures fashion footwear and bags, launched Orba Ghost, a stylish street sneaker made almost entirely of natural materials and designed to biodegrade.
• In July 2021, ASICS, a Japanese sports apparel and footwear producer, launched ASICS SUNRISE RED NFT (Non-Fungible Tokens) collection, a first-of-its-kind footwear release. It consists of nine different ASICS digital footwear products – including the GEL-LYTE III, GEL-QUANTUM 360, METARACER models and even a pair of ASICS flip-flops and sandals.

Asia Pacific held dominant position in the global footwear market in 2020, accounting for 43.2% share in terms of value, followed by Europe and North America, respectively. Increasing population in Asia Pacific countries such as China and India has led to rise in demand of footwear in the region. 

Figure 1. Global Footwear Market Value (US$ Mn), by Region, 2020

Global Footwear Market: Drivers

The growing demand for footwear with innovative designs is driving the market growth of footwear. This is attributed to the growing adoption of western cultures coupled with the emerging fashion and market trends. Also, rising awareness regarding the active and healthy lifestyle is fueling demand for orthotic footwear. Moreover, improving standard of living and healthy lifestyle is shifting consumers' preferences towards fitness footwear like running shoes which is again augmenting the market growth of footwear.

The increasing population along with their income levels is propelling the market growth of footwear. According to the United Nation, the world population is projected to reach 8.5 billion in 2030, and to increase further to 9.7 billion in 2050 and 11.2 billion by 2100. 61 percent of the global population lives in Asia (4.7 billion). Thus, the growing population around the globe coupled with the increasing disposable income of the consumers is escalating the market growth of footwear. 

Global Footwear Market: Opportunities

Growing brand awareness due to the influence of social media is projected to bring profitable market opportunities over the forecast period. Manufacturers are adopting aggressive marketing strategies in order to create their brand awareness and positioned their products in the market. Brand awareness helps consumers in purchasing decisions. Thus brand awareness among consumers is increasing the sale of the footwear and this is projected to augment the market growth of the footwear.

Expanding e-commerce industry is creating potential market opportunities for the footwear market. This is attributed to the increasing penetration of the internet and smartphones which is boosting online transactions. According to the, We Are Social Ltd., the number of people using the internet has surged over the past year, with more than one million people coming online for the first time each day since January 2018. There were 4.39 billion internet users in 2019, an increase of 366 million (9 percent) versus January 2018.

Footwear Market Report Coverage

Report Coverage	Details
Base Year:	2020	Market Size in 2021:	US$ 225,019 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2021 to 2028
Forecast Period 2021 to 2028 CAGR:	1.9%	2028 Value Projection:	US$ 256,470 Mn
Geographies covered:	North America: The U.S., Canada, Mexico, and Rest of NA Europe: The U.K., Germany, France, Russia, and Rest of Europe Asia Pacific: Japan, Australia, Indonesia, Philippines, Vietnam, Thailand, South Korea, India, China, and Rest of APAC Rest Of World
Segments covered:	By Category: Athletic Footwear(Aerobics Shoes, Atheleisure Footwear, Running Shoes, Walking Shoes), Sports (Cross Training)(Baseball Footwear, Basketball Footwear, Soccer Shoes, Tennis Shoes, Cricket Footwear, Other Sports Shoes), Hiking Shoes(Other Athletics Footwear, Outdoor / Rugged Footwear, Trekking and Walking Boots, Seasonal Boots, Specialty Boots, Mountaineering Boots), Backpacking Boots(Approach Shoes, Hiking Boots, Technical Shoes), Non Athletic Footwear By Consumer Group: Men, Women, Kids By Retail Distribution: Store Based, Non Store
Companies covered:	Nike Inc., Under Armor Inc., Skechers, USA Inc., Puma AG, Crocs Inc., Geox SpA, Wolverine Worldwide Inc., and Adidas AG
Growth Drivers:	Growing demand for footwear with innovative designs Increasing population along with their income levels
Restraints & Challenges:	Increasing prices of raw materials  Growing environmental concern declining the demand for rubber, leather, and plastic footwear

Market Trends

Changing fashion trends around the globe is driving demand for designers' footwear. A growing number of the female working population is also fueling the sales of designers' footwear. Robust growth in the fashion industry due to growing awareness regarding the fashion sense is again driving the market growth of footwear. Furthermore, the rise in the textile and clothing industry is also projected to augment the market growth of footwear over the forecast timeframe.

Men's luxury sneakers are gaining traction in the market. Nowadays sneakers are the status icon for millennials and offering luxury brands is attracting this demographic. The market of men's luxury sneakers is gaining significant growth on the account of the increasing middle-class population coupled with the growing influence of social media platforms and the rise in millennial population around the globe. Hence, growing men's luxury sneakers are projected to foster the market growth of footwear.

Figure 2. Global Footwear Market Share, By Consumer Group, 2020

Key Takeaways of the Graph:

• Among Consumer Group, Men held dominant position in the market and accounted for 51.9% share in the global footwear market in 2020. The segment is expected to reach US$ 136,444 million in 2028.
• Men across the globe are more inclined towards fashionable footwear compared to women and kids. Increasing trendy men footwear has surged the demand of men consumer group.
• Among Retail Distribution, Store Based held dominant position in the market and accounted for 55.3% share in the global footwear market in 2020. The segment is expected to reach US$ 21,128 million in 2028.
• Consumer group of footwear prefer buying footwear in stores as it offers options like wearing footwear and experiencing quality of it through eyes.

Global Footwear Market: Restraints

Growing environmental concern has declined the demand for rubber, leather, and plastic footwear as they have various negative environmental impacts. Thus, increasing environmental concerns is expected to hinder the market growth of footwear.

Increasing prices of raw material used to produce footwear are hampering the production of footwear. This, in turn, is creating a gap in demand and supply. Thus the growing price of raw materials used for footwear is expected to restrict the market growth over the forecast period.

Competitive Section:

1. Nike Inc.    
2. Under Armor Inc.
3. Skechers, USA Inc.  
4. Puma AG
5. Crocs Inc.  
6. Geox SpA
7. Wolverine Worldwide Inc.            
8. Adidas AG

Recent Developments

In December 2019, Puma launched an £80 pair of shoes designed to be worn while playing video games.