Coherent Market Insights

Footwear Market is Expected to Surpass US$ 475.08 Bn by 2031

Footwear Market is Expected to Surpass US$ 475.08 Bn by 2031 - Coherent Market Insights

Publish In: Feb 29, 2024

Footwear Market, By Category (Athletic Footwear, Sports, Hiking Shoes, Backpacking Boots, and Non Athletic Footwear), By Consumer Group (Men, Women, and Kids), By Retail Distribution (Store Based and Non Store), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) was valued at US$ 364.81 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 4.5% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.

Footwear is designed to wear on feet and is used to cover the feet from ground texture, toads, gravels, and others. These are produced from different materials such as rubber, plastic, leather, and fabric. Out of which, leather is one of the most popular materials used for the manufacturing of footwear. Nowadays, manufacturers are also using eco-friendly raw materials such as organic cotton and recycled car tires to produce footwear.

Global Footwear Market – Impact of Coronavirus (COVID-19) Pandemic

Global footwear market has been negatively impacted by the COVID-19 pandemic. In 2020, the demand for footwear sole material products had decreased, leading to a decline in the consumption of sports and casual shoes across all end user segments. The pandemic caused the closure of stores, decrease in the demand for footwear, and challenges such as order cancellations, price reductions, and unemployment in the market. Despite the negative impact of the COVID-19 pandemic, there is optimism about the market potential for recovery, especially as the post-pandemic market is expected to increase the demand for a unique blend of stylish yet comfortable products. The pandemic severely disrupted supply chains, leading to challenges in production and distribution for manufacturers. The market faced challenges, such as order cancellations, price reductions, and liquidity crises, which significantly impacted the market. The pandemic led to unemployment, bankruptcy threats, and uncertainty in the market, contributing to the decline in the market growth. The demand for footwear products decreased as people were confined to their homes, leading to restrictions on the supply chain and a decline in the consumer purchasing power.

Global Footwear Market: Key Developments

In September 2021, Kiwi Footwear Company, a company that manufactures fashion footwear and bags, launched Orba Ghost, a stylish street sneaker made almost entirely of natural materials and designed to biodegrade.

In August 2021, Skechers, a U.S.-based 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.

Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Footwear Market”- Forecast to 2031, Global Footwear Market, By Category (Athletic Footwear, Sports, Hiking Shoes, Backpacking Boots, and Non Athletic Footwear), By Consumer Group (Men, Women, and Kids), By Retail Distribution (Store Based and Non Store), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).

Link: https://www.coherentmarketinsights.com/market-insight/footwear-market-760

Key Takeaways of the Global Footwear Market:

Among consumer group, the men segment held the 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$ 212.44 Bn in 2031. Men across the globe are more inclined towards fashionable footwear as compared to women and kids.

Among retail distribution, the store based segment held the 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$ 34.12 Bn in 2031.

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports


Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail


Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Created billion dollars of revenue impact on thousands of clients

trusted clients logo
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.