Global Footwear Market – Industry Trends and Forecast to 2031

Footwear Market Analysis and Size

The footwear market encompasses a wide range of uses, including athletic performance, casual wear, formal occasions, and specialized activities such as hiking or work. Their application includes providing luxury and safety to the footwear to enhance style and performance. There are several recent trends in footwear including sustainability initiatives and customization options for improving performance. For instance, Nike's Flyknit technology offers lightweight and breathable footwear for athletes, while Allbirds focuses on sustainable materials such as merino wool and tree fiber, catering to environmentally-conscious consumers seeking comfort and style.

Global footwear market size was valued at USD 662.48 billion in 2023 and is projected to reach USD 1,040.06 billion by 2031, with a CAGR of 5.8 % during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Footwear Market Scope and Segmentation

Market Definition

Footwear refers to garments worn on the feet, typically for protection and comfort. They come in various styles and materials to suit different purposes and fashion preferences, providing support, cushioning, and stability during walking, running, or other activities.

Footwear Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail below:

Drivers

• Rising Demand for Athleisure Footwear

The rising demand for athleisure footwear reflects a shift in consumer preferences towards stylish footwear suitable for athletic activities, travel, and casual wear. Athleisure footwear signifies a cultural shift towards comfort and versatility in fashion. Consumers are increasingly seeking footwear that blends athletic performance features with everyday style, reflecting a desire for functional yet fashionable options suitable for various activities and occasions. This trend has prompted footwear brands to innovate with materials, designs, and technologies to meet the demand for athleisure footwear. Athleisure footwear has become essential in wardrobes worldwide, offering individuals the opportunity to express their active lifestyle while maintaining comfort and trendiness. The popularity of athleisure footwear continues to grow as it resonates with the modern consumer's lifestyle preferences and creates a surging demand, fostering market growth.

For instance,

• The introduction of Nike Air Jordan basketball shoes redefined the market, bridging athletic functionality with fashion appeal. Initially targeting on-court performance, Air Jordans rapidly evolved into iconic fashion trends, heralding the dawn of athleisure footwear. Their innovative designs and advanced features set new industry standards, driving market growth
• Rising Innovation in Materials and Technology

Innovation in materials and technology within the footwear industry encompasses advancements in fabrications, manufacturing processes and performance-enhancing features. Engineers and designers continuously explore new materials such as sustainable alternatives, advanced foams, and specialized textiles to improve comfort, durability, and performance. In addition, technological innovations such as 3D printing and computer-assisted design (CAD) allow for precise customization and faster production cycles. These advancements contribute to the development of footwear that meets evolving consumer demands for ease, style, and functionality, driving the industry forward shaping future trends, and boosting market grow

Opportunities

• Increasing Online Retail Penetration in Footwear Industry

Increasing online retail penetration in the footwear industry reflects a growing consumer preference for convenient shopping experiences and a shift toward digital platforms. Online retailers offer a wide selection of footwear options, competitive pricing, and seamless purchasing processes, attracting shoppers away from traditional brick-and-mortar stores. In addition, advancements in virtual try-on technology and flexible return policies mitigate concerns about fit and style, further driving online sales. Footwear brands and retailers are adapting by optimizing their online presence, investing in e-commerce platforms, and leveraging digital marketing strategies to reach and engage with customers effectively in the digital marketplace, fostering market growth.

For instance,

• Adidas, which has expanded its e-commerce platforms to cater to shifting consumer preferences. Through virtual try-on tools and hassle-free return policies, Adidas ensures a seamless online shopping experience, enticing customers away from traditional stores. This adaptation underscores the brand's commitment to meeting evolving consumer demands in the digital age
• Growing Awareness of Health and Wellness

The growing emphasis on health and wellness is significantly influencing footwear sales as consumers prioritize comfort, support, and functionality. Footwear brands are responding by designing shoes with features that promote foot health, such as cushioning, arch support, and ergonomic designs. Additionally, there is a rising demand for shoes suitable for various activities such as walking, running, and fitness training, aligning with the increased focus on active lifestyles. As individuals become more conscious of the importance of foot health in overall wellness, they seek footwear options that not only look stylish but also contribute to their physical comfort and well-being, ultimately driving market growth.

Restraints/Challenges

• Supply Chain Disruptions and Logistics Challenges

Supply chain disruptions and logistics challenges in the footwear industry can arise from various factors such as natural disasters, political instability, or global pandemics, disrupting the flow of materials and finished products. These disruptions can lead to delays in production, shipping, and delivery, impacting inventory management and customer satisfaction. In addition, complex global supply chains involving multiple suppliers and manufacturing locations increase the risk of bottlenecks and communication breakdowns, which is expected to restrain market growth.

For instance,

• During the COVID-19 pandemic, footwear companies faced supply chain disruptions and logistics challenges due to factory closures and shipping delays. Nike, experienced production slowdowns and inventory shortages, leading to increased lead times and difficulties in meeting customer demand for their popular sneakers
• Competition from Alternative Footwear Options

Competition from alternative footwear options presents a challenge to traditional footwear brands as consumers increasingly embrace alternatives such as sandals, flip-flops, and barefoot shoes. These alternatives offer versatility appealing to individuals seeking minimalist or lifestyle-oriented footwear options. In addition, niche brands specializing in specific activities such as water sports and cycling compete with mainstream footwear brands by offering specialized features and performance benefits. The persistent competition from alternative footwear options poses a difficult task to traditional brands, necessitating strategic adaptation to avoid being marginalized in an ever-evolving market landscape, restraining market growth.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market, contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In December 2022, Asics developed a gel-resolution 9: high-tech tennis shoe to support dynamic footwork along the baseline. GEL-RESOLUTION 9 shoes are designed to provide excellent kinetic stability for lateral movements in fast-paced tennis matches. Its high-tech design enhances performance, attracting tennis enthusiasts seeking competitive advantages, thus expanding the market for specialized athletic footwear tailored to meet the demands of professional players
• In September 2022, Under Armour launched its first running shoe made on a women's last UA Flow Synchronicity combines revolutionary UA Flow technology and consumer insights to create a shoe designed for HER - her form, her speed, her rhythm, her Journey to Compete. This initiative not only expands the brand's product offerings but also strengthens its appeal to female consumers, fostering loyalty and driving market growth through increased sales and brand recognition within the women's athletic footwear market segment

Footwear Market Scope

The market is segmented into four notable segments which are based on type, shoe material/soling marteial, distribution channel , and end-user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Loafers
• Shoes
• Sandal/Flip-Flops
• Ballerinas
• Boots Wedges
• Athletics
• Healthcare Shoes
• Others

Shoe Material /Soling Material

• Plastic
• Leather
• Rubber
• Textile
• Others

Distribution Channel

• E-commerce
• Specialty-Store
• Supermarkets-Hypermarkets
• Convenience Store
• Others

End-User

• Women Men
• Children

Footwear Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by type, shoe material/soling marteial, distribution channel , and end-user as referenced above.

The countries covered in the market report are U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

Asia-Pacific is expected to dominate the market owing to the driving growth of footwear industries across the country. Sandals/flip-flops are found to be the most common footwear in the Asia-Pacific market.

The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Footwear Market Share Analysis

The market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

• Crocs Retail, LLC (U.S.)
• Adidas (Germany)
• SKECHERS USA, Inc. (U.S.)
• Nike, Inc. (U.S.)
• Okabashi. (U.S.)
• BATA BRAND (Switzerland)
• GEOX s.p.a (Italy)
• PUMA (Germany)
• Under Armour, Inc. (U.S.)
• Wolverine World Wide, Inc. (U.S.)
• ASICS Corporation. (Japan)
• THE ALDO GROUP INC. (Canada)
• Relaxo Footwears Limited. (India)
• KERING (France)
• VF Corporation (U.S.)
• Deichmann SE (Germany)
• FILA Holdings Corp. (South Korea)
• New Balance (U.S.)
• ECCO Sko A/S (Denmark)
• Burberry (U.K.)

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