Rising Demand for Comfortable, Fancy and Eco - Friendly is Escalating the Growth of Footwear Market

The rising instances of lifestyle-related health issues, such as stress and obesity, are pushing an increasing number of people to engage in sports and fitness activities, which is fueling the demand for comfortable and stylish footwear. Furthermore, the growing sales facilitated by e-commerce, extensive spending on advertising by footwear brands, and rising demand for athletic footwear are the major factors driving the market’s growth. Additionally, increase in the number of working population worldwide is driving the demand for trendy and stylish footwear, which can be used for formal as well as casual occasions. Prominent market players are continuously indulging in advanced innovation with new design and features to gain a competitive edge in the market place which is expected to create considerable opportunities in the market.

According to Marketlook Consulting’ research report “Global Footwear Market Analysis, 2021”, the footwear market is anticipated to grow at a CAGR 4.3% during 2022-29. The market would reach to USD 541.45 billion by 2029.

Based on end user, the market is segmented into men, women, and children. The women sub-segment has led in terms of market share in 2021 and is expected to retain its dominance during the forecast period. This is attributed to increasing in the number of working women worldwide that fuels the demand for trendy and stylish footwear, which can be used for formal as well as casual occasions.

“Global Footwear Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for footwear manufacturers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.       

North America Dominated the Market

Based on leading regions, North America dominated the global footwear market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 due to the presence of major footwear manufacturers in the region. Furthermore, the increasing demand for stylish and comfortable footwear among consumers is fueling the market. The growing popularity of sports such as football, basketball, and various snow sports is projected to fuel the demand for footwear market in the forthcoming period as stated in Marketlook Consulting research report “Footwear Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global footwear market are Adidas AG, Nike Inc., Puma SE, Under Armour, Inc., Skechers USA, Inc., ASICS Corporation, Bata Corporation, CROCS Inc., VF Corporation, Wolverine World Wide, Inc.

Market Segmentation:

• By Type (Athletic, Non-Athletic)
• By Material (Leather, Non-Leather)
• By End Users (Men, Women, Children)
• By Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Brand Outlets, Online Sales Channel, Others)
• By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
• By Company (Adidas AG, Nike Inc., Puma SE, Under Armour, Inc., Skechers USA, Inc., ASICS Corporation, Bata Corporation, CROCS Inc., VF Corporation, Wolverine World Wide, Inc.)

Key questions answered in the study:

• What are the current and future trends of the footwear industry?
• How the industry has been evolving in terms of user types demand and application areas?
• How the competition has been shaping across the countries followed by their comparative factorial indexing?
• What are the key growth drivers and challenges for the footwear industry?
• What is the customer orientation, purchase behavior, and expectations from the footwear firms across various regions?