Footwear Market is expected to grow at CAGR 3.7% during the forecast period, 2025
Published | 17 April 2019
According to BlueWeave
Consulting, the Global Footwear market is anticipated to worth USD 207.49
million in 2018, with a CAGR of 3.7% during 2019-2025. Footwear is increasingly
gaining popularity as a fashion accessory among consumers worldwide. The
increasing role of footwear as a precursor to new fashion trends is a lucrative
share in the market.
Growing enthusiasm and
awareness regarding the health benefits of sports & fitness activities
backed up by flourishing retail e-commerce sector globally, and the rising
disposable income of consumers in developing countries are estimated to drive
the growth of the footwear market over the forthcoming years. Moreover, the
health-conscious consumer starts preferring the appropriate type of shoes for
sports activities to prevent muscle injuries, leg injuries, knee pain, hip
pain, and back pain, which in turn increases the sales volume of footwear.
The increasing demand for
trendy yet comfortable footwear among consumers of all age groups is also
pushing the footwear market globally. Also, the prominent players in the market
are focusing on developing innovative technologies to increase the stability of
shoes and make them comfortable, which helps to provide maximum flexibility and
adequate support along the ankle to ensure free foot movement. Furthermore, the
rising demand for different types of footwear products is paving new
opportunities for the manufacturers. Additionally, Key players are using
various platforms, such as the Olympic Games, F1 car racing events, and are
collaborating with international sports platforms aiming to promote the
products worldwide.
Non-Athletic
footwear projected to be the most lucrative product segment of the Global
Footwear Market over the forecast period.
Based on the product, the
global footwear market can be classified as athletic and non-athletic footwear.
The non-athletic footwear is dominating the footwear market, such as Loafers
& Boat shoes, which falls under the non-athletic shoe category is most
popular among the consumers, globally. The non-athletic footwear is dominating,
which can be attributed due to the daily usage of running shoes and the
availability of these shoes at reasonable prices from affordable athletic shoes
to highly luxurious athletic shoes. Moreover, the demand for new casual
footwear types characterized by a combination of style and comfort is rising in
a population of all age groups. Recent product launch of footwear such as
Timberland launched limited-edition boat shoe collection, which was dedicated
to some of the European countries such as Italy, Germany, France, the U.K., and
Spain are boosting the popularity of footwear.
The
female segment is projected to be the fastest-growing End-User segment of the
Global Footwear market.
The Male segment accounted
for the highest footwear market share of the global footwear market over the
coming years. However, the women segment is projected to grow with a healthy
growth rate over the forecast period. The Female segment is growing owing to
the inclination of female consumers towards the purchasing of footwear based on
the different attires they wear on different occasions.
Asia
Pacific region is projected to dominate the Global Footwear Market during the
anticipated period.
The Asia Pacific region
dominated the global footwear market and is expected to retain its leading
position throughout the forecast period. Moreover, the region is expected to
witness the fastest growth over the coming years. Countries such as China,
India, Japan, and Australia recorded an increasing number of footwear purchases
over the years. Owing to the rising income level, favorable governmental policies,
promotion of the sporting events, increasing media exposure, and rapid
development of the economy are the key factors driving the demand for footwear
in this region. However, North America is projected to witness a promising
growth rate and is an important region in terms of revenue generation of the
global footwear market.
Global
Footwear Market: Competitive Landscape
Key players operating in the
Global Footwear market include Adidas AG, Nike Inc., Bata Limited, Puma S.E.,
Asics Corporation, V.F. Corporation, New Balance Athletics, Inc., Deichmann SE,
The Columbia Sportswear Company, Polartec, LLC, Skechers USA, Inc., Wolverine
World Wide, Inc. Major Key Players are focused on organic and inorganic
strategies such as merger & acquisition, and new product launches to enhance
their business and product.
Explore full report with
detailed TOC, “Global Footwear Market,
By Type (Athletic And Non-Athletic), By Material (Rubber, Leather, And
Plastic), By End-User (Male, Female), By Distribution Channel (Online Stores,
Supermarkets And Hypermarkets, Independent Retail Stores And Others), By Region
(North America, Europe, Asia Pacific, Latin America, Middle East & Africa),
Market Trend Analysis, Competitive Analysis, Size And Forecast, 2015-2025”
at https://www.blueweaveconsulting.com/global-footwear-market-bwc19155
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Related Report
Publish Date: November 2021
The growth of the global footwear market is attributed to the transformation of footwear from a necessity to a fashion accessory and availability of a wide range of footwear with various designs, occasions and comfort.
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