November 2022, Market Research Future has published a Report on the Global Formal Shoes Market
Market Research Future has recognized the following companies as the key players in the global formal shoes market: Ingredion C. & J. Clark International (UK), Dolce & Gabbana Luxembourg S.r.l. (Italy), Cole Haan (US), The Aldo Group Inc. (Canada), ECCO Sko A/S (Denmark), Bata Limited (Switzerland), Hush Puppies (US), Steve Madden Ltd (US), Kenneth Cole Productions, Inc. (US), and Roush (India).
The global formal shoes market is projected to be valued at USD 12,389.1 million by 2028, recording a CAGR of 11.82% during the forecast period. Increasing consumer spending on formal shoes followed by an increasing working women population is majorly driving the market growth. The growth of the organized retail sector in Asia-Pacific is further boosting market growth. The growing trend of sustainable footwear is expected to create new opportunities for the vendors active in the global market. Also, the strong influence of social media and marketing strategies provide a lucrative market to the existing players. However, the prevalence of the unorganized sector is restricting the market’s growth.
The global formal shoes market has been segmented based on product type, end-user distribution channel, and region.
Based on product type the global formal shoes market has been segmented into ballerina, mules, oxfords, derbies, boots, and others. The oxfords segment accounted for the largest market share of 32.42% in 2020. An oxford is a style of laced shoe. These shoes are characterized by shoelace eyelet tabs stitched underneath the vamp. This construction method is also referred to as "closed lacing". Oxfords were traditionally constructed of leather and were plain, formal shoes. However, they are now available in a range of styles and materials that complement both casual and formal forms of dress. Oxford shoes are meant for formal occasions and functions. They complement suits and provide outfits with an elegant touch.
Based on the end-user, the global formal shoes market has been segmented into men and women. The men segment accounted for the largest market share of 72.54% in 2020. The growth of this segment is driven by cultural shifts as men have become more concerned with their appearance, coupled with rising disposable income levels for men. Owing to the increasing number of style-savvy male consumers, manufacturers in the formal shoes industry are focusing on products targeted at the male audience. Also, online shopping and social media have influenced men to opt for different products suitable for different settings. These factors are cumulatively driving the segment growth during the review period.
Based on the distribution channel, the global formal shoes market has been segmented into store-based and non-store-based. The store-based channel is further segmented into supermarkets & hypermarkets, specialty stores, and others. The store-based segment accounted for a larger market share of 81.88% in 2020. Consumers prefer store-based channels as they provide a one-stop shopping experience. The store-based segment has been divided into supermarkets & hypermarkets, specialty stores, and others. The supermarkets & hypermarkets sub-segment is expected to be the largest in 2020, as these channels account for the maximum sale of formal shoes through the convenience of a variety of brands under one roof. The specialty stores sub-segment is projected to register the highest CAGR during the review period. When bought from their standalone specialty stores, consumers feel contended on spending highly on these products.
On the basis of region, the global formal shoes market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Europe has the largest share of 31.72% and is projected to record a CAGR of 11.44%. Europe contributes significantly to the formal shoes market owing to the European footwear sector covering a wide variety of materials (leather, rubber, textiles, and plastics) and products ranging from different types of shoes for men, women, and children to more specialized products such as formal boots and protective shoes. In addition, the European market is mainly driven by the increasing consumer inclination towards high-end and premium footwear ranges in formal categories. This is due to an overall increase in economic growth and an improvement in consumer purchasing power. This, in turn, creates positive prospects for the market. Moreover, the presence of well-known shoe manufacturers has a positive effect on market growth. They offer a variety of shoes with options in design, color, and price to suit the needs and purchasing ability of the individual. The North American formal shoes market is projected to generate an 11.64% CAGR from 2021 to 2028. Rising fashion awareness among consumers is propelling the growth of the North American formal shoes market. In addition, innovations in product design, health and wellness trends, and active promotions by footwear manufacturers are driving demand for formal sports shoes across the region. The footwear market in the United States has grown over the years due to an influx of new and innovative designs coupled with increased consumer awareness of lightweight shoes. In addition, the increase in online sales has had a positive impact on the growth of the footwear market in North America. The easy availability of products on online platforms has contributed to the sales of formal shoes. In addition, the North American formal shoes market is experiencing rapid expansion, largely due to rapid demand for new and innovative footwear products in the formal category. The Asia-Pacific formal shoes market was valued at USD 1,413.4 million in 2020 and is projected to generate USD 3,323.1 million by 2028, at a 12.32% CAGR from 2021 to 2028. Several footwear companies have started to devote great efforts to improving their technological and innovation capability to remain competitive and increase specialized production, leading to more applications through new technologies, materials, and processes. In Asia-Pacific, the men's formal footwear market is greatly aided by growing demand in emerging economies such as China and India. Rapid urbanization and growing demand for Western brands have been seen across Asia-Pacific, which has presented opportunities for international footwear brands. Additionally, an increase in online shopping adoption among Asia-Pacific shoppers has bolstered potential customers for online shoe sales in the region. The main export destinations are China and Vietnam, to which exports increased more than 55% in the year 2020. The market in the rest of the world consists of South America and the Middle East & Africa. The market in the rest of the world accounted for a 14.51% market share in 2020 and is projected to register a growth rate of 12.08% during the forecast period. South America accounted for a 46.25% share of the formal shoes market in the rest of the world in 2020. The advent of omnichannel retailing in the Middle East and Africa will be one of the important factors expected to drive the growth of the formal shoes industry. The right distribution channels are some of the strategies used by footwear manufacturers to promote their products coupled with strategic initiatives such as product launches, mergers and acquisitions, partnerships, and investing in R&D.
Key Findings of the Study:
- The global formal shoes market is projected to register a growth rate of 11.82% from 2021 to 2028.
- The oxfords tools segment accounted for a larger market share of 64.71% in 2020 whereas, mules are expected to exhibit a CAGR of 12.3% during the review period.
- Men accounted for the largest market share of 72.54% in 2020 whereas, women are projected to register the highest CAGR of 12.18% during the forecast period.
- The store-based segment is estimated to retain its dominant share till 2028, whereas the non-store-based segment is estimated to register the highest growth rate of 12.51% during the forecast period.