Global Footwear Market Overview
The footwear market size was valued at USD 370.2 billion in 2023. The footwear industry is projected to grow from USD 390.56 billion in 2023 to USD 568.14 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2024 - 2032). Increasing sports events, the involvement of people in physical activities, and the rising demand for convenient, comfortable, and fancy footwear are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, Analyst Review
Market CAGR for footwear is driven by increased spending on footwear from e-commerce platforms. With the advancement of customers' disposable income, it is human character to enhance their living standards and deliver more than essentials, purchasing quality shoes, both mid-range and high-range, with costs instantly growing. The shoe industry is more connected with the digital world. Digital platforms and digital marketing techniques have become the most dominant medium for consumers to shop for the shoes of their preference. With more businesses selling their product online through their website or collaborating with other E-commerce firms, consumers focus more on the online forum where they can see different products in a single click of their fingers regardless of their location.
The augmented demand for sustainable footwear is gaining traction in the market. As per the data published by the U.S. Department of the Interior, about 20 billion pairs of footwear are constructed annually, and around 300 million end up in dumps, most of which include non-biodegradable fabrics. There has been an upsurge in using sustainable materials and footwear labels that have created sustainability in their labels from their source. For instance, In February 2021, Nike established the Go FlyEase, a shoe created for the comfort of using without a hand. The shoe features a "bi-stable hinge" that allows wearers to easily step in and out of the shoe without utilizing their hands, creating it extremely suitable for individuals with disabilities.
With the fast evolution, changing lifestyles daily, and increasing disposable income, customers are more inclined toward trendy products. Customers are improving their living standards based on disposable income and consuming more stylish products. These kinds of customer preferences will create an opportunity for the essential market players operating ly.
Growing innovation in footwear with unique features and designs is the main factor for delivering multiple opportunities for a growing consumer base of footwear products. Customers are increasingly conscious of the latest fashion tendencies due to the growing adoption of social media, which is anticipated to form space for unique features and techniques in producing various styles of leather goods, driving the footwear market revenue.
The footwear market segmentation, based on product type, includes formal footwear, casual footwear, and sports footwear. The sports footwear segment dominated the market, accounting for 35% of market revenue (129.6 Billion). In developing nations, category growth is driven by increasing participation and individuals' inclination toward daily physical activities, such as gymming, running, and cycling. However, casual footwear is the fastest-growing category owing to the growing consumer inclination toward eco-friendly casual sneakers and footwear.
The footwear market segmentation, based on category, includes open footwear and closed footwear. The closed footwear category generated the most income (70.4%) due to the growing demand for comfortable, lightweight, and fashionable sports shoes. However, open footwear is the fastest-growing category over the forecast period as they are comfortable and easy to use.
The footwear market segmentation, based on product distribution channels, includes store-based {supermarkets & hypermarkets, specialty stores, and others}, and non-store-based. The store-based segment dominated the market, accounting for major market revenue over the forecast period. In developing economies, category growth is driven as it offers one-stop access to footwear from various brands at attractive prices. However, non-store-based is the fastest-growing category due to growing spending on footwear from online platforms.
The footwear market segmentation, based on end users, includes men and women. The men category generated the most income (70.4%) due to the tendency of men toward outdoor activities has been driving the market for men’s footwear. Sports, including cricket, hockey, golf, and hiking, have always been prevalent among men. However, women are the fastest-growing category owing to dedicated lines of female footwear brands.
Figure 1: Footwear Market by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American footwear market will dominate, owing to the existence of key footwear manufacturers in the region. The growing demand for stylish and comfortable footwear among consumers is fueling the market in this region. Further, the US footwear market held the largest market share, and the Canada footwear market was the fastest-growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: FOOTWEAR MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe footwear market accounts for the second-largest market share due to rapid urbanization and a preference to adopt a Western lifestyle and brands, especially in the middle class and rich society. Further, the German footwear market held the largest market share, and the UK footwear market was the fastest-growing market in the European region.
The Asia-Pacific footwear market is expected to grow at the fastest CAGR from 2023 to 2032. This region is home to many multinational sports equipment companies, often at the forefront of innovation. Moreover, the China footwear market held the largest market share, and the India footwear market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the footwear market grow even more. Market participants are also undertaking several strategic activities to expand their footprint, with important market developments including new product launches, mergers and acquisitions, contractual agreements, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the footwear industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the footwear industry to benefit clients and increase the market sector. Major players in the footwear market, including Crocs Retail, LLC, Adidas, SKECHERS USA, Inc., Nike, Inc., Okabashi, Bata Corporation, and others, are attempting to increase market demand by investing in research and development operations.
Puma SE is a sporting goods and equipment manufacturer that develops, designs, and markets apparel, footwear, and accessories for women, men, and children. The firm markets products under stitched, PUMA, and Cobra Golf brands. It also administers and approves licenses to independent firms to produce and market perfumes, eyewear, watches, and accessories. The firm sells consumer products via company-owned and licensed retail stores, e-commerce platforms, and wholesale. Puma also supports national teams of different sports across the globe. In March 2022, Puma partnered with Lega Serie A. Puma to be a technological partner of the football league and was the authorized supplier of athleisure and football for all competitions in Europe.
NIKE Inc designs, markets, and distributes athletic footwear, equipment, apparel, and accessories to women, men, and children. It markets and distributes articles for children and other recreational and athletic exercises, such as volleyball, baseball, cricket, football, lacrosse, tennis, skateboarding, wrestling, outdoor activities, walking, and different apparel with licensed college and professional group and league logos. The enterprise markets these products under Nike, Jordan, and Converse brands. Nike markets these products via company-owned retail stores, separate distributors, licensees, e-commerce portals, and sales agents ly. It also merchandises these developments through its e-commerce portal, nike.com. In July 2021, Nike established its 'Rawdacious colorway palette' that is a mixture of white as a primary, with elements of the pink blast, entire orange, and bright crimson, for its unique range of athletic footwear, such as Pegasus 38, Invincible Run, Air Zoom Superfly Elite 2, ZoomX Vaporfly NEXT%2, and Air Zoom Alphafly NEXT%, among others.
Key Companies in The Footwear Market Include
Footwear Industry Developments
December 2022: Asics created a gel-resolution 9: high-tech tennis shoe to help dynamic footwork along the baseline. GEL-RESOLUTION™ 9 shoes are created to deliver excellent kinetic stability for lateral moves in fast-paced tennis matches.
March 2022: Lululemon launched its very own footwear collection. The lifestyle brand disclosed its plans to establish four various sneakers variants, such as the Blissfeel shoe variant as the first product launch.
October 2021: Puma SE inaugurated its biggest store in north India in Gurgaon. The store in Gurgaon's CyberHub retail destination is spread over almost 7,000 sq ft and is a "digitally-enabled experiential store" with digital touchpoints to attract digitally savvy customers who are increasingly shopping through online websites.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 370.2 Billion |
| Market Size 2024 | USD 390.56 Billion |
| Market Size 2032 | USD 568.14 Billion |
| Compound Annual Growth Rate (CAGR) | 4.80% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Category, Distribution Channel, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Nike, Inc., Adidas AG., PUMA, Geox S.p.A, Timberland, Skechers USA, Inc., ECCO Ska A/S, Crocs Retail, LLC, Wolverine Worldwide, Inc., and Under Armour Inc |
| Key Market Opportunities | Recent advancements in innovation with new features and design |
| Key Market Dynamics | Rising demand for convenient, comfortable, and fancy footwear Increasing spending on footwear from online platforms |
Frequently Asked Questions (FAQ) :
The footwear market size was valued at USD 350.9 Billion in 2022.
The market is projected to grow at a CAGR of 4.80% during the forecast period, 2024-2032.
North America had the most considerable share of the market
The prominent players in the market are Adidas AG., PUMA, Geox S.p.A, Timberland, Skechers USA, Inc., Nike, Inc., ECCO Ska A/S, Crocs Retail, LLC, Wolverine Worldwide, Inc., and Under Armour Inc.
The sports footwear category dominated the market in 2022.
The store based had the most considerable share in the market.
The closed footwear category dominated the market in 2022.
Men had the most considerable share of the market.
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Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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