Footwear Market: Established Key players Will Try to Generate New Growth Opportunities During 2023-2032
The global footwear market is driven by factors such as changes in lifestyles, increases in health awareness, surge in government investment in sports events, and rise in number of sports-inspired children. On the other hand, the availability of counterfeit products and government rules and regulation toward leather products limits the expansion of the business.
However, the rise in demand for fancy yet comfortable footwear and increase in social media marketing are expected to create lucrative opportunities in the industry.
According to the report, the global footwear industry was estimated at $409.5 billion in 2022, and is anticipated to hit $725.1 billion by 2032, registering a CAGR of 5.9% from 2023 to 2032.
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The Women segment to retain its dominance by 2032-
By end user, the women segment accounted for the major share in 2022, garnering nearly half of the global footwear market revenue and is expected to retain its dominant status throughout the forecast time period. The increase in number of working women worldwide is fueling the demand for trendy and stylish footwear, which can be used for formal as well as casual occasions. Moreover, increase in disposable income is allowing individuals to spend more on luxury goods, thereby driving the growth of the women footwear segment. The children segment, however, would cite the fastest CAGR of 6.6% from 2023 to 2032.
Asia-Pacific garnered the major share in 2022.
By region, Asia-Pacific garnered the major share in 2022, accounting for more than two-fifths of the global footwear market revenue and is expected to retain its dominance throughout the forecast time period. One of the major factors that drive this phenomenon is trendy footwear.
The same region, simultaneously, would portray the fastest CAGR of 6.5% by 2032. The market in the region is driven by a rise in urbanization and the number of middle-class customers.
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Key findings of the study
By type, the non-athletic segment is estimated to witness significant growth, registering a CAGR of 5.8% during the forecast period.
By material, the non-leather segment is anticipated to grow at a CAGR of 5.8% during the footwear market analysis period.
By end user, the women segment is anticipated to grow at a CAGR of 5.6% during the forecast period.
By distribution channel, the offline stores segment is estimated to witness significant growth, registering a CAGR of 5.8% during the forecast period.
By region, Asia-Pacific was the dominant region in 2021, occupying a major share of the market.
Key players in the industry:
Nike Inc.
Crocs, Inc.
Geox S.p.A.
Skechers USA, Inc.
Adidas AG
Under Armour, Inc.
ECCO Sko A/S
Wolverine World Wide, Inc.
VF Corporation
Puma SE
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