According to the latest report published by Credence Research, Inc. “Global Footwear Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the market was valued at US$ 222.4 Bn in 2017, expected to grow at the CAGR of 3.1% from 2018 to 2026.
Increased demand for sports shoes and designer shoes is responsible for the major growth of the footwear industry. Footwear sales have doubled over the last few decades, and the proliferation of different designs and styles has helped to retain customers and has also attracted the attention of new customers. Rising demand for sports shoes among health-conscious consumers is one of the key factors driving the growth of the market in footwear.
Busy work schedules and sedentary lifestyles result in chronic health problems such as diabetes and obesity, among others. It encourages people to participate in a variety of physical activities and sports. Major sporting events such as the Cricket World Cup, the Olympics, FIFA, among others, are raising the market for sports shoes among athletes and fans. In addition, regular product changes and the introduction of new products are factors that drive the market for sports shoes. For example, in 2016, Asics released “MetaRun” high-tech running shoes, which attracted considerable consumer attention.
Based on the type of product, non-athletic shoes dominated the market in 2017. Loafers & Boat shoes, which come under the category of non-athletic shoes, are popular with consumers all over the world. In 2016, Timberland launched a limited edition boat shoes line dedicated to certain European countries such as Italy, Germany, France, the United Kingdom and Spain. Based on different types of material, the market is divided into leather, plastic and synthetic rubber, plant based, among others.
Leather had a significant market share in 2017 and is expected to show similar trends in the coming years. Luxury brand Hugo Boss launched Vegan pineapple leather men’s shoes in 2018. The Company raised questions about the growing demand for cruelty-free footwear by launching vegan shoes for people. The range was described as “Innovation Meets Responsible Design” and included sneakers in four different colours.
The market further segmented into distribution channels such as online channels, hypermarkets and specialty stores, among others. Hypermarkets dominated the market in 2017 due to the wide availability of different types of products in hypermarket chains, followed by a consumer preference for this mode of purchase of footwear.
Nonetheless, the digital channel expected to see the fastest growth during the forecast period due to the ease of shopping, discounts and easy return policies provided by different manufacturers. Based on the women’s end-use category, the industry dominated in 2017 due to the propensity to buy footwear based on the different clothing they wear on different occasions.
Asia Pacific dominated the global footwear market in 2017 and expected to maintain its leading position throughout the forecast period. The area is expected to see the fastest growth in the forecast period. Countries such as China, India, Japan, and Australia have seen a growing number of purchases of shoes over the years. China dominated the Asian Pacific footwear market in 2017. Rising income levels, government support, promotion of sporting events, increased media coverage and rapid economic growth are key factors driving the demand for footwear in China.
Key players operating in the global footwear market include Adidas AG, Nike Inc., Bata Limited, Puma SE, Asics Corporation, VF Corporation, New Balance Athletics, Inc., Deichmann SE, The Columbia Sportswear Company, Polartec, LLC, Skechers USA, Inc., Wolverine World Wide, Inc. among others.