PUBLISHER: Allied Market Research | PRODUCT CODE: 1344425
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344425
According to a new report published by Allied Market Research, titled, "Footwear Market," The footwear market was valued at $409.5 billion in 2022, and is estimated to reach $725.1 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
The foot is shielded and protected by footwear from the textures, temperatures, and gravel roads of the ground. Different materials, including leather, plastic, rubber, and cloth, are used to make shoes. One of the most popular materials for the original iteration of footwear is leather. For the production of footwear, companies like Nike are turning to environmentally friendly raw materials including recycled carpet padding, car tires, and organic cotton.
The increase in penetration of various online portals in developing regions and the rise in the number of offers or discounts attract consumers to purchase footwear through online channels. Moreover, online sales channels increased consumer reach owing to which it has evolved as a key source of revenue for many companies. Furthermore, the online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets. An increase in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter new international markets for major brands further augment the growth of the footwear market.
Consumer behavior changes have had a big impact on the footwear sector. A survey was done by prominent Asia-Pacific retailer Bata to find out how people's fashion preferences are changing. The poll discovered that men buy a pair of shoes every four months, as opposed to women who buy them every two months. This factor significantly affects how quickly the global footwear market is growing. Additionally, customers consider comfort when choosing the appropriate footwear. Additionally, individuals are purchasing stylish and comfortable shoes, which contributes to the market's expansion. The demand for stylish, vibrant shoes among children is similar to that of adults and is a key factor in the growth of the global market.
People are currently becoming more aware of their health on a global scale. As a result, more individuals across all age groups are using fitness centers and participating in both indoor and outdoor exercise activities, which in turn has raised the demand for athletic footwear. Working people also pick fitness regimens like swimming, running, and exercising to maintain a healthy and active lifestyle. As a result, all age groups now have a need for footwear, which is encouraging market expansion.
Government support for competitive sports has increased, including FIFA, the Olympics, Formula 1, and Cricket World Cups. The number of athletes competing in the organized domestic athletic events has increased thanks to government officials' encouragement to sign up. There is a growing need for sports accessories such as apparel, sunglasses, and footwear as a result of the increase in participation.
Like men and women, today's kids demand elegant, stylish, colorful, and sporting-inspired footwear. The demand for athletic footwear has increased as a result of the rise in the number of youth playing sports. Shoes for kids' sports including football, basketball, hockey, tennis, baseball, and more are becoming much more in demand. In addition to athletic footwear, children have a strong preference for attractive trainers, flip-flops, slip-ons, boots, and casual shoes, which is what is fueling the growth of the worldwide footwear sector.
The Footwear Market is segmented on the basis of type, material, end users, distribution channel, and region. By type, the footwear Market is classified into athletic and non-athletic. Depending on the material, the market is categorized into leather and non-leather. By end users, it is categorized into men, women, and children. Depending on the distribution channel, the market is categorized into E-Commerce and offline channel. By region, the market is analyzed in North America, Europe, Asia Pacific, and LAMEA.
Some of the major players analyzed in this report are: Adidas AG, Nike Inc, Puma SE, Under Armour, Inc, Skechers USA, Inc., Geox S.P.A., VF Corporation, Crocs, Inc., ECCO Sko A/S and Wolverine World Wide, Inc.