Global Loafers Market Size, Share, Growth Analysis, By Type(Casual Loafers and Dress Loafers), By Distribution Channel(Offline Retail, and Online retail) - Industry Forecast 2024-2031

Global Loafers Market size was valued at USD 27.99 billion in 2022 and is poised to grow from USD 28.97 billion in 2023 to USD 35.15 billion by 2031, growing at a CAGR of 3.5% during the forecast period (2024-2031).

The increasing number of middle-aged workers who require stylish yet cozy footwear is promoting the usefulness of loafers. Because loafers are easier to put on and take off and feature a heel that isn't too tight, people of different ages consider them to be practical and pleasant footwear. Millennials and Generation X prefer to spend a lot of money on fashionable, opulent shoes. With a significant share of the market, leather shoes are considered luxury goods by many. The rising disposable income and middle-aged working people's growing need for stylish yet comfortable footwear are expected to have a major effect on the market's growth. The increase in product manufacturing and exports is also one of the major factors expected to fuel market growth over the forecast period. The working population's growing need for fashionable yet comfortable footwear is fueling the market's expansion, particularly in the Asia-Pacific area.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Loafers Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Loafers Market Segmental Analysis

Global Loafers market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into Casual Loafers and Dress Loafers. Based on distribution channel, the Loafers Market is segmented into Offline Retail and Online Retail. Based on region, the Loafers Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Loafers Market

An important factor propelling the worldwide loafers market is the growing tendency of casualization in social and professional contexts. Business casual dress codes are becoming more and more common, which has raised demand for fashionable yet comfortable footwear. Customers like loafers because they are a flexible option that may be dressed up or down. The market for casual loafers has also expanded as a result of the emergence of athleisure fashion, since these shoes provide a fashionable and comfortable substitute for conventional athletic shoes.

Restraints in the Global Loafers Market

The variable cost of raw materials is one of the main factors limiting the global market for loafers. A number of factors, including trade policies, animal diseases, and climate, have an impact on the cost of leather, a prominent material used in loafers. Because of the fluctuating price and availability of petrochemicals, the cost of synthetic materials used in loafers is likewise unpredictable. The cost of producing loafers can be affected by changes in the price of raw materials, which could result in higher costs and less demand from people who are price conscious.

Market Trends of the Global Loafers Market

An important trend in the worldwide loafers market is the increasing desire for environmentally friendly and sustainable footwear. Customers are favoring products created from sustainable materials and produced utilizing eco-friendly production practices as they become more conscious of the environmental impact of their purchases. Due to this trend, new companies are entering the market and providing eco-friendly and sustainable loafers. In order to meet the increasing demand and maintain their competitiveness in the industry, established businesses are also concentrating on integrating sustainable materials and production techniques.