Footwear Market

Market Overview:

The global footwear market size reached US$ 243.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 332.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032. The increasing demand for superior quality footwear, easy availability of unique designs, and the growing number of organized retail outlets represent some of the key factors driving the market.

Increasing Fashion Consciousness Among Individuals Impelling Market Growth

The footwear market has been experiencing continuous growth on account of the shifting preferences of consumers toward footwear that matches their daily outfits, along with the increasing number of individuals wearing different footwear for different occasions. Vendors are also expanding their catalogue to meet the demand of people. In addition, there is a rise in demand for fashionable footwear that helps in reflecting the individuality of a consumer. There is also an increase in the demand for trendy footwear among women, especially with beads, frills, lace and other intricate work. Moreover, the easy availability of footwear and rising fashion consciousness among people of all age groups contribute considerably in replacement purchases.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with the presence of a few large players operating in the industry due to low product differentiation. The volume of new entrants is also low in the footwear industry due to the presence of a large number of players, minimum capital investments, and easy access to distribution networks.

What is Footwear?

Footwear is worn for providing comfort and protection to the feet. It includes shoes, boots, sandals, and slippers and is manufactured using a wide variety of materials, such as wood, canvas, leather, jute, plastics, and rubber. It protects the feet and provides support while walking or engaging in other activities. In addition, it serves as a fashion statement and is utilized to express personal style. It is also designed to perform specific activities including athletic and non-athletic activities, such as running, hiking, and working. It is commercially available in a wide variety of shapes, sizes, and colors and can also be customized with text, logos, and prints. It can easily decompose in the environment and does not add to landfill wastes or pollute water bodies.

COVID-19 Impact:

The COVID-19 pandemic outbreak resulted in a severe problem for the footwear industry and imposed unprecedented challenges on numerous countries. It also created a serious disturbance in the packaging sector and hampered the supply chains, which resulted in shortages and increments in the price of raw materials. This also caused a significant drop in the production of footwear and order delays for the packaging companies. Moreover, the shutting down of retail outlets led to a decline in the demand for footwear.

Footwear Market Trends:

At present, key market players are extensively investing in marketing strategies, such as celebrity endorsements, social media promotion, and banner advertising, which represent one of the key factors positively influencing the market. In addition, changing consumer preferences and increasing adoption of new technologies are offering lucrative growth opportunities for key market players to introduce innovative designs and features that offer more comfort. Moreover, the rising penetration of high-speed internet and the increasing usage of e-commerce websites through which companies are providing fast and convenient functional experiences to customers, such as secured payment gateways, grievance management, after-sales services, and competitive pricing, is strengthening the market growth. Apart from this, small and local vendors are finding success in reaching premium customers by making their products available online and thus available on a national scale. Additionally, the escalating demand for healthy footwear with orthopedic recommendations that aid in ankle problems and inflammation in the foot is fueling the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global footwear market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on product, material, distribution channel, pricing and end-user.

Product Insights:

• Non-Athletic Footwear
• Athletic Footwear
   

The report has provided a detailed breakup and analysis of the footwear market based on the product type. This includes non-athletic footwear and non-athletic footwear. According to the report, non-athletic footwear represented the largest segment due to the increasing influence of fashion trends, celebrity endorsements, and social media promotion. In addition, the demand for non-athletic footwear is largely influenced by the introduction of innovative designs and features that offer more comfort.

Material Insights:

• Rubber
• Leather
• Plastic
• Fabric
• Others
   

A detailed breakup and analysis of the footwear market based on the material has also been provided in the report. This includes rubber, leather, plastic, fabric, and others. According to the report, rubber accounts for the largest market share, on account of its various benefits, such as protection against harsh chemicals and high temperatures, reduced fatigue, and strong grip on the ground. Moreover, rubber footwears are extremely cost-effective and available in a wide variety of sizes. 

Distribution Channel Insights:

• Footwear Specialists
• Supermarkets and Hypermarkets
• Departmental Stores
• Clothing Stores
• Online Sales
• Others
   

A detailed breakup and analysis of the footwear market based on the distribution channel has also been provided in the report. This includes footwear specialists, supermarkets and hypermarkets, departmental stores, clothing stores, online sales, and others. According to the report, footwear specialists account for the largest market share on account of the rising prevalence of medical conditions related to feet, ankles, calves, and legs. Apart from this, footwear reduces the risk of developing corns, blisters, and calluses and minimizes foot fatigue.

Pricing Insights:

• Premium
• Mass
   

A detailed breakup and analysis of the footwear market based on the pricing has also been provided in the report. This includes premium and mass. According to the report, mass accounts for the largest market share on account of the easy availability of footwears through online and offline distribution channels, coupled with secured payment gateways. In addition, increasing investments in the marketing strategies, such as social media promotion and celebrity endorsements are augmenting the growth of the market.

End User Insights:

• Men
• Women
• Kids
   

A detailed breakup and analysis of the footwear market based on the end user has also been provided in the report. This includes men, women, and kids. According to the report, women accounts for the largest market share due to the increasing influence of fashion and shifting preferences for wearing different types of footwear to work, sports, and casual meetings Besides this, the increasing popularity of orthopedic footwear among women individuals is positively influencing the market growth.

Regional Insights:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the report, North America is the largest market for footwear. Some of the factors driving the North American footwear market include the launch of innovative product designs, coupled with the high disposable income levels of the consumers that positively influence the sales of premium products in the region. Furthermore, North America, being the early adopter of the latest fashion trends, gets easy access to all the trending designs and styles of footwear. Also, the easy availability of a wide range of footwear online or in the well-developed retail channels of the region is propelling the market growth.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global footwear market. Some of the companies covered in the report include:

• Nike Incorporation 
• Adidas AG 
• PUMA 
• Geox S.p.A 
• Skechers USA, Incorporation 
• Timberland 
• Crocs Retail, Inc. 
• Ecco Sko A/S 
• Wolverine World Wide, Inc. 
• Under Armour Inc. 
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the footwear market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global footwear market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the footwear industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.