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Global Footwear Market to Grow at 4% During 2022-2027, Supported by the Rising Demand for Convenient and Comfortable Products

Published on Feb 03, 2022

According to the latest report by IMARC Group, titled "Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global footwear market size reached a value of US$ 224.6 Billion in 2021. Footwear refers to articles worn on the feet for the purpose of fashion, adornment, hygiene, or providing protection against adversities of the environment, including temperature and ground textures. It consists of a flexible upper layer made of leather, jute, fabric, plastic, rubber, and other synthetic materials with a soft sole and heel to support the weight of the wearer. Their use offers enhanced convenience and comfort, and eases locomotion, thereby preventing major injuries. As a part of the clothing and apparel industry, footwear is comprised of shoes, athletic sneakers, sports shoes, luxury footwear, and other related goods that are commercially available in diverse patterns, colors, and advanced technical fabrications.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Footwear Market Trends:

The increasing demand for superior quality footwear with enhanced convenience and comfort are majorly driving the market growth across the globe. This is further supported by rising health concerns, which has prompted manufacturers to launch sports-focused footwear, such as football, cricket, basketball, and golf. In line with this, exponential investments by governments of various nations and global organizations to promote brands in sports leagues and participation, including Formula 1 (F1) car racing, Olympics, and the FIFA world cup, are also catalyzing the market growth. Moreover, key players are considerably investing in research and development (R&D) activities to introduce innovative product variants, such as eco-friendly footwear manufactured using sustainable materials and smart shoes consisting of pressure sensors to facilitate easy functioning of self-lacing, which is acting as another major growth-inducing factor. Besides this, the proliferation of smart phones, easy internet connectivity, and an increasing number of e-commerce platforms have enabled companies to offer enhanced convenience to users via flexible payment methods, easy return or exchange policies, and monetary benefits, which, in turn, is propelling the global sales of footwear. Furthermore, major brands, such as Lee Cooper, Adidas America, and PUMA, are strengthening their market presence by engaging consumers through social media platforms and adopting influencer culture, which is positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of 4% during 2022-2027.

Market Summary:

  • Based on the product, the market has been bifurcated into non-athletic and athletic footwear.
  • On the basis of the material, the market has been segmented into rubber, leather, plastic. fabric, and others.
  • Based on the distribution channel, the market has been divided into footwear specialists, supermarkets and hypermarkets, departmental stores, clothing stores, online sales, and others.
  • On the basis of the pricing, the market has been bifurcated into premium and mass.
  • Based on the end-user, the market has been classified into men, women, and kids.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Indonesia, Philippines, South Korea, North Korea, Malaysia, Vietnam and others), Europe (France, Italy, Russia and others), Middle East and Africa (Saudi Arabia, the United Arab Emirates, South Africa and others), and Latin America (Brazil, Mexico, Argentina, Chile, Peru and others).
  • The competitive landscape of the market has been examined, with some of the key players being 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., etc.

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