According to the latest report by IMARC Group, titled “Men Formal Shoe Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global Men formal shoe market size reached US$ 9.7 Billion in 2022. Men formal shoes are worn by working professionals in offices, business meetings, and special occasions. They are generally paired with shirts and trousers to give a complete formal look. They include ballerinas, mules, oxfords, derbies, and boots made of cowhide and artificial and grained leather. They are sleek, presentable, highly comfortable to the feet, and offer a distinctive appearance, better finishing, and higher durability as compared to their casual counterparts.
Men Formal Shoe Market Trends:
Increasing working male population, rising expenditure capacity and shifting fashion trends are among the major factors catalyzing the demand for premium and branded footwear. The rising prevalence of foot problems caused by wearing uncomfortable shoes, which include plantar fasciitis, tendonitis, stress fractures, and shin splints, is also contributing to the market growth. Besides this, the increasing influence of social media platforms and fashion blogs is offering a favorable market outlook. Moreover, formal shoes are readily available through online distribution channels at discounted rates and supported by free home delivery and secured online payment facilities. The rising trend of dress-coded parties and business meetings is also driving the demand for men formal shoes across the globe. Furthermore, leading industry investors are focusing on expanding their product portfolio by introducing formal shoes with intricate designs, superior cushioning soles, and waterproofing features. They are also investing in promotional activities, celebrity endorsements, and other marketing strategies to expand their consumer base and increase profitability. Looking forward, the market value is projected to reach US$ 14.0 Billion by 2028, expanding at a CAGR of 6.2% during 2023-2028.
- Based on the shoe type, the market has been segmented into oxford, derby, loafer, boots, and other shoes. At present, oxford shoes account for the largest market share.
- On the basis of the leather type, the market has been divided into patent leather, pebble and full grain leather, top grain leather, and suede leather. Patent leather currently holds the biggest market share.
- Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Europe enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Alden Shoe Company, Allen Edmonds Corporation (Caleres Inc.), Bruno Magli S.p.A. (Marquee Brands), Burberry Group Plc, C. & J. Clark International Ltd. (C&J Clark (Holdings) Limited), Calvin Klein Inc. (PVH Corp.), Cole Haan, Dolce & Gabbana S.r.l., Genesco Inc., Guccio Gucci S.p.A (Kering Holland NV), Hugo Boss AG, LVMH Moët Hennessy Louis Vuitton, and Prada S.p.A.
|Base Year of the Analysis
|Shoe Types Covered
||Oxford Shoe, Derby Shoe, Loafer Shoe, Boots Shoe, Others
|Leather Types Covered
||Patent Leather, Pebble and Full Grain Leather, Top Grain Leather, Suede Leather
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alden Shoe Company, Allen Edmonds Corporation (Caleres Inc.), Bruno Magli S.p.A. (Marquee Brands), Burberry Group Plc, C. & J. Clark International Ltd. (C&J Clark (Holdings) Limited), Calvin Klein Inc. (PVH Corp.), Cole Haan, Dolce & Gabbana S.r.l., Genesco Inc., Guccio Gucci S.p.A (Kering Holland NV), Hugo Boss AG, LVMH Moët Hennessy Louis Vuitton, Prada S.p.A., etc.
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