The global footwear market is evaluated at US$204.140 billion for the year 2019 and is estimated to reach US$251.820 by 2025 growing at a CAGR of 3.56%.
Footwear refers to the garments that are worn on feet for protecting and covering the feet while walking from gravels on roads, ground texture, and temperatures among others. These come in numerous types of materials that include plastic, rubber, and fabric among others. The global footwear market is expected to witness a nominal growth throughout the course of the next five years primarily on account of the globally growing demand for footwear due to the growing population. Furthermore, the growing awareness regarding the use of shoes in underdeveloped countries and the growing purchasing power of the people working across these economies is also driving the market growth during the next five years.
Furthermore, the booming fitness trend among the millennials has led to an upsurge in sports activities such as gymming, cycling, aerobics, and others. This, in turn, is driving the demand for lightweight and highly comfortable athletic footwear in both developed and developing economies of the globe. Also, the growing involvement of old aged people in minor outdoor activities such as jogging, cycling, and walking among others has also amplified the demand for athletic footwear during the next five years. Major market players are also investing heavily in the market in the form of R&D investments, partnerships, and mergers with an aim to gain a competitive edge over other players and expand their market share also shows the potential for the market to witness a decent growth during the forecast period. Also, major players are taking necessary steps to attract more customers and boost sales such as developments in designs, comfort, and advanced technologies for adding more durability and comfort to the footwear also shows the market growth potential in the coming years. Furthermore, the expansion of distribution channels coupled with the rapid adoption of market players to boost their sales on online sales channels is also one of the major factors supplementing the global footwear market growth throughout the forecast period.
Furthermore, the market is also poised to witness a growth on account of the growth in the number of sports events globally. Many market players partner with sports clubs, teams, and players and become an official sponsor of the teams. Thus, a growing number of sports events such as cricket, football, hockey, and others and the growing importance of sports is also one of the additional factors that is positively impacting the market growth in the coming years.
However, the market is expected to be restrained by the fact that there is a wide availability of counterfeit products in the market that are available at considerably low prices. Also, there are several government restrictions being imposed regarding the use of leather products. Additionally, the recent outbreak of the novel coronavirus disease is expected to inhibit the market growth to some extent during the short run owing to the fact that the government restriction and other measures such as lockdowns further led to a temporary closure of malls, showrooms, and shops in many parts of the world, which further impacted the sales negatively. Also, the disruption in the supply chain caused by trade restrictions and non-availability of labor further led to a temporary halt in the manufacturing activities across several industries. Thus, all the factors mentioned above are projected to hamper the market growth moderately to some extent during a short period of six to eight months. However, the outlook of the market looks positive after the short run as the expansion of distribution channels and the rising popularity of online sales amid the pandemic are likely to give a positive outlook to the market after the period of the next six to eight months.
Globally growing population
One of the major factors driving the demand for footwear globally is the growing population. As the population continues to grow the increasing number of people that use footwear directly affects the demand for new footwear. According to the statistics from the World Bank Group, the global population reached 7.674 billion by the year 2019 from 6.922 billion in the year 2009. Furthermore, the changing consumer lifestyles have led to upgradation in fashion as well. This combined with the improvement in the standards of living of the people along with rapid urbanization is also supplementing the globally growing demand for footwear until the end of the forecast period.
The global footwear market has been segmented on the basis of type, end-user, distribution channel, and geography. By type, the classification of the market has been done into athletic, and non-athletic. By the end-user, the segmentation of the market has been done as men, women, and children. By distribution channel, the market has been segmented into online and offline. Geographically, the global market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Men’s segment to hold a considerable share
By the end-user, the men’s segment is anticipated to hold a substantial amount of share in the market throughout the forecast period. The presence of a comparatively larger proportion of the male population base around the globe is a key factor bolstering the significant share of this segment in the next five years. Also, the increasing focus of males towards fashion and growth in the spending on apparel and footwear is also one of the key factors augmenting the growth of this segment until the end of the forecast period. Furthermore, the growing acceptance of casual wear across the corporate sector also acts as a major driving factor supplementing the growth of this segment during the forecast period.
However, the women’s segment is projected to show promising growth during the next five years. The key factors expected to boost the growth of this segment include the increasing number of working female population in both developed and developing economies of the globe. Additionally, the growing disposable income and improvement in the standards of living along with the rising fashion consciousness among the females further provide an impetus to the market to grow in the coming years.
Athletic footwear to show robust growth
By type, the non-athletic footwear segment is expected to hold a substantial share in the market owing to the fact that there is a constant increase in the number of working professionals globally. Furthermore, the presence of a wide variety of shoes in this segments further supports the dominance of this segment over the course of the next five years. Furthermore, the presence of a wide number of shoe manufacturers offering custom designs and textures tailored as per the needs and preferences of the consumer further is also bolstering the market growth of this segment in the coming five years.
However, the athletic footwear segment is anticipated to witness a robust growth over the course of the next five years primarily due to the fact that the growing health concerns have led to an upsurge in the sports activities in many parts of the world. Furthermore, the emerging fitness trend in both millennials and old aged people has led to an increased demand for athletic shoes for all age types. Additionally, an increase in the number of sports events is also positively impacting the growth of this segment during the next five years.
Offline to hold a substantial share
By distribution channel, the offline segment holds a substantial market share throughout the course of the next five years owing to the fact that consumers are reluctant towards the purchase of shoes online due to counterfeit product issues. Furthermore, the sense of personal touch regarding comfort and material of footwear further plays a significant role in driving the offline sales of footwear during the forecast period.
The online segment is projected to show robust growth over the next five years. The booming smartphone and internet penetration coupled with the presence of attractive discounting policies is further attracting the customers to opt for online channels for the purchase of numerous commodities.
APAC to hold a significant share
Geographically, the Asia Pacific region is expected to hold a significant market share throughout the forecast period on account of the presence of a comparatively larger population base. Furthermore, the increasing disposable income and changing lifestyle of the people across the emerging economies such as India and China among others is further propelling the growth in the APAC region during the next five years.
Prominent/major key market players in the global footwear market include Nike Inc., Adidas AG, Puma SE, Skechers USA Inc., Bata Corporation, and Asics among others. The players in the global footwear market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive position and strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global footwear market.