Global Footwear Market is projected to grow at a CAGR of 3.56%
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Footwear Market – Forecasts from 2020 to 2025” to their offering.
The growing fitness trends, increasing affordability and fashion consciousness, as well as growing adoption of new technologies, the flexibility of production, and continuous R&D, among others that result in healthy market growth.
As per the report, the global market pertaining to footwear is expected to reach US$251.820 in 2025 from US$204.140 billion in 2019.
According to World Footwear, since 2010 there has been an increase in global footwear production which grew by 21.2% at an average yearly growth rate of 2.2%. over the last decade with 2019 marking a slowdown which saw a growth only by 0.6%. 2019 also marked new production records which were in the order of 24.3 billion pairs which is expected to remain unsurpassed for the coming few years due to impacts of the COVID-19 pandemic. Asia is the continent where the footwear industry is heavily concentrated which and 9 out of every 10 pairs are manufactured. During the last decade, Asia has moderately reinforced its dominance in the international market leading to the increasing of its share of global production by approx. 2 % points. From the aspect of consumption more than half of the global consumption stems from Asia, followed by North America and Europe that account for 15% each. The European Union (EU) represents the 2nd largest consumer market which experienced a consumption of 2 680 million pairs in 2019. Per capita consumption of footwear ranges between 1.6 pairs in Africa to 5.6 pairs in North America which underscore the geographic differences in consumption patterns. The largest consumer markets based on country, were led by China, India, and the US. Export-wise the market share of Europe increased over the last few decades to 15 billion pairs accounting for 62% of all footwear produced that have been exported in 2019. Its share of global exports increased by 2.6 % points. Nevertheless, Asia from which most of the exports originates and which has global exports share of 83.9% experienced a slight decrease. The value of footwear exports increased in 2019 to attain a new record of 146 billion dollars, which is a 2% increase than the previous year.
This growth has been brought about majorly by Asian countries wherein exports increased by 2.8%. The growth rate of Europe was in the order of 1.2% whereas in the rest of the world the growth rate was relatively low and even negative. Footwear exports are heavily concentrated in Asia and Europe, and this concentration grew moderately over the last decade. The combined share of the aforesaid 2 continents in world exports grew in terms of volume and of value. Undoubtedly Asia is the leading continent in international footwear trade, exporting 6 times as many shoes compared to that of Europe. The contribution of international footwear trade is relatively small has been portraying a downward trend. North America accounts for more than 1% of total footwear exports, South America and Africa account for more than 1% of total footwear exports, with the former attaining 0.8% in volume. Oceania accounts for less than 0.1% of world exports. In 2019, almost 2 out of every 3 pairs of shoes exported originated from China and its share has been declining steadily since 2010 losing 7% points. Whereas over the same period Vietnam has almost doubled its market share during the same period. Turkey and India have shown remarkable performances throughout the decade. On the other hand, 1/3rd of all footwear traded constituted textile footwear, which is one of the outstanding aspects of international footwear trade over the last 10 years. The most remarkable feature of the evolution of international footwear trade over the last decade is the significant increase in the preference for textile footwear. Leather footwear which represented 38.8% of the value of global footwear exports as well as, plastic and rubber footwear which still represents 47.5% of the global footwear exports volume have lost their market share to textile footwear.
As a part of the report, the major players operating in the global footwear market, which have been covered are Adidas AG, Asics, Bata Corporation, ECCO Sko A/S, Fila Holdings Corp., Geox S.p.a, Liberty Shoes Limited, New Balance, Nike, Inc., Puma SE, Skechers USA, Inc., Timberland LLC, Under Armour, Inc., VF Corporation and Wolverine World Wide, Inc.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-footwear-market
This report segmented the global footwear market on the basis following terms
By Distribution Channel
Middle East and Africa
- Saudi Arabia
- South Korea
- North America
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