Footwear Market

Global Footwear Market Size (2024 to 2029)

The global footwear market size was valued at USD 390.35 bn in 2023 and is estimated to grow at a 6.8% CAGR from 2024 to 2029 and be worth USD 579.27 billion by 2029 from USD 416.89 billion in 2024. 

Footwear is made up of different materials such as leather, plastic, rubber, and fabric. Among these, leather is one of the superior materials used for fabricating footwear. The footwear market has observed the advent of several demographic trends underpinning its various trajectories. Footwear is rapidly becoming popular as a fashion accessory not only among women but men alike.

Global Footwear Market Drivers:

The growing disposable income and rapid urbanization are majorly driving the growth of the global footwear market. The middle-class population is growing substantially in several countries and the ability of people’s spending has improved considerably in recent years to invest in wants. Urbanization is rapidly growing in the developing countries. For instance, an estimated 33% of the Indian population is now living in the cities in India. Rise in disposable income and growing urbanization have been bringing numerous changes to the lifestyle of people and resulting in a higher demand for fashionable and branded footwear products.

An increasing number of innovative designs in footwear and technological advancements are further propelling the global footwear market growth. Footwear has experienced several innovative designs in recent years and is emerging frequently. 3D printing has been one of the notable technological advancements in the footwear industry and using 3D printing technology, custom footwear products can be developed. The custom footwear manufactured using 3D printing technology is believed to help in correcting foot problems and irregular walking patterns. On the other hand, the leading manufacturers of footwear products such as Nike and Adidas have been investing considerable amounts in R&D exploring the possibility of incorporating new technologies in footwear. For instance, Nike launched Flyknit technology and is using it to manufacture footwear products that are lightweight, enhanced support, stretch and breathability.

The widespread availability of footwear products from various brands on e-commerce platforms, growing demand for athleisure products, increasing of endorsements from celebrities for footwear products and rising youth population are promoting the growth of the global footwear market. The popularity of sportswear has increased significantly in recent years and the trend is likely to fuel in the coming years and boost the global market growth. Factors such as emerging markets, globalization, increasing travel and tourism and rising demand for specialized footwear products are further supporting the footwear market expansion.

Global Footwear Market Restraints:

High prices of footwear products are hampering global market growth. The growing availability of counterfeit products in the market is further impeding global market growth. Notable footwear brands such as Nike, Adidas, and Puma have resulted in the advent of counterfeit products.  Fake brands are in demand in developing nations where customers are extremely price-sensitive, which restricts the sale of the original brands in these nations.

Impact of COVID-19 on the Footwear Market:

Global footwear demand is supposed to decline by 22.5% this year, depicting a shortfall of 5.1 billion pairs, owing to the COVID-19 pandemic, according to a forecast made by a panel of experts for the Global Footwear Market. Demand is expected to reduce by 27 percent, or 908 million pairs, in Europe, by 21 percent, or 696 million pairs, in North America, and by 20 percent, or 2.4 billion pairs, in Asia, respectively. For the whole month of March, sales of footwear and clothing fell by 67.4 percent through all channels.

REPORT COVERAGE:

This research report on the global footwear market has been segmented and sub-segmented based on type, end-user, material and region.

Global Footwear Market – By Type:

• Athletic
• Non-Athletic

Based on type, the non-athletic segment held 58.6% of the global market in 2023 and is predicted to capture the major share of the global market during the forecast period. Factors such as the availability of various products in the non-athletic segment, such as printed shoes and brogues and customized footwear by the major manufacturers to meet the growing customer demand are propelling the growth of the non-athletic segment in the global market. Bright Idea Design Studio, Inc., Explicit Shoes Inc., and Simply Feet are some of the significant U.S.-based customized footwear suppliers.

On the other hand, the athletic segment is anticipated to register a healthy CAGR during the forecast period owing to the increasing awareness among people regarding health and fitness, growing sports activities and the rising popularity of running shoes.

Global Footwear Market – By End-User:

• Men
• Women
• Children

Based on end-user, the women end-user segment led the market and occupied a global market share of 56.4% in 2023 and is expected to register the fastest CAGR of 4.3% during the forecast period owing to the rising number of working individuals worldwide. Moreover, increased consumer disposable income levels and improved living standards, especially in emerging markets of Asia Pacific, will further boost segment growth.

The men's segment accounted for the second largest share of the global market in 2023 and is predicted to witness a promising CAGR during the forecast period owing to the rising spending on fashion and apparel.

Global Footwear Market – By Material:

• Leather
• Non-Leather

Based on material, the non-leather segment led the market and held the major share of the worldwide market in 2023 and the domination of the non-leather segment in the global market is estimated to continue throughout the forecast period. Artificial leather footwear is finding more demand among end-users around the world. Factors such as sustainability concerns, technological advancements, and vegan preferences are propelling the growth of the non-leather segment in the global market.

The leather segment is estimated to register the fastest CAGR of 7.14% from 2024 to 2029 in the global market. The growing demand for premium leather footwear products and increasing innovation in leather treatments, such as water-resistant and eco-friendly options are propelling the growth of the leather segment in the global market.

Global Footwear Market – By Distribution Channel:

• Specialty Stores
• Wholesales Shops
• Online
• Others

Based on distribution channel, the specialty stores segment dominated the market in 2023 and accounted for 36.9% of the global market in 2023 and the domination of the segment is anticipated to continue during the forecast period owing to a hike in urbanization, a surge in the working-class population, and competitive pricing. The availability of limited edition and exclusive releases in specialty stores is further boosting the growth rate of the specialty stores segment in the global market.

The wholesale shops segment had the second-largest share of the global market in 2023 and is expected to grow at a prominent CAGR during the forecast period. An increasing number of collaborations and partnerships between manufacturers and wholesale shops is contributing to the growth of the wholesale segment in the global market.

The online segment is estimated to hold a considerable share of the global market during the forecast period owing to the growing preference for contactless shopping and home delivery and the availability of customer reviews and ratings are driving the growth of the online segment in the global market.

Global Footwear Market – By Region:

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

The Asia Pacific with almost 1/3^rd the world population dominated the market and held 38.3% of the global footwear market share in 2023. The Asia-Pacific region is a hub for emerging economies and disposable income is gradually increasing in the nations of the Asia-Pacific region, which is boosting the ability of people to purchase premium and luxury footwear products and resulting in regional market growth. The Asia-Pacific region is home to several manufacturers of footwear products, which is further propelling the Asia-Pacific regional market growth. The rapid adoption of e-commerce platforms for footwear is further driving the Asia-Pacific market. China followed by India dominated the footwear market in the Asia-Pacific region in 2023.

North America emerged as the second largest regional market in the worldwide footwear market in 2023 and is predicted to showcase a noteworthy CAGR during the forecast period owing to the increasing consumer demand for athletic and casual shoes. The adoption of online sales channels for footwear is high in the North American region, which is further fueling the growth rate of the North American market.

Europe was the third largest regional segment in the global market in 2023 and is predicted to witness a healthy CAGR during the forecast period. The demand for luxury and designer footwear in Western European countries is on the rise in the European countries, which is primarily driving the European market growth. The UK and Germany held the major share of the European market in 2023.

Regions such as Latin America, Middle East and Africa are expected to occupy a considerable share of the global market during the forecast period.

KEY MARKET PLAYERS:

Some of the notable manufacturers operating in the global footwear market are Nike Inc., Adidas AG, Inc., Under Armour, Inc., Timberland, Puma, GEOX S.P.A., Skechers USA, Crocs Retail, Inc., Wolverine Worldwide and ECCO Sko A/S.