The Footwear Market was valued at USD 365.5 billion and is estimated to grow at a 5.5% CAGR to reach USD 530.3 billion by 2026.
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.
In July 2018, Bata India who is continuously concentrating on "Aggressive Product Launch, "planned to expand its distribution channel by opening 500 franchise stores and 100 retail stores across India to grab a more significant customer attention. Besides, the company also plans to expand its e-commerce presence on high-traffic generating websites.
In 2017, global fitness brand Reebok launched plant-based footwear where chief raw materials comprised cotton and corn. The raw materials used in the development of products can be quickly replenished compared to petroleum-based products. Besides, Reebok partnered with DuPont Tate & Lyle to develop petroleum-free, non-toxic bio-based footwear.
In 2017, Asics Corporation launched the FlyteFoam Fast Series, a new running shoe collection. The product launch aimed to gain more popularity among athletes. The company held a 60-meter sprint event at the top of the Tower Bridge to gather customer attention and provide an experience of running with the newly launched shoes.
Increasing health concerns because of a sedentary lifestyle and rising focus on sports propel athletic footwear demand. Major global sporting events held also drive demand from both the sportspersons and their fans.
Demand for the latest, comfortable, and fancy footwear is what drives the non-athletic footwear market. Leather footwear is widely considered a premium product, and it controls a vital share of the market. The increased popularity of smartphones, e-commerce, and mobile Internet connectivity also aid the market growth in no small part. The younger generation worldwide has taken to online shopping, and there is no going back from the comfort and convenience offered by it. Prominent companies are concentrating on online retail to serve people living in Tier III cities or even remote towns or villages, which they would have never been able to reach via traditional retail channels.
High prices of footwear brands like 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.
Market Size Available
2021 – 2026
2021 - 2026
Based on type, Based on end-user, Based on material
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
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.
Based on type, the market is categorized into athletic and non-athletic footwear. Increasing awareness about health and fitness is resulting in a growing demand for athletic footwear. Thus, the athletic segment is estimated to register the fastest CAGR of 4.4% from 2019 to 2026. Companies introduce sports-specific footwear to expand their customer base. For example, PUMA introduced a graphic concept, lightweight football boot, evoSPEED 1.3 Graphic.
Non-athletic products are predicted to value for the largest revenue share of the market by 2026. The segment's growth can be associated with the availability of various products in this segment, such as printed shoes and brogues. Besides, some manufacturers offer customized footwear to meet the growing customer demand, estimated to support segment growth. Bright Idea Design Studio, Inc., Explicit Shoes Inc., and Simply Feet are some of the significant U.S.-based customized footwear suppliers.
Based on end-user, the footwear market is divided into men, women, and children categories. The men end-user segment accounted for the largest market share in 2018 and will retain the forecast years' dominant position. The major factors propelling the segment are raising spending on fashion and apparel.
However, the women end-user segment is supposed to register the fastest CAGR of 4.3% from 2021 to 2026 due 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 the segment growth.
Based on material, the non-leather segment led the market, in terms of value, in 2019. Artificial and synthetic leather footwear is finding more demand among end-users around the world.
Depending on the distribution channel, the specialty stores segment accounted for the majority portion in this market, owing to a hike in urbanization, surge in working-class population, and competitive pricing, which boost the popularity of specialty stores in developed and emerging economies.
The Asia Pacific with almost 1/3rd world population holds the highest market for footwear in the world. The region is predicted to hold its leadership position during the forecast timeframe, and they already comprise almost 2/5th of the total global footwear market. It can be associated with several factors like rapid urbanization and a preference to adopt a western lifestyle and brands, especially in the middle and wealthy societies. Besides, an eager adoption of e-commerce, smartphones, and mobile connectivity has made purchasing footwear online an easy and hassle-free experience.
North America is registered as the second leading footwear market with consumer demand for athletic and sports shoes. The U.S. and Mexico have a high obesity rate, which has shifted people's focus more on their health. Several multi-national footwear companies that are at the forefront of innovation are increasingly prevalent in this area.
Nike Inc., one of the largest brands in the world alongside Adidas, has made a name for itself by funding several sports teams throughout the world. Similarly, Adidas AG and Puma have also followed a similar marketing model and reaped massive revenue.
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.
Global footwear demand is supposed to decline by 22.5 percent 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.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Footwear Market, By Type
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Footwear Market, By End-User
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Footwear Market, By Material
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Footwear Market, By Distribution Channel
6.4.1 Specialty Stores
6.4.2 Wholesales Shops
6.4.4 Market Size Estimations & Forecasts (2021-2026)
6.4.5 Y-o-Y Growth Rate Analysis
6.4.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021- 2026)
7.2.1 By Country
7.2.2 By Type
7.2.3 By End-User
7.2.4 By Material
7.2.5 By Distribution Channel
7.3.1 By Country
126.96.36.199 Rest of Europe
7.3.2 By Type
7.3.3 By End-User
7.3.4 By Material
7.3.5 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
188.8.131.52 South Korea
184.108.40.206 South East Asia
220.127.116.11 Australia & NZ
18.104.22.168 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By End-User
7.4.4 By Material
7.4.5 By Distribution Channel
7.5 Latin America
7.5.1 By Country
22.214.171.124 Rest of Latin America
7.5.2 By Type
7.5.3 By End-User
7.5.4 By Material
7.5.5 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
126.96.36.199 Middle East
7.6.2 By Type
7.6.3 By End-User
7.6.4 By Material
7.6.5 By Distribution Channel
8. Key Player Analysis
8.1 Nike Inc
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Adidas AG, Inc
8.3 Under Armour, Inc
8.6 Skechers USA
8.7 Crocs Retail, Inc
8.8 Wolverine Worldwide
8.9 ECCO Sko A/S
8.10 GEOX S.P.A
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures