Market Introduction
In 2022, the footwear market was estimated to be worth USD 350.9 billion. The footwear market is expected to expand at a compound annual growth rate (CAGR) of 5.50% between 2023 and 2032, from USD 370.2 billion in 2023 to USD 568.14 billion by 2032. The main factors propelling the market expansion are the rise in sporting events, the number of individuals engaging in physical activities, and the growing desire for stylish, comfortable, and convenient footwear.
The US footwear market is characterized by its sizeable consumer base and diverse product offerings. According to recent market research, the industry generates billions of dollars in revenue annually, with a steady growth trajectory. Factors such as increasing disposable income, changing lifestyles, and fashion consciousness contribute to the market's resilience.
Drivers and restraints
Leather shoes are premium formal footwear that are a huge hit among people, giving a considerable push to the market demand. The fantastic growth of the e-commerce sector, given the provision of hassle-free and convenient shopping has raised the demand for online shopping sites. With consumers able to compare various products as well as brands and decide on their purchase, online sales of different footwear are bound to shoot up in subsequent years.
Renowned brands, like Lee Cooper, PUMA, and Adidas America, Inc are working on fostering their presence on e-commerce channels, with a focus on engaging more customers via social media platforms. Asia Pacific, in this aspect, has taken the lead and will continue to thrive at the fastest pace in the following years. Another factor working in favor of the APAC market can be the surging disposable income of the consumers.
Industry Trends
The mounting focus on popular, and stylish footwear in various colors and features across different age groups should be a major trend in the worldwide market. The popularity is particularly high among the millennials as well as Generation Z. The soaring use of smart phones in line with rising internet usage, and the surge in online businesses, would foster the market expansion rate as well.
Market Segmentation
Product type-based segments are Casual Footwear, Sports Footwear, and Formal Footwear. Surging prevalence as well as popularity of various sporting events, including Olympics, FIFA, and The Commonwealth Games, has had a tremendous positive impact on the sports footwear section. Brands are constantly introducing new sports-specific footwear to enhance their customer base.
Categories highlighted in the report are Open Footwear as well as Closed Footwear.
Major End Users are women and men. The men segment is the biggest end-user in the market, and will remain dominant throughout the analysis period. Men worldwide are increasingly spending on apparels and fashion as the focus on personal styling and grooming continues to rise among this consumer base. However, the women category will thrive at a higher pace, owing to the expanding population of working women. The rising disposable income among women, and their improving living standards, especially in developing regions like Asia Pacific should further elevate the segment’s position in the coming years.
The top distribution channels covered are Store-based [Specialty Stores, Supermarkets and Hypermarkets, along with non-store-based.
Regional Analysis
Brazil is the biggest footwear market across the globe, followed by China and India. Brazil is one of the most significant footwear producers in the world and is responsible for around 5.6% of the total worldwide production, accounting to close to 800 million pairs in 2018. The footwear export from the country is supported by the Brazilian Footwear program, which is an initiative started by the Brazilian Association of Footwear Industries and their partnership with Brazilian Agency for Promotion of Exports and Investments, aimed at exporting the country’s footwear to other markets and advertising them.
The Brazilian footwear market has a major competitive advantage, which lies in its effective logistics and the country’s strategic position that facilitate shipments at the right delivery time to prominent consumers around the world.
Key Players
Adidas AG, ASICS Corporation, Bata, Reebok International Limited, ANTA Sports Products Limited, Bata India Ltd., Caleres, ECCO Sko A/S, Feng Tay Enterprises Co., Ltd., Geox s.p.a, Deckers Brands, Kenneth Cole Productions, Inc., LaCrosse Footwear, Inc., Gucci Group NV, Nike Inc., Nine West, Puma SE, RG Barry Corporation, Power Athletics Limited, Timberland LLC, Weyco Group Inc., Vans, Inc., Wolverine Worldwide, Inc. are the top footwear manufacturers listed in the MRFR study.
Industry News
February 2022
Fitness apparel brand, Nobull is foraying into the performance running sector with the introduction of its latest footwear, the Runner+. The brand, which offers casual running, trail running and cycling shoes, created the shoe’s advanced performance technology, which helps cut down extra weight.
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