Footwear Market to Develop at 7.8% CAGR during the Forecast Period: TMR Study

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Oct 25, 2022, 13:30 ET

Increasing adoption of industry 4.0 in the footwear manufacturing process is projected to boost demand for footwear worldwide
Growing environmental awareness and a rise in demand for vegan footwear are anticipated to support the expansion of the global footwear market

WILMINGTON, Del., Oct. 25, 2022 /PRNewswire/ -- In 2021, the value of global footwear market was clocked at US$ 859 Bn. The global market is anticipated to expand at 7.8% CAGR during the forecast period, from 2022 to 2031. It is estimated that by 2031, the global footwear market is projected to touch valuation of US$ 1.09 Trn. The global future of footwear is being driven by an increase in demand for fashionable and innovative footwear. Manufacturers are switching away from traditional leather in the making of footwear for men and footwear for girls due to a rise in consumer demand for eco-friendly products from them.

Through a variety of programs, developing markets are concentrating on growing the market share of local players. In order to support these objectives, they are also boosting the number of items exported. The popularity of sports and the general increase in health consciousness are likely to boost demand for both non-athletic and athletic footwear. The leading companies in the global footwear market are concentrating on product quality and technological advances to expand their revenue sources.

An increase in the number of vegans has resulted in a rising demand for vegan footwear shoes, which is expected to present growth prospects for Footwear Company. In order to meet the rising demand for vegan footwear, several businesses are introducing vegan lines. A new line of vegan shoes made of eucalyptus and cotton is expected to be introduced in October 2022 by National Geographic and Reebok International Limited.

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Key Findings of Market Report

In order to balance artisanal skills, expertise, and automation in manufacturing, firms in the global footwear market are rapidly incorporating industry 4.0 into the manufacturing process. As a marketing strategy for footwear, Industry 4.0 integration is anticipated to improve supply chain management, helping producers to successfully meet the soaring demand for footwear.
The athletic category is projected to observe highest growth rate during the forecast timeline. The increasing number of sportsmen engaging in athletic activities is responsible for the segment's growth. The ergonomic design of athletic shoes enhances comfort and performance during physical activity.
Depending on distribution channel, it is expected that the online category is predicted to account for a significant portion of the market throughout the forecast period. Such dominance of the category is due to rapid growth of the e-commerce industry across the globe. Due to the availability of many discounts and reasonably priced footwear online, customers are increasingly buying footwear available on the internet.
Considering regional segments, the Asia Pacific region is anticipated to be among the most profitable markets in the global footwear industry. The regional market is expected to expand due to rising disposable income and demand for footwear. The number of sporting activities is increasing, which is expected to fuel demand for sports shoes and drive the segment in Asia Pacific market.

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Global Footwear Market: Key Competitors

Nike Inc.
Skechers USA, Inc.
FILA Luxembourg, S.a.r.l.
Wolverine World Wide, Inc.
Puma SE
Bata Corporation

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Global Footwear Market: Segmentation

Product Type

Shoes
Boots
Sandals
Sneakers
Slip-ons
Others

Usage

Athletic
Non-athletic

Material

Rubber
Leather
Synthetic
Others

Pricing

Low (Up to US$ 200)
Medium (US$ 201-US$ 500)
High (Above US$ 500)

End User

Men
Women
Kids

Distribution Channel

Online
Offline

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