SAN FRANCISCO, May 14, 2020 /PRNewswire/ -- The global sustainable footwear market size is expected to reach USD 11.8 billion by 2027, expanding at a CAGR of 5.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth is attributed to the advancements and innovations pertaining to sustainable production methods and materials, along with functionality and comfort of footwear without compromising on the appeal.
Key suggestions from the report:
By type, the non-athletic footwear accounted for the largest share of the overall revenue in 2019
Based on end user, the men segment held the largest share in 2019
Asia Pacific dominated the market in 2019 and is expected to maintain its lead over the forecast period. China and India, the two most populous countries, offer a huge marketplace for the big players to tap into
Some of the key players operating in the global market are Tropicalfeel, Adidas group, Nike, New Balance, Rothy's, Veja, Reformation, Nisolo, native shoes, Matisse footwear, Amour Vert, and Threads 4 thought.
Growing awareness among consumers, increasing education levels, social influences, and preference for sustainable products are anticipated to bode well for the market. Millennials and Gen X are more inclined towards individualized products. Young consumers want unique and customized products.
Footwear brands and companies are engaged in retaining their customers by practicing sustainable business practices across manufacturing and supply chain. 68% of consumers consider sustainability to be a driving factor, and hence a part of final purchase.
The sustainable footwear market is segmented into athletic and non-athletic footwear. Athletic shoe is gaining importance, and hence the innovations and developments made by the brands are necessary. Nike is perpetually on the top list in sustainable sportswear as it launched sustainable sneakers made of Flyknit material, which is made from 50% recycled fibre.
Many leading global players such as New Balance, Adidas, Nike, and Reebok have changed their way of production to be eco-friendlier. The current practice involves tackling plastic pollution via recycling. For instance, Vivobarefoot designed a line of shoes that is made of recycled bottles and Converse Renew collection uses 100% recycled plastic bottles for its shoes.
Asia Pacific dominated the market in 2019 and is expected to maintain its lead over the forecast period. Increasing disposable income, growing influence of latest fashion trends, and rapid urbanization are the key factors driving the market in Asia Pacific.
Grand View Research has segmented the global sustainable footwear market based on type, end user, and region:
Sustainable Footwear Type Outlook (Revenue, USD Million, 2016 - 2027)
Sustainable Footwear End-user Outlook (Revenue, USD Million, 2016 - 2027)
Sustainable Footwear Regional Outlook (Revenue, USD Million, 2016 - 2027)
Loafers Market – The global loafers market size was valued at USD 24.1 billion in 2018. Rising requirements of stylish and comfortable footwear among the middle-aged working population is promoting the utility of loafers
Leather Footwear Market– The global leather footwear market size was valued at USD 166.53 billion in 2018 and is expected to grow with a CAGR of 2.8% from 2019 to 2025.
Diabetic Footwear Market – The global diabetic footwear market size was estimated at USD 5.78 billion in 2018. It is anticipated to expand at a CAGR of 7.6% during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.