Footwear Market Share, Size, Growth Rate, Key Players, Industry Insights, Opportunity and Forecast 2022-2027
According to IMARC Group’s latest report, titled “Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global footwear market size reached US$ 224.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 288.2 Billion by 2027, exhibiting at a CAGR of 4% during 2022-2027.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027
Global Footwear Market Overview and Application:
Footwear refers to articles worn on the feet for the purpose of fashion, adornment, hygiene, or providing protection against adversities of the environment, including temperature and ground textures. It consists of a flexible upper layer made of leather, jute, fabric, plastic, rubber, and other synthetic materials with a soft sole and heel to support the weight of the wearer. Their use offers enhanced convenience and comfort, and eases locomotion, thereby preventing major injuries. As a part of the clothing and apparel industry, footwear is comprised of shoes, athletic sneakers, sports shoes, luxury footwear, and other related goods that are commercially available in diverse patterns, colors, and advanced technical fabrications.
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Global Footwear Market Trends:
The increasing demand for superior quality footwear with enhanced convenience and comfort are majorly driving the market growth across the globe. This is further supported by rising health concerns, which has prompted manufacturers to launch sports-focused footwear, such as football, cricket, basketball, and golf. In line with this, exponential investments by governments of various nations and global organizations to promote brands in sports leagues and participation, including Formula 1 (F1) car racing, Olympics, and the FIFA world cup, are also catalyzing the market growth. Moreover, key players are considerably investing in research and development (R&D) activities to introduce innovative product variants, such as eco-friendly footwear manufactured using sustainable materials and smart shoes consisting of pressure sensors to facilitate easy functioning of self-lacing, which is acting as another major growth-inducing factor. Besides this, the proliferation of smart phones, easy internet connectivity, and an increasing number of e-commerce platforms have enabled companies to offer enhanced convenience to users via flexible payment methods, easy return or exchange policies, and monetary benefits, which, in turn, is propelling the global sales of footwear. Furthermore, major brands, such as Lee Cooper, Adidas America, and PUMA, are strengthening their market presence by engaging consumers through social media platforms and adopting influencer culture, which is positively influencing the market growth.
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Footwear Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the footwear market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Nike Incorporation
- Adidas AG
- PUMA
- Geox S.p.A
- Skechers USA, Incorporation
- Timberland
- Crocs Retail, Inc.
- Ecco Sko A/S
- Wolverine World Wide, Inc.
- Under Armour Inc., etc
Key Market Segmentation:
The report has segmented the global footwear market on the basis of product, material, distribution channel, pricing, end-user and region.
Breakup by Product:
- Non-Athletic Footwear
- Athletic Footwear
Breakup by Material:
- Rubber
- Leather
- Plastic
- Fabric
- Others
Breakup by Distribution Channel:
- Footwear Specialists
- Supermarkets and Hypermarkets
- Departmental Stores
- Clothing Stores
- Online Sales
- Others
Breakup by Pricing:
- Premium
- Mass
Breakup by End-User:
- Men
- Women
- Kids
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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