The footwear market is anticipated to grow at a CAGR of around 3% during the forecast period of 2021-2026. It’s expected to reach a value of nearly USD 281.2 Billion by 2026.
The footwear market is being driven by the ever-changing trends in the fashion industry, the growing health awareness among consumers, and the technological innovations in the manufacturing process. The major challenge faced by the footwear industry is the high cost of raw materials and labor.
The Asia-Pacific region is the largest market for footwear and is expected to grow at the highest CAGR during the forecast period.
Market Segmentation
The footwear market has been segmented on the basis:
- Product Type
- Application
- Distribution Channel
- Geography
- Material
- Pricing
Product Type Segmentation
On the basis of product type, the footwear market has been segmented into:
- Athletic Shoes
- Non-athletic Shoes
Athletic footwear includes running shoes, training shoes, walking shoes, yoga, Pilates shoes, dance shoes, cross-training shoes, basketball shoes, football shoes, and golf shoes. Non-athletic shoes include dress shoes, casual shoes, slippers, sandals, and boots.
Among these, the athletic shoes segment is expected to grow at the highest CAGR during the forecast period.
Application Segmentation
On the basis of application, the footwear market has been segmented into:
- Men’s Footwear such as flippers and boots
- Women’s Footwear such as women’s wide fit shoes
- Children’s Footwear
- Unisex Footwear
Currently, the women’s footwear segment dominates the market and is expected to grow at the highest CAGR during the forecast period.
Distribution Channel Segmentation
On the basis of distribution channel, the footwear market has been segmented into:
- Online
- Offline
The offline segment is further sub-segmented into hypermarkets/supermarkets, specialty stores, and multi-brand outlets. Online is sub-segmented into company-owned Websites and e-commerce Portals.
The online segment is expected to grow at the highest CAGR during the forecast period.
Geography Segmentation
On the basis of geography, the footwear market has been segmented into:
- North America
- Europe
- Asia-Pacific
- Latin America
The Asia-Pacific region is the largest market for footwear and is expected to grow at the highest CAGR during the forecast period.
Segmentation by Material
The footwear market has been segmented on the basis of material into:
- Natural Leather
- Synthetic Leather
- Canvas
- Rubber
- Plastic
The natural leather segment is expected to grow at the highest CAGR during the forecast period.
Segmentation by Pricing
The footwear market has been segmented on the basis of pricing into:
- Mass Market
- Luxury
- Premium
Mass market footwear is currently the largest segment and is expected to grow at the highest CAGR during the forecast period.
Market Analysis
The global footwear market is driven by the growing demand for athleisure and sportswear. The rising popularity of fitness and sports activities is anticipated to boost the market’s growth. The rising disposable incomes, changing lifestyles, changing fashion trends, and the growing number of working women are some of the other factors expected to contribute to the growth of the market.
However, the high cost of luxury and premium footwear is a major factor restraining the market’s growth. The availability of counterfeit products is another factor expected to hamper the growth of the market.
The online footwear market is expected to grow at a rapid pace during the forecast period. The major players in the market are investing heavily in online channels to expand their customer base. The growing popularity of e-commerce and mobile commerce is expected to contribute to the growth of the market. Physical stores are also investing in online channels to reach a wider customer base.
Competitive Landscape
The global footwear market is fragmented, with the presence of a large number of small and medium-sized manufacturers. The key players in the market are focusing on strategies such as product launches, expansions, agreements, partnerships, and acquisitions to increase their share in the market.
Some of the major players in the market are:
- Nike, Inc. (US)
- Adidas AG (Germany)
- Puma SE (Germany)
- Under Armour, Inc. (US)
- Skechers USA, Inc. (US)
- New Balance Athletics, Inc. (US)
- Crocs, Inc. (US)
- BATA Holdings (Switzerland)
- Asics Corporation (Japan)
- VF Corporation (US)
Among these, Nike, Inc. is the leading player in the market. The company manufactures and sells a wide range of footwear for men, women, and children. It offers a wide range of products such as sneakers, sports shoes, sandals, and boots. The company has a strong distribution network across the globe and sells its products through company-owned stores, departmental stores, and e-commerce portals.
Adidas AG is the second leading player in the footwear market. The company manufactures and sells a wide range of sports and lifestyle footwear for men, women, and children. It offers products such as running shoes, training shoes, football boots, and tennis shoes. The company has a strong presence in North America, Europe, and Asia-Pacific.
Conclusion
The global footwear market is expected to grow at a rapid pace during the forecast period. Understanding the needs of the customers and providing them with products that meet their requirements is the key to success in this market. The players in the market need to understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
