Global Shoe Polish Market Size Was Worth $10.1 Bn in 2022 and Would Reach $23.2 Bn by 2030, Increasing at 8.1% CAGR

Kansas City, MO, April 10, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Shoe Polish Market By Product Type (Cream- Emulsion Shoe Polish, Wax-Based Shoe Polish, And Liquid Shoe Polish), By Application (Commercial And Residential), By Price (Low, Medium, And High) By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Retail Stores, And Convenience Stores), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Shoe Polish Market size & share in terms of revenue was valued at USD 10.1 billion in 2022 and it is expected to surpass around USD 23.2 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 8.1% during the forecast period 2023 to 2030.”

What is Shoe Polish? How big is the Shoe Polish Industry?

Report Overview:

The global shoe polish industry size was nearly $10.1 Billion in 2022 and is anticipated to surge to approximately $23.2 Billion by 2030 along with recording the highest growth rate of nearly 8.1% from 2023 to 2030.

Shoe polish is a chemical product used for polishing shoes and providing a shiny look to the shoes. Moreover, the product is used for restoring and improving the appearance of shoes. Reportedly, shoe polish is available in various forms including wax, cream, and liquid. Moreover, the product helps in extending the lifespan and durability of the shoes. Furthermore, it offers a protective layer to the shoes along with providing them a shiny appearance. Elements present in the atmosphere decimate the leather quality and impact the quality of shoes. Moreover, shoe polish helps in preventing the leather from absorbing water and assist in cleaning shoes as well as covering scuff marks. In addition to this, the product offers flexibility to the leather.

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Global Shoe Polish Market: Growth Dynamics

The rise in the sale of shoes has increased the demand for shoe polish in recent years. Moreover, an increase in the demand for shoes by professionals working in the corporate sector will further boost the global shoe polish market trends. In addition to this, shoes made from pure leather are very costly and tear due to consistent use. Hence, for improving the durability & longevity of these shoes and making them visually appealing, individuals prefer shoe polish for polishing these shoes. Apart from this, shoes greatly impact the personality of an individual and this has increased the demand for shoe polish. All these aforementioned factors will steer the expansion of the global market. Rapidly changing shoe fashion trends and endorsement of shoe polishes by celebrities for targeting potential consumers will expand the scope of the global market.

Nevertheless, an increase in the availability of duplicate shoe polishes at reduced costs can put brakes on the growth of the global shoe polish industry. However, the thriving e-commerce sector and availability of shoe polishes in various textures and colors will open new growth opportunities for the industry globally.

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Report Scope

Shoe Polish Market: Segmentation Analysis

The global shoe polish market is divided into product type, application, price, distribution channel, and region.

The product type segment of the shoe polish market is sub-segmented into wax-based, cream-emulsion, and liquid shoe polish segments. Furthermore, the liquid shoe polish segment is predicted to register the highest CAGR during the assessment period. The segmental growth can be credited to the growing demand for liquid shoe polish as a result of its easy availability and quick application on shoes. Apart from this, it is easy to carry for individuals traveling from one place to another.

On basis of application, the shoe polish industry across the globe is divided into commercial and residential segments. Moreover, the commercial segment, which accounted for the highest industry share in 2022, will lead the application space in the ensuing timeline. The segmental expansion can be subject to the massive demand for shoe polish in the commercial segment.

In terms of distribution channel, the shoe polish market across the globe is divided into supermarkets/hypermarkets, specialty stores, online retail stores, and convenience stores segments. The online retail store segment is predicted to record the highest CAGR over the upcoming years subject to the massive online sales of products due to easy access to seamless high-speed internet connectivity and the launching of 5G networks.

Based on the price, the shoe polish market across the globe is sectored into low, medium, and high price segments. Moreover, the low price segment, which dominated the price segment in 2022, will retain its dominant status in the upcoming years. The segmental expansion can be a result of the rise in popularity of low-priced shoe polishes among the middle-income group population in the emerging economies of Latin America and Asia-Pacific.

The global Shoe Polish market is segmented as follows:

By Product Type

• Cream-Emulsion Shoe Polish
• Wax-Based Shoe Polish
• Liquid Shoe Polish

By Application

• Commercial
• Residential

By Price

• Low
• Medium
• High

By Distribution Channel

• Supermarkets/Hypermarkets
• Specialty Stores
• Online Retail Stores
• Convenience Stores

Browse the full “Shoe Polish Market By Product Type (Cream- Emulsion Shoe Polish, Wax-Based Shoe Polish, And Liquid Shoe Polish), By Application (Commercial And Residential), By Price (Low, Medium, And High) By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Retail Stores, And Convenience Stores), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/shoe-polish-market

Competitive Landscape

Some of the main competitors dominating the global Shoe Polish market include - 

• Cadillac Products
• Tacco Products
• Timpson Shoe Polish
• Moneysworth & Best
• Angelus Shoe Polish
• Kiwi Brands Limited
• Cadillac Shoe Products Inc.
• Fiebeng
• S. C. Johnson & Son
• Lexol Products
• Cherry Blossom
• Sof Sole Products
• C.P. Marketing Inc.
• AVEL
• TRG Shoe Cream
• VOGLAUER
• Griffin Shoe Care
• Tarrago Brands International
• Penguin Products
• C.A. Zoes Mfg Co.
• Lincoln
• Shinola.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Shoe Polish market is likely to expand at a CAGR of around 8.1% during the forecast period (2023-2030).                                            
• In terms of revenue, the Shoe Polish market size was valued at around US$ 10.1 billion in 2022 and is projected to reach US$ 23.2 billion by 2030.
• Based on product type, the cream-emulsion shoe polish segment to account for the major share of the global market over the forecast timeline.
• In terms of application, the residential segment is predicted to record the fastest CAGR during the analysis timeframe.
• Based on distribution channel, the online retail stores segment is slated to register the highest CAGR over 2023-2030.
• Region-wise, the Asia-Pacific shoe polish market is projected to account for the highest growth during the assessment period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Shoe Polish industry?
• What are the main driving factors propelling the Shoe Polish Market forward?
• What are the leading companies in the Shoe Polish Industry?
• What segments does the Shoe Polish Market cover?
• How can I receive a free copy of the Shoe Polish Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product Type, By Application, By Price, By Distribution Channel, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Furthermore, the shoe polish market in North America is predicted to register the fastest CAGR over the upcoming years. The expansion of the market in North America can be attributed to the rise in industrialization as well as urbanization in the countries such as the U.S. and Canada. The regional market surge over the assessment period can be credited to the large-scale presence of corporate houses in these countries.

The shoe polish industry in the Asia-Pacific zone is slated to secure a leading position in the global industry over the assessment timeframe. The regional industry growth in the upcoming years can be subject to a rise in the purchase of leather shoes in the countries such as China, Singapore, Japan, Indonesia, Taiwan, South Korea, Thailand, Indonesia, Philippines, Malaysia, and India.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In the first half of 2019, Tilt Brand Solutions, an Indian branding & communications consulting firm, and Cherry Blossom, a firm in the shoe polish business based in the UK, launched the ‘Polish to Shine” scheme for creating awareness about daily shoe polishing among the professionals, students, and corporates. The strategic initiative is predicted to expand the scope of the demand for shoe polish globally.
• In the first quarter of 2023, Shoe Park, a leading shoe manufacturer in Maldives, established a new retail store that offered 15 new footwear products to people belonging to all age groups. The move will increase the demand for shoe polish in Asia and across the globe.

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/shoe-polish-market

FREQUENTLY ASKED QUESTIONS

• What is shoe polish?
• Which key factors will influence global shoe polish market growth over 2023-2030?
• What will be the value of the global shoe polish market during 2023-2030?
• What will be the CAGR value of the global Shoe Polish market during 2023-2030?
• Which region will record the highest growth in the shoe polish industry globally?
• Which are the major players leveraging the global shoe polish market growth?

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