New York, United States , July 01, 2024 (GLOBE NEWSWIRE) -- The Global Footwear Market Size is to Grow from USD 356.24 Billion in 2023 to USD 553.24 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.50% during the projected period.
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Footwear helps to shield the foot from uneven surfaces, extremes in temperature, and gravel roads. Rubber, cloth, leather, and plastic are some materials used to make footwear. Numerous industries, including the food and beverage, mining, oil and gas, construction, and mining sectors, use safety shoes and other industrial protective footwear. The expanding need for athletic footwear, the increased demand enabled by e-commerce, and the substantial advertising expenditures made by footwear companies are the main factors propelling the market's growth. Furthermore, the growing need for fashionable but comfortable footwear is propelling the global footwear market. Natural and recyclable raw materials are increasingly being used by shoemakers in place of traditional leather as a result of growing consumer demand for eco-friendly products. Emerging economies are focusing on growing the market share of local businesses using a range of strategies. To support these endeavors, they are also increasing their exports. Furthermore, a growing number of people are becoming more health-conscious and interested in sports, which is increasing demand for both athletic and non-athletic footwear. Major competitors in the global market are focusing on technological advancements and product performance to boost their income streams. However, often, people in developing nations who are on a tight budget are offered counterfeit products. The existing original footwear brands find it more challenging to sell in these markets.
Browse key industry insights spread across 213 pages with 110 Market data tables and figures & charts from the report on the "Global Footwear Market Size, Share, and COVID-19 Impact Analysis, By Type (Athletic and Non-Athletic), By Material (Leather and Non-Leather), By Distribution Channel (E-Commerce and Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The non-athletic segment is anticipated to hold the greatest share of the global footwear market during the projected timeframe.
Based on the type, the global footwear market is divided into athletic and non-athletic. Among these, the non-athletic segment is anticipated to hold the greatest share of the global footwear market during the projected timeframe. The overall demand for both formal and casual shoes has increased as a result of the increase in working professionals. The market for non-athletic footwear has grown as a result of women's shifting preferences and growing fashion consciousness. A wide variety of footwear alternatives, including heels, wedges, and sandals, dominate the market for non-athletic footwear. Children's increasing inclination towards flip-flops, sandals, and boots is driving demand in the global footwear market.
The non-leather segment is anticipated to grow at the fastest pace in the global footwear market during the projected timeframe.
Based on the material, the global footwear market is divided into leather and non-leather. Among these, the non-leather segment is anticipated to grow at the fastest pace in the global footwear market during the projected timeframe. This category includes shoes composed of rubber, textiles, man-made materials, and different eco-friendly alternatives. Because they are more affordable, made without using cruelty, and raise consumer awareness of environmental issues, non-leather shoes are becoming more and more popular. Brands are putting more of an emphasis on innovation in this area by bringing eco-friendly materials and striking designs that appeal to a broader spectrum of customers.
The offline segment is predicted to grow for the largest revenue share in the footwear market during the estimated period.
Based on the distribution channel, the global footwear market is divided into e-commerce and offline stores. Among these, the offline segment is predicted to grow for the largest revenue share in the footwear market during the estimated period. Customers can access a wide variety of product portfolios from numerous market sectors through the offline channel. It is a successful retailer offering a large selection of winter footwear, with a global and domestic reach. Customers can purchase specialty items that are offered for sale in the marketplace through these establishments. Consequently, the creation of offline channels in various regions creates lucrative opportunities for the expansion of the footwear business.
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Asia Pacific is expected to hold the largest share of the global footwear market over the forecast period.
Asia Pacific is expected to hold the largest share of the global footwear market over the forecast period. Rapid urbanization, emerging economies, and the growing middle class are predicted to fuel market demand. This is a result of changing lifestyle preferences, an increase in health consciousness, and the launch of innovative footwear items by various companies. China, India, and Vietnam, three of the top shoe-producing countries in the world, are located there. Owing to their reputation for strong and affordable manufacturing, these countries are major suppliers of footwear to global markets. Rising disposable income and urbanization in countries like China and India have raised demand for premium and branded shoes.
North America is predicted to grow at the fastest pace in the global footwear market during the projected timeframe. The shoe industry has one of the strongest supply networks in the world. The increased demand from customers for stylish yet comfortable footwear is driving the industry. The growing popularity of sports like football, basketball, and other winter activities in North America presents promising opportunities for market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Footwear Market include Nike, Adidas, Puma, Reebok, New Balance, Skechers, Under Armour, Converse, Vans, Timberland, Clarks, Crocs, and Others.
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Recent Developments
- In January 2023, Nike launched a brand-new line of footwear crafted from recycled materials.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Footwear Market based on the below-mentioned segments:
Global Footwear Market, By Type
- Athletic
- Non-Athletic
Global Footwear Market, By Material
- Leather
- Non-Leather
Global Footwear Market, By Distribution Channel
- E-Commerce
- Offline
Global Footwear Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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