Footwear Market Growth & Trends
The global footwear market size is expected to reach USD 543.90 billion by 2030, based on a new report by Grand View Research, Inc, expanding at a CAGR of 4.3% from 2022 to 2030. The market has shown immense growth in the past years and has caught the attention of consumers belonging to different demographics. The rising awareness surrounding health and lifestyle-related disorders such as stress and obesity has compelled users to take up physical activity. This is propelling demand for stylish and comfortable footwear. The athleisure segment is on a constant rise compared to its fashion segment.
Such athleisure shoes are also positioned as casual wear, which is gaining popularity amongst the younger population. Incorporating athletic shoes into daily fashion is a visible trend observed today. In the past years, there has also been increased participation of women in the sports segment. The number of women buying footwear is increasing, and this trend is expected to continue during the forecast period. Technological innovation, increased marketing, awareness of the right fit shoe, and an increase in disposable income are factors that will help surge demand for footwear in the forecasted years.
The non-athletic segment had the largest market share. A large number of players worldwide manufacturing different types of footwear like boots, sandals, sneakers, and flats, to cater to ever-changing consumer preferences can be attributed to its growth. Sustainable footwear is an emerging trend in this segment where brands source their raw materials from ethical sources and commit to zero environmental wastes and toxins.
Men dominated the end-use segment, and the interest in outdoor activities can be attributed to this majority share. Multi-use shoes that have features of both sports and casual wear are gaining traction amongst this user segment. Even cult brands have increased spending on marketing as emerging players are catching consumer attention too. Major celebrity endorsements help create a huge impact in endorsing sustainable footwear.
The market is dominated by well-established brands that have a strong presence globally. Apart from them, there are also small and medium-sized players who sell in regional markets. Strategic partnerships, mergers and acquisitions, and collaborations are different methods adopted by brands globally to cater to evolving needs and gain a competitive edge over other players.
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Footwear Market Report
Footwear Market Report Highlights
- The athletic segment is expected to register a higher CAGR during the forecast period owing to growing awareness and interest surrounding sports and athleisure activities. Customization and personalization of footwear will also boost the athletic segment during the forecast period
- Women segment of the end-use will grow at a substantial rate owing to dedicated female footwear brands in the market, and the surging popularity of sustainable products
- The Asia Pacific held the highest market share and is expected to continue the trend due to the concentration of major players in this region and the growing disposable income of the population residing in this geography.
