IMARC Group, a leading market research company, has recently releases report titled “Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global footwear market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Footwear Market?

The global footwear market size reached US$ 243.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 332.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.

Factors Affecting the Growth of the Footwear Industry:

• Increasing consumer demand for athleisure and sportswear:

One of the most significant factors driving the footwear market is the growing consumer demand for athleisure and sportswear. Athleisure, a trend that blends athletic and leisure apparel, has gained immense popularity over the past decade. Consumers are increasingly prioritizing comfort and functionality in their everyday wear, leading to a surge in demand for athletic footwear that can be worn both for sports and casual activities. This trend is particularly prominent among younger demographics who value versatile and stylish footwear. The rise of fitness-conscious lifestyles, driven by an increasing awareness of health and wellness, is supporting the demand for high-performance athletic shoes.

• Rising disposable incomes and urbanization:

As disposable incomes increase, consumers are more willing to spend on premium and branded footwear. This trend is particularly evident in urban areas, where fashion consciousness and the desire for status symbols are more pronounced. The expansion of the middle class in countries like China, India, and Brazil has created a substantial market for both affordable and high-end footwear. Additionally, urbanization brings about lifestyle changes that increase the demand for various types of footwear, from formal shoes for office wear to casual and sports shoes for leisure activities. As more people move to urban areas, the exposure to global fashion trends and brands increases, further bolstering the demand for diverse and stylish footwear options.

• Influence of fashion trends and celebrity endorsements:

Fashion trends are dynamic and have a significant impact on consumer purchasing behavior. Footwear brands often collaborate with fashion designers and celebrities to create limited-edition collections that attract fashion-forward consumers. Celebrity endorsements play a crucial role in shaping consumer preferences, as fans often aspire to emulate their favorite celebrities' styles. Social media platforms amplify this effect, with influencers and fashion icons promoting footwear brands and new releases to their followers. The constant evolution of fashion trends ensures that consumers frequently update their footwear collections to stay in vogue. Furthermore, the increasing number of fashion events, such as fashion weeks and brand launches, keeps the market vibrant and constantly evolving, thus impelling the market demand.

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Footwear Market Report Segmentation:

Breakup by Product:

• Non-Athletic Footwear
• Athletic Footwear

Non-athletic footwear accounts for the majority of shares because it caters to diverse fashion needs and everyday use.

Breakup by Material:

• Rubber
• Leather
• Plastic
• Fabric
• Others

Rubber dominates the market growth because it offers durability and versatility, making it a preferred material for various types of footwear.

Breakup by Distribution Channel:

• Footwear Specialists
• Supermarkets and Hypermarkets
• Departmental Stores
• Clothing Stores
• Online Sales
• Others

Footwear specialists hold the majority of shares due to a wide range of options and expert fitting services, attracting dedicated customers.

Breakup by Pricing:

• Premium
• Mass

Mass represents the majority of shares owing to its appeals to budget-conscious consumers, ensuring broad market reach.

Breakup by End-User:

• Men
• Women
• Kids

Women exhibit a clear dominance due to a wide variety of styles and trends, driving higher sales.

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)

North America enjoys the leading position owing to high consumer spending power and fashion-conscious population.

Global Footwear Market Trends:

The surge in e-commerce and digital retailing, enabling easier access to a wide variety of brands and styles, and the development of sustainable and eco-friendly footwear materials, appealing to environmentally conscious consumers seeking sustainable fashion choices strengthening the market growth. Besides this, the expansion of the global tourism industry, which boosts demand for travel-friendly and durable footwear, and the increasing focus on ergonomic and orthopedic shoe designs that cater to the aging population seeking comfortable and health-supportive options are contributing to the market expansion.

Leading Companies Operating in the Global Footwear Industry:

• 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

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