Footwear Market

Footwear Market Outlook (2023 to 2033)

The global footwear market stands at a value of US$ 465.1 billion in 2023 and is forecasted to hit US$ 688.4 billion by 2033, rising at a steady CAGR of 4% from 2023 to 2033 (forecast period).

The footwear market is constantly expanding due to strong demand for branded, stylish, and comfortable footwear that is affordable, provides good cushioning, reduces foot odor, and has an attractive appearance. Market players are working on increasing the level of comfort in shoes while also introducing new designs.

• For instance, in January 2021, Adidas, the world's leading footwear maker, released the new Adidas ZG21, a lighter golf shoe with carbon-fiber plates implanted underfoot and surrounded by light foam. These shoes are comfortable and aid runners in increasing their speed by eliminating deviations when running.

Application of 3D printing technology in shoes with unique designs, insoles, and that enable rapid prototyping and innovative manufacturing methods is gaining traction. Therefore, over the forecast period, new technologies focusing on giving optimum comfort and maintaining a fancy look at an accessible price are expected to create substantial chances in the global market.

Rising demand for sustainable footwear is a global market trend that is gaining pace.

• According to the United States Department of the Interior, approximately 20 billion pairs of footwear are produced each year, with roughly 300 million ending up in landfills, the bulk of which contain non-biodegradable materials.

There has been an increase in the use of sustainable materials and footwear businesses, which have incorporated sustainability into their products from the start. Moreover, manufacturers have been developing novel sustainable product manufacturing methods to meet consumer demands.

• For instance, Solecraft, an indigenous sustainable footwear firm in India, released its first pair of sweat-resistant charcoal shoes in August 2022. The firm stated that these eco-friendly sneakers were made entirely of natural materials. According to the business, the product was designed in India and manufactured using premium Australian Merino wool, Japanese bamboo charcoal, and plant-based recycled coffee grounds oil.

Report Attributes	Details
Footwear Market Size (2023)	US$ 465.1 billion
Projected Market Value (2033)	US$ 688.4 billion
Global Market Growth Rate (2023 to 2033)	4% CAGR
India Market Value (2033)	156.27 billion
Casual Footwear Segment Growth Rate (2023 to 2033)	4.1% CAGR
Key Companies Profiled	Adidas AG PUMA Nike, Inc Geox S.p.A Timberland ASICS Corporation Fila Holdings Corp

Why is the Global Market for Footwear Expanding Steadily?

“Increasing Consumer's Disposable Income”

Many consumers are more drawn toward fashionable goods as their lifestyles evolve and change daily with their disposable income rising. Consumers' living standards are rising as a result of their disposable money, and they are purchasing more fashionable and trendy goods. As a result, these consumer preferences will present opportunities for market participants operating in the global market.

“Manufacturer’s Collaborations with Celebrities & Social Media Influencers”

Advertising and marketing are critical components in increasing the sales of any product. Businesses utilize advertising to achieve a variety of objectives. Companies spend a lot of money on promotion and advertisement to get their brands and products in front of as many people as possible, and the footwear industry is no exception. Footwear companies work with celebrities and social media influencers from different categories to promote their products.

“Growing Demand for Customized Footwear”

Customizing footwear is a growing trend among target buyers. Customized items have grown in popularity in developed regions such as North America and Europe during the previous five years. Customization is offered for a variety of footwear styles. Premium footwear can be customized with hard metals such as silver and gold, as well as precious stones such as diamonds.

Leading providers in the luxury footwear industry offer customized products with an aesthetic appeal. Personalization can range from the logo, design, color, and buckles to embroidering or adding names.

• For example, Nike is a significant vendor that offers personalized shoes through its 'Nike By You' division. Customers can customize their shoes by changing the color, the style of the shoe sole, and the printing of custom text.

“Increasing Number of Sporting Events and People Participating in Physical Activities”

Shoes are the most critical piece of equipment for any athlete, regardless of the events or categories in which they compete. Athletes in sports such as football, basketball, cycling, running, and cricket require high-quality shoes for performance, comfort, and, most importantly, injury prevention.

Sports and high-intensity physical activities can place a lot of strain on the ankles, feet, and legs. For example, jumping and running can generate three to five times the force of our body weight on our legs. Nike, Puma, and Adidas mainly design athletic and outdoor footwear for various games and sports using modern technologies that give comfort and excellent performance while reducing injury risk.

Which Factor Can Negatively Impact Market Expansion?

“Availability of Counterfeit Products”

The availability of counterfeit products at lower rates replicating the real products is expected to negatively impact market growth. Copycat products have severely harmed Adidas, Puma, and other well-known international companies. Online platforms have recorded a huge number of counterfeit shoe brands in which dealers use authentic images of products stolen from companies and then deliver the counterfeit products once the transaction is done. These factors are expected to hamper the global market expansion during the study period.

Country-wise Insights

Why is the Footwear Market Thriving in India and China?

“Booming Population, Rising Disposable Income, and Expanding e-Commerce Industry”

The footwear market in India and China is projected to reach US$ 156.27 billion and US$ 134.93 billion by 2033.

One of the main factors driving the sales of footwear in India and China is the booming population in these countries. Moreover, both countries have witnessed tremendous economic expansion in recent decades, which has resulted in a rise in disposable income. People with more disposable income are more likely to invest in high-quality footwear.

Expansion of the market is also influenced by urbanization. People who move from rural to urban settings are more inclined to buy trendy and functional footwear. Fashion trends in the footwear market change as they do in any other industry. Consumers in India and China are becoming more fashion-conscious as they gain access to global fashion trends, resulting in increased demand for footwear. Furthermore, the expansion of e-Commerce has made it easier for people in India and China to buy footwear online. This has increased retailer competition, lowering prices and making footwear more accessible to consumers. These aspects have led to market expansion in India and China and are projected to continue driving growth in the future.

Japan and South Korea are following India and China in terms of growth. The footwear market in these countries is expected to touch US$ 36.4 billion and US$ 53.6 billion by 2033.

Which Factors are Raising Footwear Sales in the United States?

“Increasing Popularity of Athletic Footwear and Online Shopping”

The United States market is estimated to achieve US$ 98.4 billion by 2033. Athletic footwear is becoming more popular as people become more aware of the importance of physical activity and exercise. The footwear sector, like any other fashion-related industry, is constantly influenced by changing trends. The United States is regarded as being at the forefront of global fashion trends, which has helped the country's footwear business flourish.

Online shopping has grown in popularity in the United States, fueling the expansion of e-commerce in the footwear business. This has made it easier for consumers to buy footwear online, increasing competition among merchants and driving industry growth.

What is the Growth Outlook for Footwear in the United Kingdom and Germany?

“Growing Importance of Exercise and Presence of Fashion-conscious Consumers Driving Demand for Athletic & Casual Footwear”

Like the United States, there is an increasing awareness of the importance of physical activity and exercise in the United Kingdom and Germany, which has led to a rise in demand for athletic footwear. Moreover, both countries are noted for their fashion-conscious consumers, with London and Berlin serving as major fashion capitals. As a result, there is an increased demand for attractive and stylish footwear.

Category-wise Insights

Why is There Greater Demand for Casual Footwear Than Athletic Footwear?

“Expanding Consumer Fashion Consciousness and Increasing Disposable Income”

Demand for casual footwear is anticipated to rise at a CAGR of 4.1% during the forecast period. Rising consumer fashion consciousness and the increasing adoption of fashionable shoes are the primary factors driving the segment's growth. Furthermore, casual footwears are in great demand since many customers like to purchase many pairs of casual footwear to wear on different occasions and for different purposes.

Increased disposable income of the global population is also responsible for the increase in demand for casual footwear. Consumers' disposable earnings are increasing their buying power, allowing them to spend more on fashion items such as casual footwear.

Why are More Customers Turning to Purchasing Footwear from Online Channels?

“Convenience, Wide Selection, and Access to Customer Reviews and Recommendations”

Demand for footwear from online distribution channels is predicted to develop at a CAGR of 4.2% from 2023 to 2033. Online shopping allows customers to shop from anywhere at any time, eliminating the need to visit a physical store. Customers can browse a wide range of footwear selections from the comfort of their own homes.

When compared to conventional establishments, online buying delivers a larger selection of footwear options. Customers can shop for multiple brands, styles, and sizes at one location. Online buying gives customers access to competitive pricing, which is frequently lower than in physical stores. Since online shops do not have the same overhead costs as traditional stores, they can offer footwear at a lower price.

Online purchasing also allows customers to effortlessly compare the costs, styles, and features of several footwear choices. This allows them to make more educated purchasing decisions. Customers can read customer reviews and recommendations when buying online, which can help them make informed purchasing decisions and feel confident about their purchases.

Competitive Landscape

The presence of several well-established players characterizes the global footwear market. Market players are focusing on product launches and collaborations to get a competitive advantage over other players.

• Lululemon revealed the official launch of its own footwear range in March 2022. The lifestyle company confirmed its plans to launch four various sneakers, with the Blissfeel shoe type serving as the first product launch.
• In July 2021, Nike introduced its 'Rawdacious colorway palette,' which is a combination of white as the primary color, with components of total orange, pink blast, and bright crimson, for its new line of athletic footwear, which includes the Invincible Run, Pegasus 38, Air Zoom Superfly Elite 2, among others.

Key Segments of Footwear Industry Research

• By Type :

  • Athletic Footwears
  • Casual Footwears

• By Material :

  • Leather
  • Non-leather

• By End User :

  • Men
  • Women
  • Children

• By Distribution Channel :

  • Offline
  • Online

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa