IMARC Group, a leading market research company, has recently releases report titled “Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global footwear market trends, growth, size, share, and forecasts. 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$ 234.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 314.2 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
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What are the growth prospects and trends in the footwear industry?
- The rising consumer awareness about health and fitness is driving the demand for athletic and sports footwear which represents one of the key factors influencing the growth of the footwear market across the globe. More people are engaging in physical activities, such as running, jogging, and gym workouts, which is fueling the need for specialized footwear that provides the necessary comfort, durability, and performance.
- The trend of wearing sports shoes for casual wear or ‘athleisure’ is acting as a major growth-inducing factor. The rising fashion trends are contributing to the growth of the market. Seasonal trends, celebrity styles, and social media influences often dictate consumer preferences. High-fashion footwear is particularly appealing to the younger, fashion-conscious demographic. Brands that successfully interpret and adapt to these changing trends are gaining a competitive edge.
- Technological advancements are leading to innovations in footwear materials and design. Manufacturers now use lightweight materials, advanced sole designs, and even incorporate smart features like connectivity and health tracking. Consumers are increasingly appreciating these advancements, leading to higher market demand.
- Apart from this, the rise in e-commerce platforms is boosting the growth of the market. Online retailing offers consumers the convenience of shopping from home and the ability to compare various products and prices. Consumers are leaning towards brands that use eco-friendly materials and ethical manufacturing practices with growing awareness about environmental issues. Thus, sustainability is becoming not only a social responsibility but a competitive advantage in the market.
- Other factors, such as the growing global population and increasing disposable incomes, rapid urbanization, and the availability of a wide range of footwear to suit various needs are creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- Nike Incorporation
- Adidas AG
- Geox S.p.A
- Skechers USA, Incorporation
- Crocs Retail, Inc.
- Ecco Sko A/S
- Wolverine World Wide, Inc.
- Under Armour Inc., etc
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Non-Athletic Footwear
- Athletic Footwear
Breakup by Material:
Breakup by Distribution Channel:
- Footwear Specialists
- Supermarkets and Hypermarkets
- Departmental Stores
- Clothing Stores
- Online Sales
Breakup by Pricing:
Breakup by End-User:
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)
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