Footwear Market Scope
The global footwear market is expected to exhibit a strong CAGR of 5.5% over the forecast period from 2020 to 2027, according to the latest research report from Market Research Future (MRFR). The global footwear market is studied in detail in the report, which provides a comprehensive overview of the market’s historical growth trajectory, elaborating upon major growth drivers and restraints and providing a detailed breakdown of the economic environment around the market, identifying major factors likely to have a lasting impact on the market. Key macroeconomic as well as microeconomic factors affecting the market are studied in the report, providing an accurate look into the background of the footwear market. Leading players operating in the global market are also profiled in the report, providing readers with a comprehensive overview of the competitive landscape of the market.
Footwear is one of the necessities of modern life, where footwear has become important for its functional purposes as well as its aesthetic purposes and has taken up an important place in the halls of fashion. Simply put, footwear includes anything worn on the feet, primarily for protective purposes. The basic function of footwear is to protect the soft undersides of the feet from concerns such as thorns, spikes, pebbles, and heat. Evolving from animal hides in prehistoric times, the footwear industry has come a long way in modern times and is now accountable for billions of dollars in turnover every year, if not every month. The growing demand for footwear of a better standard is likely to be a major driver for the global footwear market outlook over the forecast period.
Growing demand for fashionable footwear in urban markets in Asia Pacific is likely to be a major driver for the global footwear market over the forecast period. As consumers in areas like India, China, and Indonesia are getting richer, the demand for fashionable clothing and accessories has grown, leading to steady growth of the footwear market. The diversification of footwear in terms of separate, distinct applications has also helped the footwear industry grow, as a modern user now usually owns multiple footwear for multiple applications, leading to a growing demand and product development.
Competitive Analysis:
Leading players in the global footwear market include Nike Corporation, Adidas AG, Kering S.A., Geox S.p.A., Skechers USA Inc., VF Corporation, Crocs Retail Inc., ECCO Sko A/S, Wolverine World Wide Inc., Under Armour Inc., New Balance Athletics Inc., Asics Corporation, Deichmann SE, AeroGroup, and The Columbia Sportswear Company.
Segmentation:
The global footwear market outlook is segmented based on product type, category, end use, distribution channel, and region.
By product type, the global footwear market is segmented into formal footwear, casual footwear, and sports footwear.
By category, the global footwear market is segmented into open and closed footwear.
By end use, the market is segmented into men and women.
By distribution channel, the footwear market is segmented into store-based and non-store-based.
Regional Analysis:
Asia Pacific is the dominant regional footwear market, primarily due to the high volume of consumers in the region. The growing urbanization in the region is likely to remain a major driver for the global footwear market insights, as awareness about various types of footwear as well as international footwear brands is growing in Asia Pacific. Europe holds the second-largest share in the global footwear market due to the presence of several leading global giants in the region.
Industry News
In September 2020, Kering announced its commitment to 100% carbon neutrality across its wide range of brands and intricate supply chains. Sustainability is likely to be a key theme in the global footwear market over the forecast period, with the use of natural leather drawing the ire of several environmental groups and the use of various chemicals in the manufacturing process drawing the attention of regulations aimed at keeping industrial outflows sanitary and environmentally viable.
In August 2020, more than 200 footwear companies in the U.S. advised President Donald Trump to cancel proposed high tariffs on Chinese imports, claiming the tariffs would result in a price hike for the end consumers.
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