Global Footwear Market Size, Share & Trends Analysis Report, By Type, by Material, by distribution channel, by End-user, By Region Forecasts, 2024 – 2032

Global Footwear Market Size, Share & Trends Analysis Report, By Type, by Material, by distribution channel, by End-user, By Region Forecasts, 2024 – 2032

Global Footwear Market was valued at US $ 409 Billion in 2023 and is expected to reach US $ 651 billion by 2032 growing at a CAGR of 5.3% during the forecast period 2024 – 2032.

The industry engaged in the design, production, distribution, and retail of footwear goods meant to cover and protect the feet is referred to as the footwear market. This market includes, among other things, a broad variety of shoe kinds, styles, and functions, such as athletic shoes, casual shoes, formal shoes, boots, sandals, and specialised footwear. The manufacture of raw materials, such as leather, synthetic materials, rubber, and other textiles, as well as the manufacturing procedures involved in converting these resources into completed footwear items, are important segments of the footwear market. The distribution channels that allow footwear to reach final consumers are shops, wholesalers, and e-commerce sites.

The growing awareness of fashion and the constantly changing preferences of women are major factors driving the expansion of the footwear market. Women are becoming more aware of current fashion trends, which has increased demand for footwear that not only fits the trend but also expresses personal style preferences. The need for an adaptable wardrobe that fits a variety of occasions and moods has led to a shift in consumer behaviour that is reflected in a wide range of fashion options, from flats to heels and trainers to boots. These trends are heightened by the impact of social media, celebrities, and fashion influencers, as women try to imitate and keep up with the looks they come across on the internet. This dynamic is further enabled by the accessibility that e-commerce platforms offer, making it simple to browse and buy the newest styles of footwear. The focus on personalisation and customisation also reflects a desire for distinctive ways to show one's style. Brands who can successfully combine comfort and style with the flexibility to adjust to shifting consumer tastes will be well-positioned to take advantage of this fashion-forward market and support the ongoing expansion and development of the footwear sector.

“Athletics segment, by type, to be dominating market from 2023 to 2030.”

In 2023, athletic footwear dominated the worldwide footwear market, making up over 35.3% of all sales. The footwear category with the fastest rate of growth is sandals and flip-flops, with a predicted CAGR of 5.7% from 2024 to 2032. Athletic shoes are clearly preferred, as evidenced by the footwear market's current trends. This preference is mostly due to consumers' rising emphasis on comfort and health-conscious purchasing decisions. Because of its supportive and cushioned features, athletic footwear has become more popular for everyday use than its traditional sports-specific use.

“Women segment, by end user, to be dominating market from 2023 to 2030.”

In the footwear market, women are the primary end customers, making up more than half of all sales worldwide in 2023. In the footwear industry, children are the end user that is expanding the fastest, with a predicted CAGR of 5.1% from 2024 to 2032. Due to their growing purchasing power, a wide variety of shoe alternatives, and constantly shifting fashion trends, women dominate the footwear business. Women's footwear is dynamic and adaptable, covering formal, casual, and sports styles. This helps to sustain the desire for fresh and creative designs.

“Leather segment, by material, to be dominating market from 2023 to 2030.”

In the footwear industry, leather is the most popular material, making up more than 43.5% of all shoe sales worldwide in 2023. With a predicted CAGR of 6.9% from 2024 to 2032, plastic is the material in the footwear market that is expanding the fastest. The leather shoe industry has always been drawn to leather because of its classic style, inherent attributes, and reputation for fine craftsmanship. Thanks to its reputation for strength, breathability, and flexibility, leather is still the material of choice for high-end, luxury footwear that exudes refinement and history.

“E-Commerce segment, by distribution channel, to be dominating market from 2023 to 2030.”

In the footwear industry, e-commerce is the primary distribution channel, with approximately 32.5% of worldwide shoe sales coming from it in 2023. With a predicted CAGR of 6.3% from 2024 to 2030, specialty retailers are the footwear market's fastest-growing distribution channel. The footwear industry is dominated by eCommerce, and speciality stores are expanding quickly. These developments can be linked to the transformative power of digital platforms and changing consumer tastes. The retail landscape has changed as a result of the simplicity with which online purchasing can offer a wide variety of footwear together with personalised recommendations and ease of comparison.

“Asia Pacific to be largest region in Footwear market.”

Asia Pacific had a commanding 37.4% of the market in 2023, and it is expected that this trend would continue for the duration of the forecast. Due to its labor-intensive nature, the footwear industry is impacted by a number of variables, including sales markets, labour prices, land availability, and environmental concerns. Global participants in consumer markets, footwear production, wholesaling, and retailing are therefore actively refocusing their attention towards lower-cost nations in order to maximise earnings, which is causing a constant relocation of global shoemaking centres. Asia Pacific's lucrative shoe markets include China, Japan, Taiwan, and India, where improving living standards and disposable money are major factors driving demand.

Footwear Competitive Landscape

The competitive landscape of the Footwear market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Footwear technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Footwear market is highly competitive, with numerous companies vying for market share. Prominent companies in the Footwear Market include:

Deckers Outdoor Corporation, VF Corporation, SKECHERS USA, Inc, Nike, Inc., ANTA SPORTS PRODUCTS LIMITED, PUMA, Adidas, Wolverine World Wide, Inc, Crocs, Inc., Geox S.p.A., CALERES, INC., ECCO Sko A/S, Hush Puppies Corporation, Merrell Footwear, New Balance Athletics, Inc,, Timberland, Kenneth Cole Productions, Inc., Ugg Australia, DR. MARTENS, Steve Madden, Ltd. and others.

Recent Developments:

Puma SE and Yuga Labs-founded Web3 brand 10KTF collaborated to launch an exclusive range of NFT trainers in April 2023. The renowned artist Alexander John created each of the 2,000 pairs in the ""Grailed PUMA Slipstream"" series.

Fila and Paramount Global's retail division worked together launched a unique line of shoes in February 2023 named ""Fila x Rock's Modern Life."" The cherished characters from Nickelodeon's ""Rocko's Modern Life"" serve as inspiration for this compilation.

Crocs, Inc. announced a big acquisition in December 2021, paying a hefty USD 2.5 billion to acquire the privately held casual footwear firm HEY DUDE. After the deal closes, HEY DUDE will function as a separate business unit of Crocs, Inc.