Market Size of Footwear Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.25 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Footwear Market Analysis
The Footwear Market is expected to register a CAGR of 5.25% during the forecast period.
- The rising demand for fashionable, trendy, yet comfortable footwear across all age groups is a key factor driving the global footwear industry. The rise in the growth of sports-focused footwear, such as football, cricket, basketball, and golf, coupled with exponential investment by governments and global organizations to promote sports leagues and participation, has been a key driver for the market.
- Asian countries, such as China and India, are the major exporters of leather footwear across developed countries. For instance, according to the Department for Promotion of Industry and Internal Trade, it is estimated that about USD 2,047.08 million worth of leather footwear products was exported from India to other parts of the world in 2022.
- Additionally, an emerging trend in the global footwear market is the rise in demand for eco-friendly footwear. There has been a growth in the usage of sustainable materials and sustainable footwear brands that have embedded sustainability into their brands from their beginnings. The manufacturers have been finding innovative ways to manufacture such products to suit customer demands.
- For instance, in August 2022, Solecraft, an indigenous sustainable footwear company in India, announced the launch of its first pair of sweat-resistant charcoal shoes. The company claimed that only natural materials were used in the manufacturing of these eco-friendly sneakers. The company revealed that the product was developed in India and manufactured using Japanese bamboo charcoal, premium Australian Merino wool, and plant-based recycled coffee grounds oil.
- Athleisure has become more pervasive, as it has influenced the athletic footwear choice among millennial parents. Due to this factor, they are dressing their kids in athletic apparel and footwear. This is driving the sales of overall footwear across the world.
- Non-athleisure footwear products such as boots, sandals, and flip-flops are commonly used by the consumer in day-to-day life. Hence, manufacturers in the market are focusing on innovative and user-friendly designs to attract consumers. Moreover, sneakers stand out to be one of the popular types of footwear products across the market owing to the comfort and design of the products. Sneakers were popular among young consumers. They often tend to buy expensive pairs of sneakers as an investment and enthusiasm towards exclusive collections available across the market.
Footwear Industry Segmentation
Footwear is a protective covering for feet, such as shoes, sandals, and other types. These products protect the feet from hurting the feet and help in easing day to day physical activities.
The scope of the global footwear market includes type, end user, distribution channel, and geography. Based on type, the market is segmented under athletic footwear and non-athletic footwear. The athletic footwear segment includes running shoes, sports shoes, trekking/hiking shoes, and other athletic footwear types. The non-athletic footwear segment includes boots, flip-flops/slippers, sneakers, and other non-athletic footwear. Further segmentation is done based on end users, which includes men, women, and kids. The segmentation based on the distribution channel includes offline retail stores and online retail stores. The report outlines the insight of all the global regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The market sizing has been done in value terms in USD for all the abovementioned segments.
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Footwear Market Size Summary
The footwear market is experiencing significant growth, driven by the increasing demand for stylish, comfortable, and eco-friendly footwear across various age groups. The rise of sports-focused footwear, supported by substantial investments in sports leagues and participation, is a major contributor to this expansion. Asian countries, particularly China and India, play a crucial role as major exporters of leather footwear, while the region's rapid urbanization and adoption of Western lifestyles further bolster market growth. The Asia-Pacific region, being the largest footwear market, benefits from a concentration of manufacturing due to the availability of affordable labor and raw materials, allowing for competitive pricing and a wide variety of options.
The global athletic footwear market is highly competitive, with leading brands like Nike, Adidas, and Puma dominating through strategic partnerships, innovative product offerings, and aggressive marketing campaigns. These brands are increasingly focusing on sustainability and customization to meet diverse consumer preferences. The market is also witnessing a surge in demand for athleisure and eco-friendly footwear, reflecting a growing health consciousness and fashion awareness. Major sporting events and the flourishing e-commerce sector further drive the demand for athletic footwear, as consumers seek products that combine functionality with style.
Footwear Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Surging Demand for Athleisure Footwear
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1.1.2 Aggressive Marketing by Brands
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1.2 Market Restraints
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1.2.1 Extensive Availability of Counterfeit Products
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Athletic Footwear
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2.1.1.1 Running Shoes
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2.1.1.2 Sports Shoes
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2.1.1.3 Trekking/Hiking Shoes
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2.1.1.4 Other Athletic Footwear Types
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2.1.2 Non-athletic Footwear
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2.1.2.1 Boots
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2.1.2.2 Flip-Flops/Slippers
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2.1.2.3 Sneakers
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2.1.2.4 Other Non-athletic Footwear
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2.2 End-User
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2.2.1 Men
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2.2.2 Women
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2.2.3 Kids
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2.3 Distribution Channel
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2.3.1 Offline Retail Stores
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2.3.2 Online Retail Stores
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Russia
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2.4.2.5 Spain
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2.4.2.6 Italy
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2.4.2.7 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Colombia
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2.4.4.3 Rest of South America
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2.4.5 Middle East & Africa
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2.4.5.1 South Africa
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2.4.5.2 Saudi Arabia
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2.4.5.3 Rest of Middle East & Africa
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Footwear Market Size FAQs
What is the current Footwear Market size?
The Footwear Market is projected to register a CAGR of 5.25% during the forecast period (2024-2029)
Who are the key players in Footwear Market?
Nike Inc., Adidas AG, LVMH Mo毛t Hennessy Louis Vuitton SE, Kering SA and Puma SE are the major companies operating in the Footwear Market.
