Wilmington, Delaware, United States, Transparency Market Research Inc. - , July 16, 2024 (GLOBE NEWSWIRE) -- The global recycled polyester sneaker market (재활용 폴리에스터 운동화 시장) is expected to advance at a CAGR of 6.8%. This moderate advancement will ensure that the market size will scale up to USD 958.2 million by 2034. The industry was valued at USD 465.2 million in 2023.
The growing consumer awareness about sustainability has spurred the use of recycled material in manufacturing. This trend can be observed in the case of different industries, including the footwear sector. With the growing inclination toward eco-friendly products, key players in the industry are inclined toward the production of recycled polyester sneakers, which will fulfill changing consumer demands.
The awareness regarding animal cruelty has been rising among consumers. As a result, a shift can be observed toward eco-friendly products. This reduces the demand for leather footwear, which is manufactured from animal skin. Such a driver will likely create better growth prospects for key players in the recycled polyester sneaker market, elevating the size of the industry.
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With the technological evolution, the scope of innovation has further widened, which enhances the recyclability of waste materials. Due to this, the quality and comfort of polyester sneakers will likely increase, grabbing consumer attention. Such a factor, therefore, will be a key driver for the industry, elevating the size of the market.
Key Findings from the Market Report
- The competitive landscape of the recycled polyester sneaker market has been segmented based on various criteria. Based on the type of sneakers, athletic sneakers are expected to gain more traction. This is because the growing demand for supreme quality sportswear will drive demand for the said segment.
- The growing attention toward footwear and rising consumer concern for wearing attractive shoes, the demand for casual sneakers will likely spur. This segment will likely gain significant attention.
- Based on the consumer group, the men’s section will likely be the highest contributing segment. The foremost reason for the same is the spurring demand for sneakers from men.
- Due to the development of e-commerce platforms and increased sneaker availability on such forums, brands are better engaged with consumers. As a result, this is another key contributing segment to the development of the industry.
- Europe has emphasized the circular economy approach in the last few years. The approach will foster sustainability and will likely create prospects for sustainable businesses in the region. This factor, consequently, helps the region contribute to the growth of the recycled polyester sneaker market.
- With the technological developments, North America will help key players in the sector by providing a wider landscape. As a result, the region is another crucial contributor to the market advancements. The growing footwear industry and changing consumer preferences in the Asia-Pacific countries will help the industry gain traction in the region.
Key Developments in the Recycled Polyester Sneaker Market
- In March 2024, Adidas AG announced the inauguration of the Adidas Foundation. The firm is especially dedicated to community service, which will consolidate the brand value of the organization in the market.
- In April 2024, Nike, Inc. launched a new product called Luka 3. The firm has reduced the weight of the shoe to provide the utmost comfort to consumers.
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Competitive Landscape
With the fiercely competitive landscape of the global recycled polyester sneaker market (mercato delle scarpe da ginnastica in poliestere riciclato), key competitors are promoting different products and services, which enable organizations to withstand the competition. JACK & JONES is a key player influential in different operating verticals, including clothing and footwear. The firm produces shirts, t-shirts, and jeans for men, women, and kids.
Nike, Inc. is another key competitor known to produce various shoes. Some of the products are Air Jordan, Luka 3, Nike Air Force, and many more. Similar to the previously discussed organization, Adidas AG is also operating in the clothing and footwear section. The firm manufactures jerseys, slippers, and shoes.
Key Players
- JACK & JONES
- CHARLES & KEITH
- Adidas AG
- VEJA
- Nike, Inc.
- Asics
- Aigle
- ECOALF
Market Segmentation
Type
- More than 50% Recycled Polyester
- Less than 50% Recycled Polyester
- Athletic Sneakers
- Hiking & Trekking Sneakers
- Casual Sneakers
- Men
- Women
- Kids
- Online
- E-commerce Website
- Company Website
- Offline
- Supermarkets/Hypermarkets
- Branded Stores
- Other Retail Stores
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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