New York, USA, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global footwear market. According to the report, the global market is projected to surpass $536,900.5 million and grow with a CAGR of 5.2% in the estimated period, 2020–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Footwear Market
The outburst of the COVID-19 pandemic in 2020 has had a severe impact on the growth of the global footwear market. During the COVID-19 pandemic, order cancellations or postponements in the lockdown period led to supply chain disruptions and decline in export orders for footwear. Additionally, the closure of premium outlets, retail stores, supermarkets, and manufacturing facilities led to a decline in the sales for footwear across the globe. Furthermore, in China, shutting of production units and factories led to supply chain disturbances and rapid growth in the prices of several raw materials. As a result, the footwear market suffered greatly during the pandemic.
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Factors Impacting the Footwear Market Growth
The key factors boosting the growth of the global footwear market are changing lifestyle habits, developing economies, and an upsurge in health awareness amid people who workouts regularly. Additionally, the footwear industry is increasing swiftly owing to the high need for comfortable, fancy, and branded footwear that are budget-friendly is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the accessibility of several counterfeit products that duplicate the original products and provide counterfeit footwear at minimum costs is likely to deter the market’s growth.
The report segments the global footwear market into type, material, end user, distribution channel, and region.
Athletic Sub-Segment to Grab a Foremost Share of the Market
The athletic sub-segment of the type segment is foreseen to observe leading growth and garner $249,266.8 million during the forecast period. This growth is mainly because they are extensively used in several sports events such as basketball, running, skating, soccer, and others.
Leather Sub-Segment to Account for a Dominant Market Share
The leather sub-segment of the material segment is expected to have swift growth and surpass $242,065.1 million by 2028. The use of several leather footwear like heels, wedges shoes, and leather boots by working professionals is growing the need for leather footwear.
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Women Sub-Segment to Witness Rapid Growth
The women sub-segment of the end user segment is predicted to grow enormously and hit $234,784.1 million by 2028. This growth is mainly owed to the accessibility of several types of trendy and fancy footwear like sports shoes, leather shoes, flip flops, heels, sandals, slippers, and others.
Hypermarket/Supermarket Sub-Segment to Experience Fastest Growth
The hypermarket/supermarket sub-segment of the distribution channel segment is foreseen to observe leading growth and garner $139,304.5 million during the forecast period. Hypermarket/Supermarket provides accessibility of several footwear, plenty of parking space, and suitable timings at the same location are projected to drive the hypermarket/supermarket growth.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global footwear market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth and hit $239,506.3 million by 2028. This growth is mostly due to the changing lifestyle habits, growth in health awareness, and footwear products launched by several firms and the presence of leading market players such as Skechers USA, Inc., Geox S.p.A, and others in this region.
Broader Insights Pertaining for the Specific Segments or Regions of the Footwear Market
Key Players of the Market
The report states some of the foremost players operating in the global footwear market including
- Nike Inc.
- Adidas AG
- PUMA SE
- Under Armour Inc
- Skechers USA Inc.
- VF Corporation
- CROCS, Inc.
- Geox S.p.A
- Wolverine World Wide Inc.
- Ecco Sko A/S
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. For instance, in April 2019, Adidas, a foremost firm that designs and manufactures shoes, announced the launch of FUTURECRAFT.LOOP. With this launch, Adidas affirms its commitment for decreasing plastic waste.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Footwear Market:
- How Smart Shoes are Redefining the Footwear Industry?
- How did Footwear Evolve Over the Years and What is the Present Day Scenario?
- Global Footwear Market to Experience Accelerating Growth by 2028 Due to Rising Demand for Fancy, Comfortable, Affordable and Branded Footwear
