Portland, OR, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Barefoot shoes Market by End User (Men, Women, and kids), by Shoe Closure Type (Buckle, Lace-up, Zipper, Others), by Distribution channel (Hypermarkets, Specialty Stores, Brand Outlets, E-Commerce): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global barefoot shoes industry generated $471.1 million in 2021 and is anticipated to generate $788.7 million by 2031, witnessing a CAGR of 5.3% from 2022 to 2031.
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Prime determinants of growth
Change in the consumer lifestyle due to urbanization has led to an increase in the demand for fashionable footwear products. This provides manufacturers an opportunity to introduce new and innovative products to increase their market size. In addition, an increase in sales through online channels, attractive marketing, and promotional strategies are promoting the overall growth of the barefoot shoe market.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global barefoot shoes market, owing to temporary closure of barefoot shoes manufacturing firms during the lockdown.
- The pandemic disrupted growth of the business environment of every country, which is expected to be the major challenge for the barefoot shoes market growth.
The men segment to maintain its leadership status throughout the forecast period
Based on end user, the men segment held the highest market share in 2021, accounting for around half of the global barefoot shoes market, and is estimated to maintain its leadership status throughout the forecast period. Men actively participate in sporting and recreational activities. A consistent increase in the participation of men in outdoor sports is expected to support the growth of barefoot shoes during the forecast period. However, the women segment is projected to manifest the highest CAGR of 6.2% from 2022 to 2031. Surge in participation of women in outdoor activities and sports such as trekking, hiking, and tennis has contributed toward the growth of the barefoot market.
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The buckle segment to maintain its leadership status throughout the forecast period
Based on shoe closure type, the buckle segment held the highest market share in 2021, accounting for nearly half of the global barefoot shoes market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 5.5% from 2022 to 2031. Buckles as shoe closures were initially used by Roman soldiers to fasten armor and for decorative purposes too. Over the years, buckles have come in and out of fashion. Still one can see buckles on shoes with various materials.
The hypermarkets store segment to maintain its lead position during the forecast period
Based on the distribution channel, the hypermarkets store segment accounted for the largest share in 2021, contributing to nearly 37% of the global barefoot shoes market, and is projected to maintain its lead position during the forecast period. Consumers across the globe use offline segments for their purchasing. Manufacturers offer special discounts through these hypermarkets and encourage hypermarkets and supermarket chains to mainly sell their products. For these strategies, manufacturers are taking efforts to increase the visibility of products, which attracts consumers and contributes toward the growth of the barefoot shoe market. However, e-commerce is expected to portray the largest CAGR of 6.6% from 2022 to 2031. This is due to the rise in the adoption of mobile phones and surge in penetration of the internet.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global barefoot shoes market, and is likely to dominate the market during the forecast period. An increase in demand has been witnessed for leather footwear, owing to cold temperatures across countries in North America, which supplements the growth of the barefoot shoes market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.6% from 2022 to 2031. Consumers are becoming more conscious about their health and fitness in countries such as India, China, and Japan, which propels the growth of the barefoot shoes market in these regions. The rise in fashion trends and health consciousness are among the major factors that have contributed to the overall increase in demand for barefoot shoes.
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Leading Market Players: -
- Vivobarefoot Limited
- Adidas AG
- New Balance Athletics, Inc.
- Vibram S.P.A
- Softstar Shoes
- Lems Shoes
- Wolverine World Wide, Inc.
- Inov-8 Inc.
- Puma SE
- Kineyatabi Co Ltd.
- Body Glove.
- Nike Inc.
- Tadeevo
- VF Corporation
- Feel The World, Inc.
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