Portland,OR, July 19, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Sneaker Market by Product Type (Low-Top Sneakers, Mid-Top Sneakers, High-Top Sneakers), by End User (Men, Women, Kids), by Price Point (Luxury, Economic), by Category (Private Label, Branded), by Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Brand Outlets, E-commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global sneaker industry generated $131.1 billion in 2021, and is anticipated to generate $215.6 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031.
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Prime determinants of growth
The introduction of a range of footwear with variations in color, design, and price, the adoption of attractive marketing and promotional techniques, and the expansion of sales through online channels drive the growth of the global sneaker market. However, the government's and environmental organizations' proactive actions against pollution restrict the market growth. Moreover, the widespread use of sneakers in numerous environments and a large consumer base including fitness & gym visitors, athletes, and rock climbers present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global sneaker market, owing to temporary closure of sneaker manufacturing firms during the lockdown.
- Not only the production but also the sale of sneakers was hampered due to closure of specialty stores across the world, especially in the initial period of the pandemic.
- However, sales through e-commerce websites generated some revenue and helped the sneaker industry to recover from the loss.
The mid-top sneakers segment to maintain its leadership status throughout the forecast period
Based on product type, the mid-top sneakers segment held the highest market share in 2021, accounting for nearly half of the global sneaker market, and is estimated to maintain its leadership status throughout the forecast period. Increase in consciousness toward health and fitness has led to rise in demand for mid-top sneakers, primarily in developed countries. Innovative product launches and higher level of comfort offered by shoes have also increased demand for mid-top sneakers. However, the high-top sneakers segment is projected to manifest the highest CAGR of 5.9% from 2022 to 2031, due to rise in disposable income and growth in demand for new designs.
The branded segment to maintain its leadership status throughout the forecast period
Based on category, the branded segment held the highest market share in 2021, accounting for more than two-thirds of the global sneaker market and is estimated to maintain its leadership status throughout the forecast period. Growth of online sales platforms for all types of products is proving to be a driving factor for the branded sneaker market. Consumers buying shoes through online sales channels prefer the branded ones, as they can afford them in low price. However, the private label segment is projected to manifest the highest CAGR of 5.8% from 2022 to 2031. Growth of retail chains and hypermarkets & supermarkets is proving to be a major factor boosting the demand of private label products. Branded products may not always be affordable for all the consumers.
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The specialty stores segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty stores segment accounted for the largest share in 2021, contributing to more than two-fifths of the global sneaker market, and is projected to maintain its lead position during the forecast period. This is owing to the availability of larger varieties of sneakers in specialty stores. In addition, these stores offer options such as discounts as well as benefits of immediate gratification, which results in the growth of the sneaker market. However, the e-commerce segment is expected to portray the largest CAGR of 6.9% from 2022 to 2031, attributed to the easy availability of sneakers and benefits provided by them such as information about the product and the facility of home delivery to customers.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global sneaker market, and is likely to dominate the market during the forecast period. Increase in urbanization and surge in middle-class consumers in developing and developed markets in the region have encouraged the adoption of convenience-oriented lifestyles, making sneakers more desirable for consumer of all age groups. However, the LAMEA region is expected to witness the fastest CAGR of 6.8% from 2022 to 2031. Increase in spending capabilities of consumers, owing to a considerable rise in their disposable incomes in this region propels the growth of the sneaker market in LAMEA. Moreover, rapid increase of retail chain and brand outlets boosts the sales of sneakers in this region.
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Leading Market Players: -
- Nike, Inc.
- Adidas AG
- Under Armour Inc.
- Puma
- Reebok
- Hanesbrands Inc.
- Champion
- New Balance
- Converse
- Benetton Group S.r.l
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