03 October 2022
As part of its latest expansion, Douglas Insights has evaluated multiple aspects of the global footwear market and identified the changes in market trends due to an increase in the range of advanced, cost-efficient products and a rise in sales due to the growth of the ecommerce industry. It has included the Footwear Market research reports in its comparison engine, providing analysts, market researchers, businesses, and industry experts, with the information they need to recognize market trends, limitations, drivers, barriers and forecasts.
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The global footwear market is primed to grow at a healthy rate in the coming years, with an estimated compound annual growth rate (CAGR) of 8.0% from 2020 to 2030. The global rise in disposable incomes, increased demand for comfort, the rise of streetwear fashion, rise in sports activities due to increased health consciousness of consumers since COVID-19, growth in gym activity, development of advanced and cost-efficient products, and rapid growth of the ecommerce industry are all driving factors for the growth of the footwear industry.
The footwear industry is also taking advantage of influencer and celebrity culture to attract various consumer segments. Current trends indicate that fashionable footwear is primed for growth due to consumer demand for aesthetically appealing, comfortable, and trendy designer footwear. Online channels and the ecommerce industry provide incredible growth opportunities for key market players. Digital marketing campaigns on social media platforms and new shopping models such as subscription models are making headway and providing new opportunities for the footwear market.
Apart from digitalization, key trend factors in the footwear market include sustainability due to a rise in consumer awareness and personalization due to a rise in demand for unique and custom-made products across the globe. While the sheer size of the Asia Pacific regions dominates the footwear market, there are immense growth opportunities in North America and Europe. This is primarily due to greater consumer spending at all income levels, penetration of certain footwear like sneakers in culture, and abundant media influence. Similarly, the rise of medical and therapeutic footwear in these regions is also quite significant.
Unfortunately, the one major restraint to the growth of the footwear industry is the rise in sales of inexpensive counterfeit products. However, recently there has also been a rise in consumer awareness of counterfeit products and a subsequent rise in demand for authentic footwear products, which will help respond to this restraint during the forecast period. Key market players are also continually investing in research and development (R&D) to develop advanced, cost-efficient products. This will help bring authentic footwear to the masses, which will further help counter the main restraint of the global footwear market.
Some of the key global players in the footwear market include Adidas AG, Nike Inc., Crocs Inc., The ALDO Group Inc., PUMA SE, ASICS Corporation, Bata Corporation, New Balance Inc., Sketchers U.S.A. Inc., Deichmann SE, FILA Luxembourg, Wolverine Worldwide Inc., and Under Armor Inc.
The use of recyclable materials in sports shoes, boots, sandals, and other types of footwear is also projected to increase over the coming years to attract conscious consumers. Despite the rapid global growth in the demand for athletic footwear, non-athletic footwear is expected to continue leading the footwear market in product type.
The expected growth of the Asia-Pacific region is contributed to factors like rapid industrialization, urbanization, modernization, population growth, and increasing demands from growing relevant industries in the region.
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