Footwear Market by Distribution Channel (E-Commerce, Offline Stores), by End User (Men, Women, Children), by Material (Leather, Non-leather), by Type (Athletic, Non-athletic) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Footwear Market size was estimated at USD 408.0 billion in 2023 and is projected to reach USD 782.2 billion in 2030 at a CAGR of 6.1% during the forecast period 2023-2030.
Footwear plays a crucial role in providing coverage and safeguarding the foot against various ground textures, temperatures, and gravel roads. The composition of footwear comprises diverse materials like leather, plastic, rubber, and fabric. Leather stands out as one of the prominent constituents employed in the initial rendition of footwear. In the manufacturing of footwear products, companies like Nike are incorporating eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leather.
The increase in the quantity of individuals engaged in professional occupations has led to a corresponding escalation in the overall requisition for both formal and casual footwear. Moreover, the surge in fashion awareness and the evolving preferences of women have significantly amplified the demand for nonathletic shoes. Within the nonathletic footwear sector, a vast assortment of footwear, consisting of sandals, heels, and wedges, holds a dominant position. The expansion of the global market is further propelled by the growing appeal of a wide range of footwear among children, encompassing flip-flops, sandals, and boots. Furthermore, the upsurge in the population of working professionals, in conjunction with the mounting fashion consciousness and the desire to appear stylish and trendy, has acted as a catalyst for the overall progress of the nonathletic footwear market.
The COVID-19 pandemic has had a profound impact on the footwear market, as the viability of the textiles, clothing, leather, and footwear industries is undergoing significant unraveling. This is evident through the directive for workers to remain at home, the closure of factories, and the disruption of global supply chains. The adverse consequences of these developments are particularly pronounced with the cancellation of orders, adversely affecting numerous firms and millions of workers. In light of these circumstances, the International Labour Organization (ILO) is dedicated to assisting governments in safeguarding the health and economic welfare of workers and businesses in the textiles, clothing, leather, and footwear sectors.
The current state of the footwear sector is characterized by a scarcity of leather, which can be attributed to the restrictions imposed on cow slaughter and the subsequent decrease in the production of leather goods. The inadequate supply of hide or skin, essential raw materials for the manufacturing of leather footwear, has resulted in escalated leather costs worldwide. Moreover, the demand for leather shoes remains high due to their esteemed value in the industry. However, the prohibition imposed by the Council for Leather Exports in India on the utilization of leather in footwear production has significantly hindered the manufacturing of leather footwear in India, a prominent hub for exports from industrialized nations. The exorbitant cost of the material has deterred individuals from purchasing leather shoes, thereby limiting market expansion. Conversely, the footwear market is dominated by local businesses that offer inexpensive, low-quality shoes. Conversely, foreign manufacturers prioritize comfort in the creation of footwear products, often sold at premium prices. The overall growth of the industry is expected to be bolstered by the increased demand for stylish yet comfortable footwear, affordable pricing, and enhanced designs available at lower prices. Furthermore, several athletic companies such as Nike, New Balance, and Under Armour are incorporating 3D printing technology in their footwear manufacturing processes.
Customers are attracted to these features, which are projected to yield profitable opportunities for market expansion in the foreseeable future. The proliferation of social media usage, in tandem with the surge in internet usage, has led to a significant increase in the number of individuals using these platforms. In response to this trend, a majority of major players in the industry have devised strategies to promote their products and services through social media channels. Social media marketing has emerged as a key approach employed by numerous businesses and sectors to disseminate information about their offerings to target customers on these platforms. Consequently, the global footwear industry recognizes the pivotal potential of its social media marketing strategy in gaining momentum and expanding its customer base among the desired demographics.
Asia pacific to Dominate the Market