From the last couple of years, the Footwear industry has been exhibiting a steady growth. The demand for comfortable and fashionable Footwear has been increasing among all age groups and this has been a major factor in propelling the growth of the global Footwear industry. Further, a variety of Footwear products are available on the market, which too has acted as a catalyst in the growth of the market.
The global Footwear market is expected to reach a value of USD 269,000 million by the end of 2025, growing at a modest CAGR of 3.6% during 2019 to 2025. The major trends to be observed in the market are – increasing demand for trendy and designer shoes among high-end clientele and growing demand for sports shoes among fitness enthusiasts.
Growing concerns about the health effects of a sedentary lifestyle have prompted people to participate in indoor and outdoor physical activities. This has increased the demand for sports or athletic Footwear. Moreover, the growing number of sporting events such as FIFA World Cup, Olympics, Commonwealth Games, etc., is also increasing the demand for sports Footwear.
The availability of a wide variety of Footwear on e-commerce platforms has given a major boost to the global Footwear market. Apart from these, factors such as an increasing population base, rising disposable incomes of consumers, product innovation, and growing demand for high quality products are affecting the Footwear market positively.
However, the growth of the market can get restricted to some extent due to the availability of counterfeit products. Such products adversely affect distribution channels and the brand image. The presence of numerous local players in the market may also act as a hindrance in the growth of the global Footwear market.
The global Footwear market is expected to be dominated by North America and the Asia-Pacific region. Growing number of athletes in the region and the presence of several multi-national sports equipment companies are the reasons behind the dominance of North America over the Footwear market. As far as the Asia-Pacific Footwear market is concerned, it is being driven by factors such as rapid urbanization and an inclination towards adopting a western lifestyle.
Some of the key players that are dominating the global Footwear market include Nike Inc., Adidas AG, Puma SE, Bata Ltd., Asics Corp., Skechers USA Inc., W.L. Gore & Associates Inc., Sympatex Technologies GmbH, Deichmann SE, Columbia Sportswear Company, VF Corporation, The Aldo Group Inc., and Jack Wolfskin.