The global footwear market is expected to witness a growth rate of 4.2% during the forecast period and was valued at US$ 230.2 Bn in 2018. The global footwear market is likely to grow owing to factors like an increasing population base, the availability of a variety of footwear products, and a rise in disposable income of consumers. Major players like Nike, Adidas, Reebok, and others are trying to grab this opportunity by introducing new variants to their product line.
KEY FINDINGS/RECENT NEWS:
· April 2019: Adidas has partnered with Beyonce in order to market sneakers and sweatshirts. The singer will be a “creative partner” for the brand and she will also help in creating new products that include shoes, gears, and lifestyle apparels that will help in grabbing greater customer attention.
· January 2019: Nike has launched a scientific basketball shoe for athletes. The product has grabbed a lot of customer attention as it offers better performance during games. In a basketball game, the athlete’s foot changes. The ability to quickly change the fit by loosening the shoes to increase blood flow and then tighten them again for better performance is considered to be an important element that the company believed will improve the performance of athletes.
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Changing lifestyles and growing health problems such as obesity is prompting people to engage in physical exercise, which in turn, is triggering the market for footwear. Further, global sporting events such as the Commonwealth Games, Olympics, Asian Games, Super Bowl, Cricket World Cup, and FIFA are used as promotional platforms by various companies, which will propel the growth of the global footwear market during the forecast period. For instance, in February 2019, Nike announced its partnership with FIBA, the International Basketball Federation and due to this partnership, Nike will reinforce its brand image along with promoting its product.
However, problems such as counterfeit products are destroying the brand image of manufacturers and thus, are restraining the the overall market of footwear. For instance, several unorganized players manufacture duplicate footwear products of Nike and Adidas, among others, in order to grab customer attention, thereby affecting the company’s brand image.
Company Profiles & Competitive Intelligence:
The key players in the global footwear market are Adidas AG, Nike Inc., Reebok, Skechers USA, PUMA, Geox, Under Armour Inc., ECCO Sko A/S, Timberland, New Balance, Deichmann SE, BATA, Jack Wolfskin, The Aldo Group, Polartec, Asics Corp, and Columbia Sportswear, among others. The players operating in the market are focusing on new product development, product launches, and strategies such as mergers and acquisitions, in order to grab the attention of a greater the number of customers.