The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Footwear market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Footwear
The report offers actionable and valuable market insights of Footwear. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Footwear Market across various industries and regions.
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A new forecast by Fact.MR estimates that footwear revenues will grow nearly 1.5x between 2021 and 2031, reaching nearly US$ 640 Bn in 2031 with a 10-year compound annual growth rate (CAGR) of 4%. Demand across North America accounts for nearly 36% share, boosted by the presence of prominent shoe manufacturer brands like Adidas, Under Armour, Skechers, ASICS Corporation in the region.
The footwear market valued nearly US$ 346 Bn in 2016 which expanded to US$ 411 Bn by 2020, expanding at a CAGR of 3.5%, attributed by the rapid urbanization and growing preference to adopt a western lifestyle.
The market for footwear is predicted to surpass US$ 430 Bn by 2021, expanding at around 4% CAGR in the forecast period. Through countless options, modern consumers, particularly millennials, are reflecting greater demand for personalized products, from brands and retailers.
Based on product type, athletic footwear was valued at US$ 83 Bn in 2022 and is expected to register the fastest CAGR of 4.4% from 2021 to 2026. Growing awareness about health and fitness is resulting in a swelling demand for athletic footwear. Furthermore, intensifying popularity of global sporting events, such as The Commonwealth Games, Olympics, and FIFA, boosted the product demand.
This newly published and insightful report sheds light on Market Insights of Footwear, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Footwear Market.
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Key Segments Covered
- Casual Footwear
- Fashion Footwear
- Occupational Footwear
- Therapeutic Footwear
- Athletic Footwear
- Protective Footwear
- Other Footwear
- Leather Footwear
- Natural Rubber Footwear
- Synthetic Rubber Footwear
- EVA Footwear
- PVC Footwear
- PU Footwear
- Textile Footwear
- Economy Footwear
- Mid Footwear
- Premium Footwear
- Super-Premium Footwear
- Online Footwear Sales
- Footwear Sales via Specialist s
- General Merchandise Footwear Sales
- Footwear Sales via Departmental Stores
- Footwear Sales via Other Sales Channels
- The leather segment accounts for a revenue share of just under a fifth in the footwear market by product type. Even though the price of leather footwear can be a major impediment in the footwear market, the segment is anticipated to be worth more than US$ 85 billion by the end of the forecast period. Even though APEJ has the largest regional contribution, Europe should grow at a much higher CAGR because the continent has a heritage in leather footwear and a number of companies with decades of expertise have their base of operations there.
- Natural rubber is estimated to be more popular than synthetic rubber in the footwear market as it has a revenue share of more than a fifth in the footwear market. Latin America is likely to record a robust CAGR of 5% in the natural rubber segment and companies are advised to target their natural rubber derived footwear to customers in this emerging region. In the case of synthetic rubber, Europe and APEJ represent a much more lucrative opportunity as they have the largest contribution in this segment of the footwear market by a considerable margin.
- The economy segment is approx. 2/5th of the footwear market by price-based segment and is projected to retain this position. The economy segment is worth almost US$ 190 billion by the end of 2022, making it a segment large enough for both existing as well as potential entrants in the footwear market. APEJ is predicted to be the largest opportunity in the economy segment because this region has consumers that are more price-sensitive than either Europe or North America. However, this certainly not mean that Europe can be completely ignored as it is the second-largest market for economy footwear and should even grow with a higher CAGR than APEJ.
- The premium segment in the footwear market is the smallest in terms of revenue share as it caters to a niche audience. However, there is a strong possibility that it could become more prominent in the days ahead as rapid economic growth, particularly in APEJ will increase the per capita disposable income of consumers, spurring them to purchase premium products such as luxury footwear. The premium segment may be worth a little over US$ 70 billion in 2022 and companies actively involved in the footwear market should make their long-term business strategies accordingly.
- Online retail is the biggest buzzword of the 21st century and this has begun to impact the footwear market as well. Even though the revenue share of online is still comparatively low, it can be safely assumed that it will become very important in the days ahead as Internet connectivity improves and impulse footwear purchases become as easy as clicking a button or tapping a touchscreen. The APEJ online footwear market is valued at just under US$ 28 billion in 2022.
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Key Question answered in the survey of Footwear market report:
- Sales and Demand of Footwear
- Growth of Footwear Market
- Market Analysis of Footwear
- Market Insights of Footwear
- Key Drivers Impacting the Footwear market
- Which are the Key drivers impacted by Footwear market
- Restraints Shaping Market Growth
- Market Survey of Footwear
More Valuable Insights on Footwear Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Footwear, Sales and Demand of Footwear, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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