Global Footwear Market Anticipated To Garner A Revenue of $536,889.2 Million by 2028, And Surge at A CAGR Of 5.2% – Exclusive Report [288 Pages] By Research Dive

The global footwear market is anticipated to undergo significant growth in the coming years. The Asia-Pacific market for footwear is projected to dominate the global industry. Type segment in the footwear market is projected to be most lucrative.

New York, USA, June 07, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global footwear market is forecasted to witness exponential growth during 2021-2028. The global footwear market is anticipated to garner a revenue of $536,889.2 million by 2028, and surge at a CAGR of 5.2%. The report has segmented the market based on type, material, end user, distribution channel, and regional analysis.

Market Dynamics

The global footwear market is expected to rise significantly in the analysis period. Changing living habits, growing economies, and a growth in health awareness among people who exercise regularly are expected to boost the demand for footwear across the globe. Furthermore, some footwear offer therapeutic effects that are suitable for the elderly population. These factors are predicted to boost the growth of the global footwear market in the projected timeframe. However, the availability of different counterfeit products that replicate the real products and sell counterfeit footwear at lower rates is expected to limit market growth.

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Covid-19 Impact

The global market for footwear is estimated to experience a negative growth amid the COVID-19 pandemic. Due to complete lockdown conditions, hypermarkets/supermarkets, specialized stores, and other businesses have closed as a result of the pandemic. Furthermore, all footwear production units were shut down, causing supply chain disruptions, order cancellations, export and import bans, and raw material shortages. In addition, to combat the spread of the COVID-19 virus, which resulted in a drop in market demand, many limits were imposed on the delivery of non-essential items in particular locations and countries.

Non-athletic Footwear Sub-Segment Anticipated to Witness Significant Market Growth

In the type segment, the non-athletic type footwear sub-segment is anticipated to witness significant growth and surpass $287,633.7 million by 2028. This is mainly due to increase in demand for variety of fashionable & trendy footwear by women, fashion conscious female population, and increase in number of working professionals worldwide.

The Global Footwear Market to Experience a Boost Owing to the Changing Lifestyles and Increase in Health Awareness in the Market

Leather Sub-Segment Anticipated to Witness Rapid Growth

In the material segment, the leather sub-segment is anticipated to witness rapid growth and surpass $242,065.1 million by 2028. The growing popularity of leather footwear among working professionals, such as leather boots, shoes, heels, and wedges, is driving up demand for leather footwear.

Women Sub-Segment Anticipated to Garner a Dominant Market Share

In the end user segment, the women sub-segment is anticipated to witness dominant growth in terms of share and generate a revenue of $234,784.1 million by 2028. This growth can be majorly attributed to availability of several types of trendy and fancy footwear like slippers, sandals, flip flops, sandals, heels, sports shoes, leather shoes and others.

Specialty Store Sub-Segment Predicted to Register the Maximum Growth

In the distribution channel segment, the specialty store sub-segment is anticipated to witness the fastest growth and is anticipated to generate a revenue of $215,156.5 million by 2028. This growth is maninly because specialty stores are high-end retail establishments that specialize in a specific brand or product line and offer discounts that attracts a huge number of clients.

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Asia-Pacific Region Anticipated to be the Most Dominant

The Asia-Pacific footwear market held $149,761.8 million in 2020 and is estimated to garner a revenue of $239,506.3 million by 2028. Developing economies, rapid urbanization, and rising middle-class customers are expected to fuel the regional market growth demand.

Key Players and Business Strategies

The most significant players of the global footwear market include -

  1. Wolverine World Wide, Inc.
  2. Ecco Sko A/S
  3. CROCS, Inc.
  4. Geox S.p.A
  5. VF Corporation
  6. Under Armour, Inc
  7. Skechers USA, Inc.
  8. PUMA SE
  9. Nike, Inc.
  10. Adidas AG

These industry players are focusing on developing several strategies such as mergers and acquisitions, partnerships, and product launches to promote to the expansion of the market. For instance, in August 2020, Skechers, a leading footwear manufacturing firm, announced the launch of Dr. Seuss collection. Since the 1950s, Dr. Seuss has been read, shared, and appreciated by millions of people throughout the world.

Further, the report also discusses the other important aspects of the market including financial performance of the key players, SWOT analysis, recent strategic developments and product portfolio.

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