New York, NY, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Footwear Market by Product (Athletic and Non-Athletic), by Material (Rubber, Leather and Plastic), by End-User (Men, Women and Kids) and by Distribution Channel (Online Channel, Supermarkets and Hypermarkets, Independent Retail Stores and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023”.
According to the analysts at Zion Market Research, the Global footwear market stood at US$ 246.07 billion in 2017. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this footwear market is expected to reach US$ 320.44 billion by the end of the forecast period.
Browse through 71 Tables & 32 Figures spread over 110 Pages and in-depth TOC on “Global Footwear Market Size & Share 2017: Industry Segments, Trends, and Forecast, 2023”.
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With the presence of a large pool of participants, the global footwear market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Adidas AG, Nike Inc., New Balance Inc., Puma SE, Asics Corporation, and Bata Ltd are some of the key vendors of footwear across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development states the footwear market study.
Citing an instance, on September 11th 2018, Ted Baker – a UK based luxury clothing retail firm- has declared that it has entered into agreement with Pentland Brands Limited to acquire the issued share capital of No Ordinary Shoes Limited and No Ordinary Shoes USA LLC –the two units via which Pentland operates Ted Baker’s shoe business. Analysts predict that the strategic move of Ted Baker is aimed at taking shoe- business in-house and stimulating further expansion of the firm’s footwear business across the globe.
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The main products available in this footwear market are athletic and non-athletic. Among them, the demand for non-athletic footwear is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Humungous Demand For Product To Drive Footwear Market Size
“Lucrative demand for comfortable, convenient, and user-friendly footwear among different age-groups of population will tend the demand curve for footwear products towards the positive axis on the growth graph of footwear market,” says the author of this study. Apart from this, the rise in involvement & participation of the individuals in sports events along with the drastically altering life patterns will further enlarge the growth trajectory of footwear market in the coming years.
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Availability of a variety of footwear products, exponentially increasing population base, and swelling of disposable incomes of consumers are few of the other factors driving the footwear market revenue.
The easy accessibility of counterfeit products developed by local manufacturers, however, is anticipated to restrict the expansion of the global footwear market in the years to come. Nevertheless, escalating health consciousness among the non-sportspersons is predicted to enhance the popularity of the athletic shoes, thereby generating lucrative growth avenues for footwear market. This, in turn, will normalize the impact of hindrances on the market, reports the study.
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Rising Health Consciousness Among the Population To Steer Regional Growth
North America is expected to dominate the global footwear market. In terms of revenue, in 2017, North America led the market holding approximately 34% of the revenue share of the global footwear market. Growing number of athletes and the urge to stay fit and active are the main factors driving the growth of footwear market in this region. Also, growing fashion consciousness and innovation in product designs are some other factors driving the growth of the market.
Europe is expected to show significant growth in the years to come due to constantly changing fashion trends. Increase in popularity of sports footwear and need for maintaining fitness has resulted in the growth of the footwear market in this region. Growing advancements in the footwear manufacturing industry is also responsible for the increase in demand of footwear in this region.
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Asia Pacific, in terms of revenue, held approximately 29% of the total market share in the year 2017. Due to regions like China and India, which manufactures and exports the footwear to regions like United States and United Kingdom there is a rapid growth expected in this region. Escalating sports activities, adoption of western culture, and availability of cost efficient products are some of the driving factors for the growth of footwear market in Asia Pacific.
Middle East and Africa and Latin America are expected to witness the least growth in comparison to other regions. The anticipated economic improvement and advancements in products in these regions are expected to aid the growth of the footwear market in the future.
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The global footwear market is segmented as follows:
By Distribution Channel
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