A recently published Fact.MR report on the footwear market establishes that the market is poised to witness healthy growth in 2021, with long-term growth rate between 2021 and 2031 following a CAGR of 4% to reach a valuation of US$ 640 Bn.
From 2016 to 2020, sales of footwear surged at a CAGR of 3% to surpass US$ 430 Mn by the end of the said historical period. Amidst the COVID-19 pandemic, sales prospects somewhat dipped, as outdoor activities such as sports, walking and hiking ceased amid the imposition of strict lockdowns.
As consumers become more aware about the latest trends, demand for fashion footwear is anticipated rise over the forecast period. Additionally, surging incidences of foot and joint pain is opening up avenues in the medical footwear category.
Key Takeaways from the Market Study:
- The global footwear market is anticipated to add 1.5x value by 2031 as compared to 2021.
- By product type, sales of athletic footwear likely to reach US$ 83 Bn by 2022
- Online sales of footwear was valued at US$ 21.4 Bn as of 2020
- In 2020, U.S footwear sales reached US$ 91 Bn, expected to rise further in the future
- China to emerge as the champion in athletic footwear, accounting for over 10% of the global market
- Fashion footwear to account for around 1/4th of the global market revenue
- India emerging as an attractive destination for prominent footwear manufacturers
“Increased innovation scale to incorporate multifunctionality in footwear for various purposes in anticipated to generate significant growth potential in the global market in the forthcoming years,” comments a Fact.MR analyst.
Which Factors Drive the Demand for Footwear?
Increasing penetration of smartphones, e-commerce, and mobile internet connectivity is propelling the retail sales of footwear worldwide. Moreover, consumers can compare different products and brands on e-commerce platforms. Furthermore, the footwear industry is harnessing the power of celebrity and influencer culture to attract different customer groups.
Fashionable footwear is anticipated to make significant headway across the global market, with an estimated share of more than 1/4th. This is majorly assisted by interest by designers and consumers towards aesthetics. Resulting in soaring demand for fashionable, trend and comfortable footwear across age groups.
