North America will Remain at the Forefront, Accounting for more than 36% Share of the Global Footwear Market Value

A new forecast by Fact.MR estimates that footwear revenues will grow nearly 1.5x between 2021 and 2031, reaching nearly US$ 640 Billion 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.

A recently published Fact.MR report on the Global 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.

Key Segments Covered

  • Product Type
    • Casual Footwear
    • Fashion Footwear
    • Occupational Footwear
    • Therapeutic Footwear
    • Athletic Footwear
    • Protective Footwear
    • Other Footwear
  • Material
    • Leather Footwear
    • Natural Rubber Footwear
    • Synthetic Rubber Footwear
    • EVA Footwear
    • PVC Footwear
    • PU Footwear
    • Textile Footwear
  • Price Range
    • Economy Footwear
    • Mid Footwear
    • Premium Footwear
    • Super-Premium Footwear
  • Sales Channel
    • Online Footwear Sales
    • Footwear Sales via Specialist s
    • General Merchandise Footwear Sales
    • Footwear Sales via Departmental Stores
    • Footwear Sales via Other Sales Channels

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 are Some Lucrative Growth Opportunities for the Footwear Market?

Prominent players are leveraging social media and event sponsorships to gain exposure and market their brand. Furthermore, many start-ups are also finding market growth opportunities through Internet channels.

Extensive advertising strategies on social media platforms or alternative shopping models, including subscription boxes, are gaining traction in the sector. Retailers are increasingly using machine learning and big data tools to collect and study customer data for optimized response.

How will Changing Trends Impact the Footwear Market?

Global footwear brands like NIKE Inc are working on sustainable innovations by adopting modern recycling approach- Move to zero. The company is manufacturing shoes out of waste by optimizing the product design and process shifts to achieve the goal of cutting down environmental impact by 50%.

However, digitalization, sustainability, and personalization are important trends influencing the world market for footwear today, with consumer demands affecting strategies by market leaders. Additionally, rising demand for superior quality footwear along with product innovation and premiumization represent key demand driving determinants.

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