As per the newly released report on outdoor footwear by Fact.MR, a market research and competitive intelligence provider, the global market is projected to be valued at US$ 41.52 Bn in 2022, and expand at a CAGR of 7.1% over the period of 2022-2032. Growing demand for outdoor footwear from hikers and casual trail runners who have taken up hiking as one of their regular weekend activities is majorly driving market expansion.
In the present era, most outdoor footwear is made from plastic, which, in turn, is creating a lot of waste when these shoes end up in landfills after rigorous usage by consumers. This problem has been noticed by a plethora of footwear manufacturers and they are actually working towards manufacturing lightweight footwear made from recycled plastic. Furthermore, purchasing items made from recycled plastic helps keep part of that rubbish out of oceans and landfills. Companies that are actively working to address the problem of plastic pollution help build a market for recyclable plastic over virgin plastic.
- The Converse Chuck Taylor All Star Crater, for example, is made up of almost 40% recycled materials by bulk. The midsole is made completely of Nike’s Crater foam, which contains 12% recycled rubber.
- Nike Grind is a shoe that is manufactured using recycled rubber.
Furthermore, some footwear makers have started using 3D printing technology, which has significantly altered the manufacturing process. 3D printing has become a new buzzword among businesses that create real-world products that are tailored to the preferences and comfort of their valued clients. This was destined to be used by footwear industry stakeholders, and it is anticipated to continue to be one of the market-defining trends through 2032.
Key Takeaways from Market Study
- By category, hiking is projected to provide an absolute $ opportunity worth US$ 14.8 Bn over the forecast period.
- Trail running is anticipated to account for 28.3% market share by 2032.
- By consumer orientation, men’s outdoor footwear utilization across geographies is anticipated to expand around 1.8X in market value by 2032.
- Offline sales channels are anticipated to gain 196 BPS in market value share by 2032.
- North America is projected to capture around 37% of the global outdoor footwear market share by 2032.
- Europe is set to provide an absolute dollar opportunity worth US$ 12.63 Bn by 2032.
“North America has remained the primary consumer pocket for outdoor footwear, and the U.S. leads from the front, with its overall active hikers count touching 57 million as of 2020-2021,” says a Fact.MR analyst.
Winning Strategy
Setting up manufacturing facilities across high-potential regions and investing in research & development remains the top strategies for players in the outdoor footwear market. Manufacturers should follow market leaders and partner with shoe designers and end users to develop newer outdoor footwear made from recycled plastic, and focus on sustainability.
Manufacturers should also ramp up their production capacities and try to offer newer products customized to the hiking needs of customers. Besides, they could also focus on sneaker boots, which has remained the talk of the town as they offer best of both worlds to casual hikers.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the outdoor footwear market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of category (hiking, trail running, trekking, mountaineering, and approach), consumer orientation (men, women, unisex, and kids), and sales channel (offline (general merchandise stores, shoe stores (independent shoe stores, franchised shoe outlets), modern trade channels, exclusive brand outlets, and others), online (direct to consumer/brand websites, and e-Commerce websites)), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
About the Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the consumer goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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