Demand for Fashionable Footwear, Footwear and Slip-On Products to Significantly Impact Footwear Market Growth – AMR


Footwear market -amr

Increase in the number of children participating in various sports activities is fueling the demand for sports shoes

POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, March 21, 2022 / — According to a new report released by Allied Market Research, titled “Footwear Market by Type, Material, End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020 – 2027”, the global footwear market size was valued at $365.5 billion in 2020 and is projected to reach $530.3 billion by 2027, registering a CAGR of 5.5% from 2020 to 2027 Rising health and fitness awareness among people is driving the growth of footwear market. Moreover, the increase in the trend of fitness exercises such as Zumba (a form of dance) and Yoga (physical activity) generates a huge demand for sports shoes among individuals.

The increase in the number of sports enthusiasts and fans of sports such as football, basketball and hockey further creates an increased demand for cleats and shoes required for the respective sports. Furthermore, the upcoming 2020 Summer Olympics in Tokyo are expected to create lucrative opportunities for market players to launch new products and endorse their products to enhance their offerings. Hence, this will drive the growth of the market.

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Along with men and women, children now demand fancy, stylish, colorful and sports-inspired footwear. The increase in the number of children engaged in various sports activities is fueling the demand for sports shoes. This has increased the high demand for soccer shoes, basketball shoes, hockey shoes, tennis shoes, baseball shoes and many other sports shoes among children. Apart from sports shoes, stylish sneakers, flip-flops, slip-ons, boots, and casual shoes are witnessing huge demand among children, which is driving the growth of the overall market.

With the increase in demand for stylish yet comfortable shoes, affordable prices and improved designs of shoes at a cheaper price are expected to boost the overall growth of the industry. Moreover, various sportswear brands such as Nike, New Balance and Under Armor are adopting 3D printing technology in the production of shoes. Such features attract customers’ attention for purchasing the shoes which is expected to provide lucrative opportunities for market expansion over the forecast period.

However, the current ban on the slaughter of cows and related leather products has resulted in a shortage of leather as a raw material for the footwear industry. Insufficient availability of leather or hide, which are essential raw materials for leather footwear products, has resulted in high leather prices across the world. Moreover, the demand for leather shoes is high as they are considered a premium product in this industry.

However, the ban on the use of leather in footwear manufacturing by the Leather Export Council of India ultimately reduced the production of leather footwear in India, which is a major export hub for developed countries. . The high price of leather prevents individuals from buying leather shoes, which are sold at relatively higher prices, which limits the growth of the market.

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Main results of the study
By type, the non-sports segment dominated the global footwear market in 2019 and is expected to maintain its dominance throughout the forecast period.
By material, the non-leather segment accounted for the highest share of footwear market growth in 2019 and is projected to grow at a CAGR of 5.0% from 2020 to 2027.
On the basis of end-user, women’s segment dominated the global footwear market demand in 2019 and is expected to maintain its dominance throughout the forecast period.
According to the distribution channel, specialty stores were the largest shareholder in 2019 and are expected to register a CAGR of 4.3% from 2020 to 2027.
Regionally, Asia-Pacific accounted for approximately 41.4% of the footwear market in 2019 and is expected to grow at a CAGR of 6.5%.

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Key Players operating in Footwear Market Analysis include:-

Adidas S.A. (Adidas)
Nike, Inc. (Nike)
Under Armour, Inc.
Skechers USA, Inc.
Geox SpA
V.F. Corporation
Ecco Sko A/S
Wolverine World Wide, Inc.

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David Correa
Allied Analytics LLP
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