Global Footwear Market Set for Rapid Growth, to Reach Around USD 587.22 Billion By 2032

With the presence of a large pool of participants, the global footwear market is displaying a highly competitive business landscape, according to 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 & acquisitions as their key strategy for business development, states the footwear market study.

Citing an instance, on September 2023, 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.

Browse the full "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, 2024 - 2032" report at https://www.zionmarketresearch.com/report/footwear-market

As estimated in this report, the Global footwear market stood at US$ 395.15 billion in 2023. Witnessing a tremendous rise during the period from 2024 to 2032, the revenue in this footwear market is expected to reach US$ 587.22 billion by the end of the forecast period. 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 the footwear market,” says the author of this study. Apart from this, the rise in involvement & participation of individuals in sports events along with the drastically altering life patterns will further enlarge the growth trajectory of the footwear market in the coming years.

Availability of a variety of footwear products, exponentially increasing population base, and swelling disposable incomes of consumers are a 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 non-sportspersons is predicted to enhance the popularity of athletic shoes, thereby generating lucrative growth avenues for the footwear market. This, in turn, will normalize the impact of hindrances on the market, reports the study.

Rising Health Consciousness Among the Population To Steer Regional Growth

Regionally, North America has been leading the worldwide footwear market and is anticipated to continue in the dominant position in the years to come according to the market study. Mounting awareness among the residents of the region to stay healthy, fit, and active is the main factor behind the dominance of the North American footwear market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional market.

The global footwear market is segmented as follows:

By Product

• Athletic Footwear
  • Running and Cross-Training Shoes
  • Soccer/Football Shoes
  • Hiking Shoes
  • Others
• Non-Athletic Footwear
  • Casual Footwear
  • Military Boots
  • Others

 By Material

• Rubber
• Leather
• Plastic
• Others

By End-User

• Men
• Women
• Kids

By Distribution Channel

• Online Sales
• Supermarkets and Hypermarkets
• Independent Retail Stores
• Others

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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