Footwear Market Demand, Size, Share, Growth, Forecast 2032

Footwear Market: Industry Perspective

The global footwear market size was worth around USD 395.15 billion in 2023 and is predicted to grow to around USD 587.22 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.50% between 2024 and 2032.

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The report offers a valuation and analysis of the footwear market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on value (USD Billion).

Footwear Market Overview

Footwear is produced from various materials including leather, fabric, plastic, and rubber. Moreover, leather is widely used in footwear across the globe.  Today, there is a massive need for convenient footwear. The rise in fashion trends among the youth has contributed immensely to the growth of the footwear business across the growth in recent years. With brands like PUMA, Lee Cooper, and Adidas making a large impact across the eCommerce industry, the footwear market is anticipated to gain traction over the forthcoming years. Hassle-free shopping activities have enhanced the online supply chain sector growth and this in turn will create lucrative growth avenues for the market over the estimated timespan. With growing trends of online selling and online retailing activities due to a surge in online retail stores like Amazon, Flipkart, and eBay, the footwear market is anticipated to gain traction over the ensuing years.

Footwear refers to garments which are worn on the feet, which serves the purpose of protection. Human beings require protection for themselves from cold, dampness, dust, heat and roughness of ground while standing, walking or running. The history of the use of footwear by humankind can be traced back to the ice age about 5 million years ago. Earlier the left and right shoes were similar in shape i.e. they were straight in shape. The different right and left shoes were invented by a bootmaker, William Young from Philadelphia in 1800.

Footwear Market Growth Dynamics

Footwear is increasingly becoming an essential fashion accessory. The increasing demand for trendy and comfortable footwear among all age groups is the main factor responsible for the growth of the global footwear market. There is an increase in participation of people in sports activities, which also drives the market growth. The changing lifestyle and increasing awareness about health concerns have driven the demand for athletic shoes among non-sportspeople as well. This led to the increase in demand for footwear globally. Increasing variety of products, rising population, and increase in disposable income are some of the other drivers that contribute to the growth of the footwear market. However, availability of counterfeit products which are developed by local manufacturers is expected to slightly restrain the growth of the global footwear market.

Effective word-of-mouth communication, buzz-building activities carried out by the manufacturers, and opinion leadership hold a key to the sale of consumer goods across the globe. Footwear being one of the consumer goods is no exception to this. Apart from this, massive spending of the firms on promotional, branding, and marketing activities will culminate in huge growth avenues for the footwear market over the coming years. Additionally, changing fashion trends and altering color preferences will further add to the global market revenue over the forecasting years.

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Furthermore, a prominent rise in sports activities like football, table tennis, tennis, hockey, basketball, hockey, and athletics as well as the surge in fan following has resulted in massive expansion of the footwear industry in recent years. Apart from this, children and teenagers are involved in various sports & fitness activities and the baby boomer population is involved in physical activities like jogging to remain fit & healthy. This, in turn, will propel the demand for footwear in the coming years. In addition to this, a rise in health awareness among senior citizens resulting in morning walks visits to gardens for physical activities or visits to laughing clubs & jogging will further increase the product penetration globally over the ensuing years.  With online purchases becoming a buzzword, the demand for footwear is projected to upsurge within the next couple of years.

Footwear Market: Report Scope

The product segment is bifurcated into athletic footwear and non-athletic footwear. Athletic footwear segment includes running and cross training shoes, soccer/football shoes, hiking shoes, and others. The non-athletic footwear segment is sub-segmented into casual footwear, military boots, and others. The non-athletic footwear is expected to dominate the market. In 2023, non-athletic segment accounted for approximately 51% of the total revenue of the market. Due to changing lifestyles, there is an increase in demand for athletic footwear among the non-sports people also.

On the basis of material, the footwear market is divided into rubber, leather, plastic, and others. Rubber is the most used material in every type of footwear. Therefore, rubber is expected to be the dominating material segment of the global footwear market within the forecast period.

Based on the end user, the market is segmented into men, women, and kids. Women’s footwear is expected to remain a dynamic category with the presence of several brands, a huge increase in points of sale, and significant budgets for marketing and advertising campaigns.

The footwear market based on distribution channel is divided into online sales, supermarkets and hypermarkets, independent retail stores and others. Online sales, supermarkets and hypermarkets and independent retail stores accounted for a large share of the global footwear market as consumers prefer to make purchases through these channels.

North America To Dominate Overall Market Growth Over 2024 - 2032

North America is projected to continue its supremacy, in the global footwear market, which will be followed by the Asia Pacific, in the forthcoming years. The increasing technological advancements have created a fashion buzz in North America, this drives the growth of the footwear market in this region.

Footwear Market: Competitive Analysis

The global footwear market is dominated by players like:

• New Balance Inc.
• Puma SE
• Adidas AG
• Asics Corporation
• Nike Inc.
• Bata Ltd

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.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa