FOOTWEAR MARKET ANALYSIS

Footwear MarketSize and Trends

Global footwear market size is expected to reach US$ 475.08 Bn by 2031, from US$ 364.81 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 4.5% during the forecast period. Footwear is a type of apparel intend to wear on the feet in order to provide protection from various environmental factors such as ground texture and temperature. Footwear includes shoes, boots, and sandals. Footwear basically serves the function of preventing injuries and ease the locomotion. These can be classified into athletic footwear, hiking shoes, sneakers, sports, non-athletic footwear, and others.

Market Trends:

Sustainable and eco-friendly footwear: The market is being significantly influenced by the rising sustainable and eco-friendly footwear trend in recent years. More consumers are becoming environmentally conscious and looking for footwear options that use eco-friendly materials and sustainable production processes. These people no longer want to contribute to environmental damage through their purchase decisions. This shift in preference is pushing many major footwear brands to introduce greener collections and transition to more sustainable practices.

For instance, brands like Nike, Adidas, and New Balance have started offering popular collections made of recycled plastic bottles, organic cotton, and other natural or recycled materials. Some shoes are even made partially from waste coffee grounds or abandoned fishnets retrieved from oceans. The brands not only aim to reduce plastic and chemical usage but also promote circular manufacturing systems. Additionally, many smaller independent labels have emerged who focus exclusively on producing zero-waste footwear using innovative material like recycled tire-rubber, plant-fiber meshes, and mushroom-leather.

Online purchasing: The market has witnessed tremendous growth in online purchases over the past few years. With rising internet penetration and accessibility of smart devices, consumers are increasingly preferring the convenience of online shopping instead of visiting brick-and-mortar stores. This has provided a massive boost to the e-commerce channels of major footwear brands. According to data from the U.S. Department of Commerce, the percentage of total footwear sales through online channel in the U.S. had increased from 11.6% in 2019 to over 16% by 2021.