Global Footwear Market Outlook with Ongoing Trends, Top Players Profile Analysis and Forecast 2017-2021
An increasing disposable income, new and innovative design trends, and a desire to be in sync with the latest fashion trends are all expected to benefit the global footwear market. The demand for footwear will only grow in the days ahead as companies continuously update their product portfolio to retain their competitive edge in the footwear market, making it an extremely dynamic and fast-changing market where nothing can be taken for granted. This report, compiled by Fact.MR, provides in-depth analysis of the global footwear market for the forecast period 2017-2022, and offers key insights about future market direction.
The scope of Fact.MR’s report is to analyze the global footwear market for the forecast period 2017-2022 and provide readers an unbiased and accurate analysis. Footwear manufacturers, stakeholders, and suppliers in the global consumer goods sector can benefit from the analysis offered in this report. This report offers a comprehensive analysis, which can be of interest to leading trade magazines and journals pertaining to footwear.
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5 Takeaways from Fact.MR Report on Footwear Market
1. The leather segment accounts for a revenue share of just under a fifth in the footwear market by product type. Even though the price of leather footwear can be a major impediment in the footwear market, the segment is anticipated to be worth more than US$ 85 billion by the end of the forecast period. Even though APEJ has the largest regional contribution, Europe should grow at a much higher CAGR because the continent has a heritage in leather footwear and a number of companies with decades of expertise have their base of operations there.
2. Natural rubber is estimated to be more popular than synthetic rubber in the footwear market as it has a revenue share of more than a fifth in the footwear market. Latin America is likely to record a robust CAGR of 5% in the natural rubber segment and companies are advised to target their natural rubber derived footwear to customers in this emerging region. In the case of synthetic rubber, Europe and APEJ represent a much more lucrative opportunity as they have the largest contribution in this segment of the footwear market by a considerable margin.
3. The economy segment is approx. 2/5th of the footwear market by price-based segment and is projected to retain this position. The economy segment is worth almost US$ 190 billion by the end of 2022, making it a segment large enough for both existing as well as potential entrants in the footwear market. APEJ is predicted to be the largest opportunity in the economy segment because this region has consumers that are more price-sensitive than either Europe or North America. However, this certainly not mean that Europe can be completely ignored as it is the second-largest market for economy footwear and should even grow with a higher CAGR than APEJ.
4. The premium segment in the footwear market is the smallest in terms of revenue share as it caters to a niche audience. However, there is a strong possibility that it could become more prominent in the days ahead as rapid economic growth, particularly in APEJ will increase the per capita disposable income of consumers, spurring them to purchase premium products such as luxury footwear. The premium segment may be worth a little over US$ 70 billion in 2022 and companies actively involved in the footwear market should make their long-term business strategies accordingly.
5. Online retail is the biggest buzzword of the 21st century and this has begun to impact the footwear market as well. Even though the revenue share of online is still comparatively low, it can be safely assumed that it will become very important in the days ahead as Internet connectivity improves and impulse footwear purchases become as easy as clicking a button or tapping a touchscreen. The APEJ online footwear market is valued at just under US$ 28 billion in 2022.
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Fashion Segment Critical in the Footwear Market
The fashion segment represents more than a quarter of the revenue in the footwear market in terms of product type and is predicted to become even more crucial going forward. This is primarily because footwear is seen as more of a ‘lifestyle or fashion’ statement now instead of mere protection for one’s feet. A market opportunity of more than US$ 120 billion in 2022 is enough for all existing as well as potential key stakeholders in the footwear market. The highly populous APEJ region accounts for almost a third of the revenue contribution in the fashion segment of the footwear market and it is expected to retain this position.
Close Call between Casual and Occupational Segment in Footwear Market
The casual and occupational segment are both of a similar size and consist of slightly over a fifth of revenue share in the footwear market. While companies could seek to target teenagers in terms of the former, the latter would primarily be aimed at both ‘blue collar’ and ‘white collar’ workers. The casual footwear segment is on track to grow with a robust CAGR of 5.9% in Europe and companies are highly advised to target the continent. On the other hand, APEJ would be a better region to sell occupational shoes as the economic and population growth rate is higher, leading to millions of people joining the workforce every month. APEJ alone is estimated to contribute approx. US$ 30 billion to the occupational shoe segment in the footwear market by end 2022, making it imperative for companies to be present in this dynamic and highly volatile region.
Competition Analysis
The report also profiles companies that are expected to remain active in the expansion of the footwear market through 2022, which include Nike, Adidas, PUMA, Under Armor, Crocs, ALDO group, ASICS Corporation, and Deichmann SE.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Retail & Consumer Goods market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.