The global footwear market size was estimated to reach USD 588.2 billion in 2030 and is anticipated to grow at a CAGR of 4.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rapid urbanization and an increasing working population contribute to the demand for durable and comfortable footwear products. Moreover, changes in population demographics, such as the growing aging population and the rising focus on children's footwear, have created new opportunities and demand for specialized footwear products. The rise of the athleisure trend and the growing emphasis on active lifestyles have fueled the demand for athletic and casual footwear that can be worn for both workouts and casual wear. Moreover, innovations in footwear technology, such as advanced cushioning systems, lightweight materials, and improved traction, have attracted consumers seeking better performance, comfort, and functionality from their footwear.In addition, the growth of e-commerce and omnichannel retail strategies has made it easier for consumers to access a broader range of footwear products and brands, contributing to the overall demand. In September 2022, Xero Shoes, the U.S.-based Barefoot Footwear Brand, announced the launch of an e-commerce platform to sell directly to consumers (DTC). This strategy helped the company to strengthen its connection with customers and gain greater control over its distribution channels. The non-athletic segment held a major share of the footwear market in 2023. The non-athletic category consists of flats, heels, mules, sandals, sneakers, and boots, which can be worn on different occasions. This product category is heavily influenced by fashion trends, with consumers seeking stylish and trendy options for casual wear, social occasions, and various lifestyle activities.
Moreover, luxury brands recognize the importance of using sustainable materials in their footwear production. For instance, in August 2022, Louis Vuitton announced the launch of sustainable unisex sneakers. The sneaker is made of recycled organic materials, such as corn-based plastic and recycled polyurethane, cotton & polyester. In addition, the growing aging population across the globe has created a demand for comfortable and supportive non-athletic shoes designed for older individuals, such as slip-resistant shoes and orthopedic footwear. The women's footwear segment held the largest share in 2023. The growing influence of social media, celebrity endorsements, and fashion bloggers has amplified trends, with women seeking footwear that aligns with current fashion aesthetics. Moreover, an increasing number of working women is driving the demand for comfortable, stylish, and durable footwear that can keep up with their demanding schedules.
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List of Key Players of Footwear Market
Nike, Inc.
Adidas AG
SKECHERS USA, Inc.
Puma SE
Crocs Retail, LLC
Wolverine Worldwide, Inc.
ECCO Sko A/S
Under Armour, Inc.
Timberland
Geox S.p.A.