Footwear Industry: Regional Analysis and Market Entry Strategies
Author : scott Bang | Published On : 08 May 2024
Footwear Industry | Forecast 2030
Grand View Research’s footwear industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.
The demand for footwear is greatly driven by changing consumer preferences and fashion trends across the globe. Consumers seek stylish and trendy footwear, and their preferences continually evolve. Changes in fashion trends, celebrity endorsements, and social media influence strongly impact the demand for different types of footwear including athletic and non-athletic.
Access the Global Footwear Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Rapid product development and evolving fabric selection have changed footwear to a great extent. Lightweight shoes with high durability are a major trend seen in the market. Product sales are highly driven by brand awareness, shopping frequency, and expenditure of different buyers. Companies are employing various strategies such as television, print media, the internet, social media platforms, team sponsorships, and collaborations with athletes from different sports to enhance brand recognition and expand their presence in the market.
Companies are heavily advertising their shoes to effectively enhance customer fashion awareness. The company management is able to build demand for the products offered in the market by increasing consumer fashion awareness as well as attracting potential new clients. For instance, Adidas AG announced in March 2021 that it intends to allocate $1.1 billion towards marketing and sponsorship efforts until 2025. This investment aims to support the launch of sports-inspired lifestyle products, in addition to their existing performance and Originals fashion categories.
The market players are also gradually focusing on shoes manufactured from recyclable materials to encourage sustainability. Players are collaborating with various associations to capitalize on the growing trend of sustainable products. For instance, in May 2021, Adidas AG and Allbirds introduced their collaborative effort by revealing their inaugural product-the FUTURECRAFT.FOOTPRINT. As part of their partnership's objective to reimagine manufacturing and supply chain processes, the running shoe was created with a carbon footprint of less than 3 kilograms of carbon dioxide equivalent emissions (CO2e) per pair. This achievement aligned with their 12-month goal of minimalizing the carbon impact of the product, aiming for it to be as close to zero as possible.
Order your copy of the Free Sample of “Sustainable Footwear Market Size, Share & Trends Analysis Report By Type (Athletic, Non-athletic), By End-user (Men, Women, Children), By Region, And Segment Forecasts, 2023 - 2030
Athletic Footwear Market Insights
The global athletic footwear market size was valued at USD 127.3 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. Growing enthusiasm and awareness regarding the health benefits of sports and fitness activities, the flourishing retail e-commerce sector worldwide, and rising levels of disposable income of consumers are estimated to be the key trends stoking the market growth. Youngsters are getting keen on adopting a healthy lifestyle and are hence participating actively in sports and other related activities. At the same time, people have started realizing that sports and fitness activities can help ensure good health and reduce the risk of chronic disorders such as depression, cardiovascular diseases, and diabetes.
Covid-19 has had a significant impact on U.S. athletic footwear and activewear businesses. In terms of brands, Nike brand footwear sales declined in the high teens, Brand Jordan was down in the low teens, and Converse dropped by more than 30%. Adidas, Skechers, ASICS, and Vans declined in the teens, Under Armour was down about 25%, and Fila declined by nearly half.
On looking at specific categories, those pertaining to spring sports were the hardest hit as most of these sports have been canceled or postponed - baseball, soccer, and golf shoe sales declined an average of 30%. Performance basketball and sports lifestyle each declined in the mid-teens. Running footwear sales also dropped in the mid-teens, and skate shoes (which were fast-growing before the pandemic) were also hard hit in the period. On the bright side, Brooks had a mid-single-digit increase and Puma improved in the low singles.
Go through the table of content of Sustainable Footwear Industry Data Book to get a better understanding of the Coverage & Scope of the study
Sustainable Footwear Market Insights
The global sustainable footwear market size was estimated at USD 8 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. Growing consumer awareness and concern for environmental sustainability have increased the demand for eco-friendly footwear options. In addition, advancements in sustainable materials and production methods have enabled manufacturers to offer stylish and functional footwear that meets the preferences of eco-conscious consumers. Government regulations and incentives promoting sustainable practices in the fashion industry have further accelerated market growth. Moreover, the rise of ethical and socially responsible consumer behavior has boosted the adoption of sustainable footwear brands.
Sustainability has been observed to be a key trend over the years. On this front, many experts believe that innovations in production will continue to gather momentum. Many prominent market participants, including Nike and Adidas, contributed to the sustainable methods of production, such as reduced labor costs and wastage. Digitization also allows to create sample footwear with better materials and enables the use of a 3-D printer for predicting a single shoe in multiple forms, patterns, and colors.
Many footwear companies have begun to make substantial changes in their production methods. They are increasingly incorporating recycled and sustainable materials into their product lines, such as recycled PET plastics, organic cotton, and sustainable alternatives to leather. This shift reduces the consumption of virgin resources and helps divert waste from landfills. In September 2023, Nike launched its innovative recyclable shoe, the ISPA Link Axis. This groundbreaking shoe, accessible through Nike's SNKRS app, is engineered for complete disassembly, allowing each component to undergo full recycling. Nike's design approach for this shoe incorporates interlocking parts, eliminating the need for adhesive materials and minimizing the overall use of resources.
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