Usage of eco-friendly raw material, surge in health awareness leading to performing indoor and outdoor exercises, and availability of stylish and trendy products drive the global footwear market.
PORTLAND, Oregon, April 7, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Footwear Market by Type (Athletic and Nonathletic), Material (Leather and Non-leather), End User (Men, Women, and Children), and Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Brand Outlets, Online Sales Channel, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global footwear market garnered $349.94 billion in 2019, and is estimated to generate $530.36 billion by 2027, registering a CAGR of 5.5% from 2020 to 2027.
Prime determinants of growth
Usage of eco-friendly raw material, surge in health awareness leading to performing indoor and outdoor exercises, and availability of stylish and trendy products drive the global footwear market. However, availability of counterfeit products hinders the market growth. Contrarily, effective utilization of social media platforms for promotion of footwear and demand for fancy and trendy shoes, slip-ons, and flip flops create new opportunities in the market.
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The non-athletic segment to retain its dominant position throughout the forecast period
Based on type, the non-athletic segment held the largest market share in 2019, accounting for nearly three-fifths of the global footwear market, and is expected to retain its dominant position throughout the forecast period. This is due to rise in fashion consciousness, changing tastes of women, and surge in working professionals. However, the athletic segment is projected to witness the fastest CAGR of 6.3% from 2020 to 2027, owing to surge in health and fitness awareness along with the trend of Zumba and Yoga.
The specialty store segment to maintain its leadership status during the forecast period
Based on distribution channel, the specialty store segment held more than two-fifths of the global footwear market in 2019, and is expected to maintain its leadership status during the forecast period. This is due to various strategies by owners to increase shelf visibility of their products. However, the online sales channel segment would grow at the highest CAGR of 8.3% from 2020 to 2027, owing to rapid increase in smartphone users, rise in availability of various online portals in developing countries, and various offers or discounts to attract consumers.
Asia-Pacific, followed by North America, to maintain its lion's share by 2027
Based on region, Asia-Pacific, followed by North America, accounted for more than two-fifths of the global footwear market in 2019, and is expected to maintain its lion's share by 2027. This is due to companies offering innovative footwear products, rise in urbanization, and increase in of middle-class consumers in developing and developed nations. Moreover, LAMEA would contribute the highest growth rate with a CAGR of 6.5% from 2020 to 2027. This is due to changes in customer lifestyle with high urbanization in Africa and demand for trendy and fancy footwear.
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Market players grabbing the largest pie
- Adidas AG (Adidas)
- Nike, Inc. (Nike)
- PUMA SE (KERING)
- Under Armour, Inc.
- Skechers USA, Inc.
- Geox S.p.A
- VF Corporation
- CROCS, Inc.
- Ecco Sko A/S
- Wolverine World Wide, Inc.
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SOURCE Allied Market Research