Men’s shoe trends have largely remained static, with loafer and oxford variants remaining popular styles. There has also been a transition away from styles that focus primarily on comfort or function. Major fashion designers are displaying interest in terms of practicality with higher interest on aesthetics.
The global footwear market surpassed a valuation of US$ 410 Bn in 2024, and is poised to reflect a moderate growth rate through the forecast period of 2024 to 2031. The global footwear market is estimated to register a growth 0.1% in 2024 over 2024, to reach 3.6%. Market outlook remains steady over the coming years, to register a 4.5% CAGR from 2024 to 2031.
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Global footwear consumption fell by around 20 percent in 2024, representing a shortage of around of 5 billion pairs, which can be attributed to the COVID-19 pandemic, according to a report by World Footwear.
Competitive Landscape
The global footwear market is fairly fragmented and competitive in nature, owing to the presence of numerous regional and local players in the industry. Major manufacturers are focused on product launches and strategic collaborations to bolster their portfolios and geographic expansion strategies to strengthen market position.
- For example, in November 2024, Von Wellx announced the opening of two production units in Agra. The decision was made by the company to transfer its production base from China to India post the COVID-19 crisis.
- In October 2024, Khadi and Village Industries Commission announced the launch of the very first high-quality khadi fabric footwear range, in line with the Government of India’s MSME policy, worth 5,000 crore rupees.
- In January 2024, Nike Inc. unveiled its Air Max 90 and Air Force 1 shoe models with green and white color pallets, as a part of the St. Patrick’s Day promotion strategy, priced at US$ 150 and US$ 110, respectively.
Fact.MR has also analyzed the following players in the footwear market in its detailed report*:
- Adidas AG
- PUMA SE
- Sketchers U.S.A. Inc.
- Under Armor Inc.
- Wolverine Worldwide Inc.
- Crocs Inc.
- ASICS Corporation
- Deichmann SE
- The ALDO Group Inc.
Following Questions Answers Covered in the Report are:
- How will the global Footwear Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Footwear Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Footwear Market?
- How will these strategies influence the market growth and competition?
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
The Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional Takeaways
- The U.S. will account for a valuation over US$ 56 Bn in 2024, and long-term growth prospects remain positive.
- The U.K. is the second-largest footwear market in Europe, and is expected to register growth of over 4% YOY.
- France‘s outlook for footwear sales, as the largest European market, will be strong through 2031.
- Over the coming years, India and China will continue as high potential markets for footwear products.
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