Footwear Market Size To Reach $588.2 Billion By 2030

Footwear Market Growth & Trends

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.

Moreover, the athleisure trend has fueled the demand for comfortable, stylish, and versatile footwear for athletic and casual occasions. Asia Pacific accounted for the largest share of the market. This can be attributed to a large and rapidly growing population, particularly in countries like China, India, and Southeast Asian nations. Rapid urbanization, expanding middle-class population, and rising disposable incomes in these countries have led to an increased demand for various types of footwear, including casual, athletic, and formal styles. Moreover, the development of modern retail formats, such as shopping malls and specialty footwear stores, has facilitated increased footwear sales and brand exposure in the region. In addition, several Asia Pacific countries, such as China, Vietnam, Thailand, India, and Indonesia, are major footwear manufacturing hubs, contributing to the region's availability and affordability of footwear products.

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Footwear Market Report Highlights

• The MEA regional market is expected to grow with a considerable CAGR from 2024 to 2030. This growth can be attributed to factors, such as the substantial youth population that is highly fashion-conscious and the development of tourism and business travel within the Middle Eastern countries, which has contributed to the demand for comfortable and durable footwear suitable for travel and outdoor activities

• The athletic segment is estimated to grow with a substantial CAGR over the forecast period. The increasing popularity of fitness and outdoor activities and the growing trend towards athleisure wear have fueled the demand for athletic footwear. Moreover, the expansion of the sports and fitness industries, including the rise of fitness centers, gyms, and outdoor activities, has contributed to the increased demand for athletic footwear designed for specific sports and activities

• Children segment is anticipated to grow with a faster CAGR over the forecast period. Parents are increasingly aware of the importance of proper foot development and support during a child's growing years. This has led to a demand for well-designed and age-appropriate children's footwear that promotes healthy foot growth

Footwear Market Segmentation

Grand View Research has segmented the global footwear market based on type, end-user, and region:

Footwear Type Outlook (Revenue in USD Billion, 2018 - 2030)

• Athletic Footwear

• Non-athletic Footwear

Footwear End-user Outlook (Revenue, USD Billion; 2018 - 2030)

• Men

• Women

• Children

Footwear Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • Australia & New Zealand

  • South Korea

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

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.