Footwear Market size was valued at USD 402 Billion in 2023 and is poised to reach USD 721 Billion by the end of 2036, registering around 5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of footwear is assessed at USD 422 Billion.
The primary drivers of the market's expansion are the expanding demand for athletic footwear, growing sales made possible by e-commerce, and footwear firms' large advertising budgets. In addition, a growing number of people are being motivated to participate in sports and fitness activities due to the increased prevalence of lifestyle-related health problems including stress and obesity. According to WHO; approximately 890 million persons aged 18 and over were obese, out of the 2.5 billion overweight adults in 2022. This translates to 43% of persons over the age of 18 who were overweight (43% of men and 44% of women); this is an increase from 25% of adults over the age of 18 in 1990.
This is driving up demand for fashionable yet comfortable footwear. Long before 2020, comfort rose at the top of the consumer priority list. Fashion footwear has been losing market share to more athleisure- and comfort-focused categories for years.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
5% |
Base Year Market Size (2023) |
USD 402 Billion |
Forecast Year Market Size (2036) |
USD 721 Billion |
Regional Scope |
|
Type (Athletic, Non-athletic)
Athletic segment in the footwear market is expected to showcase around 6% growth rate between 2024 and 2036 garnering a market share of around 56%. People who engage in outdoor activities including walking, jogging, working out at the gym, and playing sports like hockey, cricket, basketball, volleyball, and golf wear athletic shoes. Athletic shoes provide consumers with features including torsional stability, enhanced cushioning, and improved protection in addition to comfort, flexibility, and traction on outdoor surfaces like roads and trails.
The athletic category is growing because professional players are demanding lightweight, comfortable, and stylish shoes for use on rough, rainy, and wet ground. The primary element propelling the growth of athletic shoes worldwide is the rising participation and inclination of individuals toward regular physical activities like cycling, jogging, and working out. In addition, in 2024 the average volume of each person is expected to be 0.06pairs for the athletic footwear segment.
End-User (Men, Women, Children)
Men's segment is set to capture over 55% footwear market share by 2036. The demand for men's footwear has been driven by men's propensity for outdoor activities. Male participation in sports including hockey, golf, cricket, and mountaineering has traditionally been high. Therefore, type launches that target particular sports categories will contribute to the expansion of the men's footwear industry. A future increase in the men's footwear market is anticipated due to the rise of upscale e-commerce websites.
Distribution Channel (E-commerce, Offline Stores)
The offline segment is poised to garner majority footwear market share. The offline channel makes it easy for customers to access a wide variety of product portfolios from multiple market sectors. It's a well-run store with a wide assortment of winter footwear and a presence in both the US and other countries. Customers can get access to niche products accessible on the market through these kinds of retailers. Consequently, the growth of offline channels in multiple areas generates lucrative opportunities for the market to expand. The manufacturers' exclusive discounts made available through these channels significantly increase footwear sales. These discounts also incentivize hypermarkets and supermarket chains to sell their products, thereby generating a variety of footwear market opportunities worldwide. According to estimates, approximately 64.6 % of the products sold in the online footwear sector worldwide were bought through an Offline Sales Channel in 2022.
Our in-depth analysis of the footwear market includes the following segments:
Type |
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End-User |
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Material |
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APAC Market Statistics
The footwear market in the Asia Pacific region is anticipated to hold the largest with a share of about 40% by the end of 2036. The market growth in the region is also expected on account of the growing desire for stylish, trendy, and comfortable footwear across all age groups. One of the main factors driving the footwear market has been the increase in the popularity of sports-specific footwear for sports like basketball, golf, cricket, and football, as well as the massive investments made by governments and international organizations to encourage sports leagues and participation. As per International Labor Organization, the Asia Pacific’s garment and footwear industry is witnessing growth amid this the exports increased by 5.1 percent in 2014, reaching $601 billion, or three-fifths of the global total.
Developed nations primarily import leather footwear from Asian nations like China and India. For instance, the Department for Promotion of Industry and Internal Trade estimates that in 2022, leather footwear products worth USD 2,047.08 million were exported from India to foreign countries.
One of the biggest global marketplaces for footwear is found in China. Although there has been some fluctuation recently, domestic footwear sales have continuously stayed above 400 billion yuan. In terms of sales income, textiles, and other footwear formed the largest section, with sneakers and athletic shoes gradually gaining prominence.
One of the main factors driving growth in South Korea's market is the increasing demand for comfortable and flexible footwear options that can be worn both on a physical level and as an expression of fashion. Furthermore, the production of footwear with greater durability, comfort, and environmental friendliness is facilitated by more advanced technological innovations in manufacturing processes. Pertaining to all these factors, by 2024, the South Korean fashion e-commerce market is estimated to be US$26,904.9 million and accounts for 17.9% of total online retail sales in Korea.
North America Market Analysis
The North American region will also encounter huge growth for the footwear market during the forecast period owing to growth in sports footwear sales in North America in the growing awareness of health and well-being among customers. The Athletic Footwear industry in North America is projected to produce US$34.69 in sales per capita in 2024 growing at a CAGR of around 3.%. Participating in a variety of sporting goods and fitness activities has helped consumers around the region prioritize their mental and physical well-being. In addition, the growing quantity of athletes competing in sports like soccer, American football, and jogging, is also prospective for the footwear market’s growth.
In United States, USD 314 is the average household expenditure on footwear. Women in the US spend more money than men do on shoes. In actuality, a normal household spent about USD 155 on women's shoes in 2020, propagating the market’s growth.
The market for shoes is not the biggest in Canada. The annual shoe purchases made by each individual do not equal the enormous amounts observed in the top shoe-consuming nations, such as China and the US. That being said, Canadians do not lack a passion for shoes; the nation spends a comparatively high amount per person on clothing and footwear, and by 2025, the shoe market is expected to reach a valuation of over 9 billion Canadian dollars.
The presence of a number of well-known players characterizes the global footwear market. The market is composed of small, to midsized players offering a selected range of footwear. In order to respond to customer needs and gain a competitive edge over other manufacturers, companies in the market are focusing on collaboration for introducing innovative types.
Author Credits: Parul Atri
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