Global Industry Analysts Predicts the World Footwear Market to Reach $440 Billion by 2026

SAN FRANCISCO , March 28, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Footwear - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 16; Released: February 2022

Executive Pool: 19111
Companies: 470 - Players covered include adidas AG; Reebok International Limited; ANTA Sports Products Limited; ASICS Corporation; Bata; Bata India Ltd.; Caleres; Deckers Brands; ECCO Sko A/S; Feng Tay Enterprises Co., Ltd.; Geox s.p.a; Gucci Group NV; Kenneth Cole Productions, Inc.; LaCrosse Footwear, Inc.; Nike Inc.; Nine West; Power Athletics Limited; Puma SE; RG Barry Corporation; Timberland LLC; Vans, Inc.; Weyco Group Inc.; Wolverine World Wide, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Casual, Athletic, Outdoor/Rugged, Dress/Formal, Footwear Accessories); Distribution Channel (Retail, Online); End-Use (Men, Women, Children)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Footwear Market to Reach $440 Billion by 2026
Demand for footwear is expanding, as it is increasingly being considered a fashion accessory by many, and also due to surging demand for innovative and novel footwear globally. The global footwear market is registering steady growth mainly driven by swift adoption of latest fashion trends, owing to rising disposable incomes in various economies. Demand for casual, outdoor/rugged and dress/formal footwear is rising on the back of growing adoption of leisure products, celebrity endorsements and ongoing fashion trends. Similarly, demand for athletic footwear is surging, encouraged by factors such as growing disposable incomes, rising health consciousness and introduction of new footwear technologies and designs. The men's footwear segment continues to enjoy dominance in the market, with the kid's footwear segment growing due to surging demand for footwear that offer optimal comfort and are highly fashionable. In recent years, consumers have been seeking a range of footwear styles, in order to match them with their apparel. This is expected to lead to increased demand for footwear in the coming years. Expanding retail culture is also fostering the development of the footwear market worldwide.

Amid the COVID-19 crisis, the global market for Footwear estimated at US$399.8 Billion in the year 2022, is projected to reach a revised size of US$440 Billion by 2026, growing at a CAGR of 2.3% over the analysis period. Casual Footwear, one of the segments analyzed in the report, is projected to grow at a 2.6% CAGR to reach US$213.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Athletic Footwear segment is readjusted to a revised 1.9% CAGR for the next 7-year period. This segment currently accounts for a 37.6% share of the global Footwear market.

The U.S. Market is Estimated at $107.7 Billion in 2022, While China is Forecast to Reach $80.9 billion by 2026
The Footwear market in the U.S. is estimated at US$107.7 Billion in the year 2022. The country currently accounts for a 27.14% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$80.9 Billion in the year 2026 trailing a CAGR of 3.6% through the analysis period. Apart from being a lucrative market for non-athletic footwear, China is also emerging to be a strong market for athletic footwear mainly due to regulatory initiatives relating to fitness and national exercise programs, rapid pace of urbanization, increasing per-capita incomes, international sporting events organized in the country, and increasing participation in recreational sports, among other factors. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 1.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR while Rest of European market (as defined in the study) will reach US$83.8 Billion by the end of the analysis period. While developed regions continue to be the major revenue contributors, developing regions, especially China and Asia-Pacific, have emerged as the hotspots for future growth of the footwear market, given the growing appetite for mass consumption of various types of footwear in these regions. Additionally, improving consumer sentiment, income levels, employment levels, and resurgence in discretionary spends, as compared to developed economies, are providing impetus to footwear market in the developing regions. Top six footwear consumption markets include: China, US, India, Japan, Brazil and Indonesia, of which India, China, Indonesia, and Brazil having a large population base, thus offering huge potential business opportunities for footwear manufacturers. Much of the growth in the global footwear industry has shifted to Asia Pacific, particularly to China, which is taking a bigger share of global footwear consumption pie.

Outdoor/Rugged Footwear Segment to Reach $27 Billion by 2026
Outdoor/Rugged footwear is specially designed for high-performance outdoor activity such as trekking; trail running, kayaking, mountaineering, rock-climbing and others. They incorporate high-quality materials to combat extreme climates and suit various traction requirements, unlike everyday outdoor casual wear shoes. In the global Outdoor/Rugged segment, USA, Canada, Japan, China and Europe will drive the 2.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$17.4 Billion will reach a projected size of US$20.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.4 Billion by the year 2026, while Latin America will expand at a 2.8% CAGR through the analysis period. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.