Global Footwear Market to Reach $440 Billion by 2026
SAN FRANCISCO, May 25, 2021 /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.
FACTS AT A GLANCE
Edition: 15; Released: May 2021
Executive Engagements: 19111
Companies: 1903 - 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
China, India, Brazil, Italy, Vietnam, Indonesia, Mexico, Thailand, Turkey and Spain are the leading producers of footwear, while USA, Japan, Germany, UK, France and Italy are the major consumers and importers of footwear. Korean and Taiwanese footwear makers are the forgotten lot who once dominated the global production scene. Amid the COVID-19 crisis, the global market for Footwear estimated at US$384.2 Billion in the year 2020, 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 $105.8 Billion in 2021, While China is Forecast to Reach $80.9 billion by 2026
The Footwear market in the U.S. is estimated at US$105.8 Billion in the year 2021. The country currently accounts for a 27.14% share in the global market. China, the world 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.
Growth in these regional markets has and continues to be supported by footwear increasingly being considered a fashion accessory by many, and also due to robust demand for innovative and novel footwear. Rising adoption of comfortable and trendy footwear among consumers in various age groups is also driving demand in these markets. Rising interest and participation in various sports and also transforming lifestyles are spurring adoption of athletic footwear, even among people who are not sports oriented. In recent years, interest in fitness and health related activities has been on the rise among customers. This is spurring demand for innovative and technically advanced sportswear products. Several international brands have been integrating sportswear and fashion wear to attract customers.
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 in the year 2020 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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