According to Transparency Market Research’s latest research report on the global footwear market for the historical period 2018–2019 and the forecast period 2020–2030, footwear has gained immense popularity in sportswear due to increasing sports activity and advancements in technology. These factors are expected to boost the global footwear market during the forecast period.
Footwear protects the user from adverse environments, especially ground texture and temperature. Boots, sneakers, sports shoes, jogging shoes, sandals, and indoor footwear among others, are the different types of footwear available in the market. Footwear is considered a prominent fashion accessory, especially among youngsters and the millennial. Moreover, the increasing demand for trendy, yet comfortable footwear among all age groups is a key factor driving the global footwear market.
The risk of transmission of the pathogenic coronavirus has sparked innovations in shoe sole sanitizers. A research team from the Industrial Training Institute (ITI) Berhampur, Odisha, India, has developed an affordable ultraviolet-C (UVC) shoe sole sanitizer that was launched during a video conference. As such, COVID-19 has laid great emphasis on the importance of maintaining optimum health. Hence, companies in the footwear market are tapping into business opportunities in eCommerce to meet demands of health conscious individuals.
In terms of revenue, the global footwear market is expected to exceed value of US$ 1.7Tn by 2030, expanding at a CAGR of ~8% during the forecast period. In addition, the reopening of gyms and other recreational facilities has given an impetus to the growth of the global footwear market during the COVID-19 pandemic. However, this growth is being witnessed gradually, since the global economic crisis has directly affected the spending capacities of individuals. This signals that manufacturers are upgrading their production and design capabilities. For instance, in August 2020, Germany-based multinational chemical company BASF announced the launch of its first global innovation center in Taiwan to include interactive footwear exhibits, biomechanics lab, and manufacturing facilities to capitalize on business opportunities.
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Due to the high demand for convenient and comfortable footwear and companies focusing on a few essential specifications, for example creative designs, product advancements, and advanced technical manipulations, to drive the footwear market. Also due to the rise in sports activities, weight on performance, and developments in technology which in turn has made the footwear gain immense popularity in sportswear, because of the growing demand for fashionable, comfortable, and convenient footwear, growing numbers of the working people around the world, which are some of the key factors anticipated to drive the footwear market during the forecast period. The growing impetration of athletic footwear due to the concerned matter towards personal health and preference towards various physical activities amidst the population is one of the major factors propelling the growth of the footwear market. Moreover, not genuine product is a major concern and a threat in the brand-oriented footwear enterprise is one of the factors estimated to hinder the growth of the footwear market.
Internet First Footwear Brands Pose Stiff Competition to Big Market Players
Apart from the big names in the athletic shoes category such as Nike, Adidas, and Puma, startups in the footwear market are leveraging value-grab opportunities. This is evident since the market is expected to surpass an astonishing revenue of US$ 1.7 Trn by 2030. The trend of Internet first footwear brands is a fast growing phenomena in the footwear market. Startups such as the U.S.-based Allbirds, New York-based Koio, and Tamara Mellon are gaining increased popularity. Several private label brands are scaling business opportunities through social media and eCommerce sales. The trend of vegan shoes and bags is catering to the niche requirements of buyers.
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The footwear market in India is witnessing an upsurge due to the growing demand for trendy, fancy, and comfortable footwear, especially from the millennial and Gen Z population. However, manufacturers are challenged with high taxes and shortage of skilled labor, which is affecting the overall business cycle. High taxes are difficult to be adjusted in business cycles and ultimately result in additional cost of retail price of footwear paid by the end customer. Hence, Indian manufacturers in the footwear market need to constantly upgrade in terms of technology, changing consumer trends, and marketing styles to stay ahead in the competition and offset the high retail prices of footwear.
Sustainable Footwear Manufacturing Lowers Environmental Footprint
The trend of fast fashion has brought manufacturers in the footwear market under the scrutiny of regulatory authorities to lower their environmental footprint. Many individuals are becoming conscious about sustainable and renewable materials used in footwear. Several billion pairs of sneakers are made every year and several million of them end up in landfills. Hence, startups in the footwear market, such as Nothing New, are designing sneakers only made from recycled materials including post-consumer recycled plastic, rubber, fishing nets, and cotton to lower the environmental footprint. As such, the global footwear market is anticipated to surpass the production of ~44,620 million units by the end of 2030.
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