Footwear Market Report

Worldwide market growth is driven by kids’ increasing preference towards different types of shoes, including flip-flops, sandals, and boots. Similarly, the rising number of employed professionals and fashion awareness with the need to look fashionable and trendy contributed to a general expansion in the non-athletic footwear sector. However, the use of 3D printing technology in shoes with distinctive designs, and insoles, and for quick prototyping and creative manufacturing techniques is becoming increasingly popular. For example, Adidas introduces the 4DFWD, a breakthrough in 3D printed midsole innovation, merging extensive athlete data with advanced 3D printing technology to offer runners a revolutionary new running experience.

Meanwhile, during the projected timeframe, innovative technologies that prioritize providing maximum comfort and retaining an elegant appearance at an affordable cost are anticipated to generate significant opportunities in the global market. Based on end-users, the men are at a faster-growing end-user for the footwear sector. However, with men being more involved in outdoor sports activities, such as golf, football, cricket, hiking, and other activities, they are expected to be a major propelling factor for the footwear market growth. Moreover, the sneaker culture, which comprises collecting rare and exclusive sneakers, has a considerable male following. This interest not only boosts sales of high-end sneakers but also affects trends and demand in the broader market for footwear.

The growing number of counterfeits being sold, especially on the e-commerce platform, is a significant challenge for genuine brands. Counterfeits not just harm brand image but also lead to unfair competition by implementing cheaper pricing tactics. Furthermore, the higher costs and growth in acceptance of footwear brands like Nike, Adidas, and Puma have led to the growth of counterfeits, which are accepted by price-sensitive consumers, leading to a limit the sale of luxury and premium brands like Nike, Adidas and Puma. This factor hampers the sale of original footwear brands and hinders the market growth of the footwear industry.

The leather law regulates the use and production of leather products in industries. The United States has established strict regulations regarding the utilization of animal hides in all leather products including shoes, apparel, furniture, and other items. In the United States, laws prevent the overseas commercial import and sale of specific animal hides. This includes fur and snakeskin products, which cannot be imported or sold commercially by American companies. Additionally, the United States strictly prohibits the sale and trade of fur derived from dogs and cats within its borders. These strict regulations for the use of leather in products hamper the footwear industry's expansion.

Key players in the industry employ strategies focused on introducing new products, merging with other companies, and acquiring businesses to expand their customer base and improve their product portfolio. In July 2024, Skechers and John Deere will release a new line of shoes for farmers, construction workers, outdoor lovers, and fashion-conscious people after joining forces. This partnership merges Skechers' Comfort Technology with the famous American brand, John Deere, recognized for its increasing deer logo. The collection objectives to supply to the varied requirements of consumers in the workplace, outdoors, and fashion sectors, advancing the newest advancements and trends for every market division.

However, in May 2024, Wolverine World Wide, Inc. confirmed that it has signed two global licensing contracts as part of its continued strategic shift towards becoming a brand-focused company that drives growth. In the preliminary deal, Vida Shoes International will take on the role of the worldwide licensee for children's footwear under the Merrell and Saucony brands in most markets where no previous licenses are in place. Vida is a crucial partner of the company, acquiring the rights to use the Stride Rite brand from Wolverine Worldwide in 2017. They currently procure over 20 million pairs of children's shoes each year across various categories.

Furthermore, in January 2023, VF Corporation, one of the global top players in branded lifestyle clothing, shoes, and accessories, introduced the establishment of the Tokyo Design Collective (TDC) and a fresh regional office in Tokyo's Harajuku region, famous globally as a hub of Japanese youth culture and fashion. The new home for VF's Dickies, Timberland, and Vans brands in Japan, as well as the newly formed TDC team, will be the office. The TDC's goal is to strengthen VF's dedication to incorporating visionary Japanese product design and craftsmanship into its well-known worldwide brands.

The Asia Pacific region is anticipated to dominate the footwear market during the forecast period. China, Vietnam, and India are countries that are prominent footwear manufacturing centers due to their competitive advantages in lower labour costs and efficient supply chains. Global brands often influence these benefits for cost-effective production and operational efficiency. For instance, Nike strategically outsources manufacturing to China due to its vast population, abundant labour force, and extensive infrastructure. With over a hundred factories and a workforce exceeding a hundred thousand, China offers scalability and efficiency in production. This approach to outsourcing enables Nike to use cost benefits while also having the ability to adapt to global market demands. Furthermore, Nike benefits from China's advanced manufacturing skills and capabilities in meeting demanding quality requirements and deadlines.

The footwear market is expected to see the fastest growth in the Europe region over the forecast period. European market is driven significantly by consumer choice for high-quality and premium footwear. Disposable income has increased in Europe, particularly in nations such as Germany, France, and the United Kingdom. However, the customers are ready to pay more for top-notch goods that are characterized by unique features and distinctive styles which makes them introduce stylish high-grade shoes to fulfil these rising needs and enter the luxury market, thereby impacting the shoe industry across the region.

Additionally, C&J Clark International Ltd., is one of the popular British footwear maker and seller on a global scale, aims on production and marketing a wide variety of shoes for men, women, and children. The company has outsourced its production operations to countries like China and India, among other places. With a sharp focus on innovative product design, C&J Clark International Ltd. manages the network of 1,400 branded and franchised stores worldwide.