Comfort, Sustainability, and Style Fuel the Global Footwear Market
The COVID-19 outbreak resulted in worries about health and an increase in problems related to weight. With the return to regularity, there is an increased prominence on fitness and active health measures, leading to a higher need for athletic footwear for running, walking, and gym exercises. Furthermore, government investments in sports infrastructure, such as in 2023, Congress members have adopted physical activity through the Congressional Physical Activity Challenge. This project seeks to encourage healthy competition and educate about physical well-being. Supported by the Physical Activity Alliance, the challenge motivates participants to take part in diverse activities like walking and running. The campaign highlights the significance of physical activity among government policymakers by focusing all active efforts and promoting its positive impact across the country. Conversely, it would grow the market share for the footwear industry as well.
Innovative Technology Called 3D Printing Propelling Opportunities for the Footwear Industry
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.
Recent Trends in the Footwear Industry
- Brands are using eco-friendly materials, reduced carbon footprints, and ethical manufacturing practices.
- Post-pandemic, consumers pick comfort, boosting demand for, supportive footwear.
- Personalization and customization are on the rise in the footwear sector.
- Augmented reality is a growing trend in the footwear sector.
- Shoe companies are placing more attention on the overlap of style and function.
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Strict Regulations and Counterfeits Challenge the Global Footwear Market
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.
Mergers, Acquisitions, and New Regional Office in the Footwear Industry
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.
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Asia Pacific's Cost-Effective Production and Operational Efficiency Leads the Global Footwear Market
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.
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Regions | Countries |
---|---|
North America | United States, Canada |
Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Central America Countries, Caribbean Countries, Rest of Latin America |
Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Czech Republic, Rest of Europe |
Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Thailand, Bangladesh, Rest of Asia Pacific |
Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Iraq, Kenya, Rest of MEA |
Footwear Market Research Report Covers In-depth Analysis on:
- Footwear market detailed segments and segment-wise market breakdown
- Footwear market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in footwear industry)
- Current, historical and forthcoming 10 years market valuation in terms of footwear market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Footwear market demand analysis
- Footwear market pricing analysis over forecast period (by key segment and by region)
- Footwear market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in footwear market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in footwear market
- Footwear market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on footwear market forecast by countries
- Mergers and acquisitions in footwear market
- Essential information to enhance market position
- Robust research methodology