Footwear Market Trends, Size, Development and Demand Forecast to 2020
Footwear is a garment wore in feet. The various materials used in manufacturing footwear are leather, jute, wood, plastic, textiles and rubber.
Rising demand for different types of footwear products are paving new opportunities for many manufacturers. With rapid increase in eco-friendly footwear, as consumers favor biodegradable materials that do less damage to the environment than other fabrics, the global footwear market is expanding. Also, the increasing popularity of sports such as cricket, football, soccer, hockey and tennis, contribute to the growth of global footwear market. To maintain high quality, manufacturers have to make sure that all products comply with existing and relevant standards.
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Based on footwear type, the global footwear market can be classified as athletic footwear and non-athletic footwear. Athletic footwear includes aerobics shoes, running shoes, sports (cross training), walking shoes, soccer shoes, tennis shoes, cricket footwear, seasonal boots and others. Non-athletic footwear includes boots, casual, formal and rugged, and waterproof footwear. Some of the athletic footwear brands include Adidas, Asics, Fila, K-Swiss, New Balance, Nike, Puma, Reebok, and Saucony.
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The global footwear market is witnessing change in consumer preferences, led by style and innovation in design, rising application of wearable technology in footwear, advertisements, celebrity endorsements, health benefit related shoes, and others.
The growing popularity of online footwear retail market (e-commerce) generates further growth opportunity for global footwear market. Whereas, the growing popularity of local manufacturers and pirated products in developing countries pose a challenge to the established players in the global footwear market.
Geographically, Asia-Pacific region is the largest market for footwear. Within Asia-Pacific, where China has large-scale manufactures operating in the industry, the emerging countries have number of small level manufactures of footwear. The main factors leading to the growth of footwear market in Asia-Pacific are large population base, large pool of skilled professionals, and low cost of labor. The footwear market in India is growing at a healthy rate attributed to the rising consumer preference towards custom-made or specifically designed footwear, coupled with increasing household income.
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Some of the competitors in global footwear market include Timberland Company, Genesco, Inc., Geox SpA, Wolverine Worldwide Inc., Skechers, USA Inc, Nike Inc., Crocs, Under Armour Inc., Esprit Holdings Limited.
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Nov 17, 2016