Footwear Market Estimated to Decline, Due to COVID-19 Impact in 2017 2022

Men’s shoe trends have largely remained static, with loafer and oxford variants remaining popular styles. There has also been a transition away from styles that focus primarily on comfort or function. Major fashion designers are displaying interest in terms of practicality with higher interest on aesthetics.

The global footwear market surpassed a valuation of US$ 410 Bn in 2020, and is poised to reflect a moderate growth rate through the forecast period of 2021 to 2031. The global footwear market is estimated to register a growth 0.1% in 2021 over 2020, to reach 3.6%. Market outlook remains steady over the coming years, to register a 4.5% CAGR from 2021 to 2031.

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Global footwear consumption fell by around 20 percent in 2020, representing a shortage of around of 5 billion pairs, which can be attributed to the COVID-19 pandemic, according to a report by World Footwear. Consumption is expected to fall by more than 25 percent in Europe, and by more than 20 percent in North America and Asia. A survey conducted by Confcommercio, the Italian retailers’ association, opined that sales of footwear and clothing have fallen to null values for stores not equipped with e-Commerce platforms, after the country entered a nationwide lockdown in March 2020.

Key Takeaways from Footwear Market Study

• Fashion-type footwear is estimated to account for more than a quarter of the market share during the assessment period, aided by interest by designers and consumers towards aesthetics.
• Natural rubber-based footwear will hold the lead, supported by high versatility and affordable costs of the material in production.
• Economy range footwear will account for more than 40% of the market, supported by a vast low-income demographic, especially in emerging economies.
• In terms of value, sales of footwear through online channels are expected to display faster growth, owing to wider product choices and heavy discounts.

Regional Takeaways

• The U.S. will account for a valuation over US$ 56 Bn in 2021, and long-term growth prospects remain positive.
• The U.K. is the second-largest footwear market in Europe, and is expected to register growth of over 4% YOY.
• France‘s outlook for footwear sales, as the largest European market, will be strong through 2031.
• Over the coming years, India and China will continue as high potential markets for footwear products.

“An increase in the number of social media users, in addition to higher Internet penetration, is a key factor influencing footwear sales. Consequently, most leading players in the footwear market are focusing on strategies to promote their products and services on such platforms, to bolster brand reach,” says a Fact.MR analyst.

Product Launches to Boost Resilience in Industry

Key players in the footwear market include Nike, Adidas, PUMA, Under Armor, Crocs, Deichmann SE, ALDO Group, and ASICS Corporation. Strategic collaborations and product launches are major strategies for market players.

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• In January 2021, Germany-based Birkenstock announced the company’s entry into the Indian footwear market with a strategic partnership with the Seva Group, with its first physical retail store located in Bengaluru.
• New Balance has joined hands with Patta to launch the new Patta x New Balance M991Pat sneaker. Limited edition versions of the shoes are expected to be available through Concepts and Beams, and Doe outlets.
• Salomon released its Spring/Summer 2021 collection of sneaker footwear, inspired by mountain sports design. The company has also returned with the “Black” range of shoes with new variants of the S/LAB Cross LTO, the S/LAB Phantasm LTO, and the S/LAB Cross LTO.

Find More Valuable Insights on Footwear Market

Fact.MR, in its new offering, presents an unbiased analysis of the global footwear market, presenting historical demand data (2016-2020) and forecast statistics for the period of (2021-2031). The study divulges essential insights on the footwear market on the basis of product type (casual, fashion, occupational, therapeutic, athletic, protective, and others), material (leather, natural rubber, synthetic rubber, EVA, PVC, PU, and textile), price (economy, mid, premium, and super-premium), and sales channel (online, specialist, general merchandise, dept. stores, and others), across 6 major region of the world.

About the Retail & Consumer Goods Division at Fact.MR

Retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio.

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