Footwear Market Size, Share and Trend Analysis by Segments, Region, Category Performance and Competitive Landscape to 2027
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Footwear Market Report Overview
The footwear market size was valued at $358 billion in 2023 and the market will grow at a CAGR of more than 3% during 2023-2027. Footwear has historically been challenging to buy online, as it is more fit-critical than clothing and accessories. However, new technologies are now helping improve the digital shopping process and experience for footwear. For instance, Nike Fit can accurately measure its user’s feet using their smartphone camera and AI. Such improvements will propel the market growth during the forecast period.
Footwear Market Outlook 2023-2027 ($ Billion)
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The footwear market report offers data that showcase the trends in the market and sectors by value and volume. It also reveals the brand leaders by market share in 2023 in each of the categories as well as the entire footwear market. This footwear market research report provides historical and forecast period data for total footwear sales in different categories. This report offers a detailed analysis of the market with the impact of recent events on customer shopping behavior, key brand profiles, and sectors.
Market Size (2023) | $358 billion |
CAGR (2023-2027) | >3% |
Forecast Period | 2023-2027 |
Historical Period | 2017-2022 |
Key Regions | · Europe
· The Americas · Asia-Pacific · Middle East and Africa |
Key Categories | · Women’s Footwear
· Men’s Footwear · Children’s Footwear |
Key Footwear Brand Profiles | · Nike
· Adidas · Skechers · New Balance · Jordan |
Key Channels | · Online
· Offline |
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Footwear Market Dynamics
Technological innovation will allow the online footwear market to outperform out to 2027. The online footwear market grew significantly in 2022 versus 2019. Its growth was then in line with the total footwear market in 2023 as consumers had a greater appreciation for the experience of visiting physical stores after COVID-19. However, it is forecast to begin to outperform again in 2024, allowing it to reach a penetration of more than 24%. Between 2023 and 2027, the online footwear market is expected to rise owing to the ongoing investments brands are making in this channel. As well as incorporating more technological features like AI and AR into their websites to make it easier for shoppers to select an appropriate size and style, footwear brands are also placing a greater focus on their distribution and fulfilment, making consumers more inclined to make purchases online.
After the COVID-19 pandemic, consumers increased their focus on health and wellbeing, which increased the demand for trainers compared to formal footwear, including high heels and brogues. Since much of the spending lost from the prevalent styles is being focused on more casual and practical options such as trainers, the footwear market will be impacted to a certain extent during the forecast period.
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Footwear Market Segmentation by Categories
The key categories of the footwear market are women’s footwear, men’s footwear, children’s footwear. Women’s footwear dominated the footwear market in 2023.
Footwear Market Analysis by Categories, 2023 (%)
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Footwear Market Segmentation by Region
The key regions of the footwear market are the Americas, Europe, Asia-Pacific, and Middle East and Africa. In 2023, Asia-Pacific was the leading regional segment of the footwear market driven by Hong Kong, which had the greatest increase globally due to enhanced tourism and improved consumer confidence.
Footwear Market Analysis by Region, 2023 (%)
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Footwear Market Analysis by Channel Growth
The key channels in the footwear market are online and offline. Online channel dominated the market growth in 2023. The online market growth was driven by less developed markets such as the Middle East & Africa, Eastern Europe and Latin America and supported by their increasing internet penetrations and growing economies. Such an increase in online channel growth will have a positive impact on the footwear market growth during the forecast period.
Footwear Market Analysis by Channel Growth, 2023 (%)
Footwear Market – Brand Profiles
The key brand profiles in the footwear market are:
- Nike
- Adidas
- Skechers
- New Balance
- Jordan
Footwear Market Analysis by Brand Profiles, 2023 (%)
In 2023, Nike was the leading footwear brand. Nike continues to remain top of mind among consumers looking for both technical and fashionable footwear. Meanwhile, the brand capitalizes on exclusive and limited-edition collaborations with the likes of Tiffany & Co and Jacquemus to maintain relevance and generate excitement surrounding the brand.
Key Segments Covered in the Footwear Market Report
Footwear Category Outlook (Value, USD Billion, 2017-2027)
- Men’s Footwear
- Women’s Footwear
- Children’s Footwear
Footwear Regional Outlook (Value, USD Billion, 2017-2027)
- Europe
- Asia-Pacific
- The Americas
- Middle East and Africa
Scope
– Digital channels to support future footwear market growth. Athletic shoes, and comfortable & casual styles to gain more popularity. Majority of high growth markets are in the APAC region.
Key Highlights
• Global footwear market to grow at a CAGR of 5.6% between 2023 and 2027, with trainers and Asia Pacific expected to outperform.
• Technological innovation will allow the online footwear market to outperform out to 2027.
• Nike leads the way within the footwear market, while Converse and Vans continue to see their market shares fall.
Reasons to Buy
• Gain a comprehensive view of the global footwear market and forecasts to 2027
• Explore new opportunities that will allow you to align your product offerings and strategies to meet demand
• Investigate current and forecast trends in the footwear categories to identify the areas offering the most potential
• Understand who your main competitors are in the sector
Dr Martens
UGG
Kurt Geiger
Crocs
Ecco
Adidas
Nike
ASICS
Li-Ning
Corteiz
Grace Wales Bonner
Puma
Hoka
On
Loewe
Aldo
Russell & Bromley
Hugo Boss
Dune
Office
Clarks
Zara
Allbirds
ALOHAS
Skechers
Jordan
Converse
Vans
Table of Contents
Frequently asked questions
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What was the footwear market size in 2023?
The footwear market size was valued at $358 billion in 2023.
-
What is the expected growth rate of the footwear market for the forecast period?
The footwear market is expected to grow at a CAGR of more than 3% during 2023-2027.
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Which category dominated the footwear market in 2023?
The women’s footwear category dominated the footwear market in 2023.
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Which are the key brands in the footwear market?
Nike, Adidas, Skechers, New Balance, Jordan, and others are some of the key brands in the footwear market.
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