Footwear Market Size

Footwear Market Analysis

The Footwear Market is expected to register a CAGR of 5.25% during the forecast period.

• The rising demand for fashionable, trendy, yet comfortable footwear across all age groups is a key factor driving the global footwear industry. The rise in the growth of sports-focused footwear, such as football, cricket, basketball, and golf, coupled with exponential investment by governments and global organizations to promote sports leagues and participation, has been a key driver for the market.
• Asian countries, such as China and India, are the major exporters of leather footwear across developed countries. For instance, according to the Department for Promotion of Industry and Internal Trade, it is estimated that about USD 2,047.08 million worth of leather footwear products was exported from India to other parts of the world in 2022.
• Additionally, an emerging trend in the global footwear market is the rise in demand for eco-friendly footwear. There has been a growth in the usage of sustainable materials and sustainable footwear brands that have embedded sustainability into their brands from their beginnings. The manufacturers have been finding innovative ways to manufacture such products to suit customer demands.
• For instance, in August 2022, Solecraft, an indigenous sustainable footwear company in India, announced the launch of its first pair of sweat-resistant charcoal shoes. The company claimed that only natural materials were used in the manufacturing of these eco-friendly sneakers. The company revealed that the product was developed in India and manufactured using Japanese bamboo charcoal, premium Australian Merino wool, and plant-based recycled coffee grounds oil.
• Athleisure has become more pervasive, as it has influenced the athletic footwear choice among millennial parents. Due to this factor, they are dressing their kids in athletic apparel and footwear. This is driving the sales of overall footwear across the world.
• Non-athleisure footwear products such as boots, sandals, and flip-flops are commonly used by the consumer in day-to-day life. Hence, manufacturers in the market are focusing on innovative and user-friendly designs to attract consumers. Moreover, sneakers stand out to be one of the popular types of footwear products across the market owing to the comfort and design of the products. Sneakers were popular among young consumers. They often tend to buy expensive pairs of sneakers as an investment and enthusiasm towards exclusive collections available across the market.