Press release
Sustainable Footwear Market Size Booming at a CAGR of 5.7% to Hit $13.3 Billion by 2030
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Key market players operating in the sustainable footwear market have adopted key developmental strategies such as product launch to fuel demand for sustainable footwear in the market, in terms of value sales. In addition, they have also emphasized on continuous innovations in their products to maintain a strong foothold in the market and to boost sustainable footwear demand globally. Additionally, in order to a give a positive contribution to the environment manufacturers are continuously developing and launching innovative sustainable footwear in the market.
CXOs further added that rise in environment consciousness among individuals as well as rising working class women professionals propels growth of the sustainable footwear market. The industry has recently observed an emerging trend of men using skin care and hair care products to enhance their physical appearance. Use of sustainable footwear by male consumers is expected to eventually increase and in turn supplement growth of the global sustainable footwear market in terms of value sales.
Moreover, sustainable footwear have witnessed prominent adoption in the developing countries such as India, owing to swift change in consumer lifestyle, increase in disposable income, and surge in demand for eco-friendly products among the consumers. Furthermore, increase in penetration of various online portals globally and rise in number of offers or discounts attract large consumer base to purchase sustainable footwear through online channels. Moreover, online sales channel has increased consumer reach, making it key source of revenue for many companies.
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The global sustainable footwear market is segmented into the distribution channel, demographics, product type, and region.
Based on product type, the non-athletic segment held the largest market share in 2020, contributing to more than two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the athletic segment is projected to witness the fastest CAGR of 6.5% from 2021 to 2030.
Based on the distribution channel, the specialty store segment contributed to the largest share in 2020, accounting for more than two-fifths of the global sustainable footwear market. The same segment is expected to lead the market during the forecast period. However, the online channel is expected to manifest the highest CAGR of 7.0% from 2021 to 2030.
Based on region, Asia-Pacific, followed by North America, contributed to the highest share in 2020, holding more than two-fifths of the total share. On the other hand, Europe is expected to manifest the fastest CAGR of 7.2% from 2021 to 2030.
Leading players of the global sustainable footwear market analyzed in the research include Nike Inc., Adidas group, GIESSWEIN, New Balance, Native shoes, Reebok, Amour Vert, Rothy's, Reformation, and MATISSE FOOTWEAR.
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Key findings of the study
By sustainable, the non- athletic segment accounted for the highest market share in 2020, growing at a CAGR of 5.3% from 2021 to 2030.
By demographics, the women segment accounted for the highest sustainable footwear market share in 2020, growing at a CAGR of 4.5% from 2021 to 2030.
By distribution channel, the specialty store segment accounted for the highest market share in 2020, growing at a CAGR of 5.3% from 2021 to 2030.
By Region, Asia-Pacific occupied the maximum share in the market in 2020 and is expected to be the dominating segment during the sustainable footwear market forecast period.
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