Footwear Market Anticipated to Garner $536,900.5 Million, Growing with 5.2% CAGR in the 2020-2028

The global footwear market is predicted to witness noteworthy growth in the forecast period, 2020-2028. The increasing demand for footwear is boosting the growth of the market. The Asia-Pacific region is predicted to be in the leading position in the forecast period.

Research Dive has published a new report on the global footwear market. According to the report, the global market is projected to surpass $536,900.5 million and grow with a CAGR of 5.2% in the estimated period, 2020-2028.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/8398

𝐅𝐚𝐜𝐭𝐨𝐫𝐬 𝐈𝐦𝐩𝐚𝐜𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

The key factors boosting the growth of the global footwear market are changing lifestyle habits, developing economies, and an upsurge in health awareness among people who workouts regularly. Additionally, the footwear industry is increasing swiftly owing to the high need for comfortable, fancy, and branded footwear that are budget-friendly is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the accessibility of several counterfeit products that duplicate the original products and provide counterfeit footwear at minimum costs is likely to deter the market's growth.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐏𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐨𝐧 𝐭𝐡𝐞 𝐅𝐨𝐨𝐭𝐰𝐞𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭

The outburst of the COVID-19 pandemic in 2020 severely impacted the global footwear market's growth. During the COVID-19 pandemic, order cancellations or postponements in the lockdown period led to supply chain disruptions and a decline in export orders for footwear. Also, the closure of premium outlets, retail stores, supermarkets, and manufacturing facilities led to a decline in footwear sales worldwide. Furthermore, in China, shutting of production units and factories led to supply chain disturbances and rapid growth in the prices of several raw materials. As a result, the footwear market suffered greatly during the pandemic.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The report segments the global footwear market into type, material, end user, distribution channel, and region.

The athletic sub-segment of the type segment is foreseen to observe leading growth and garner $249,266.8 million during the forecast period. This growth is mainly because they are extensively used in several sports events such as basketball, running, skating, soccer, and others.

The leather sub-segment of the material segment is expected to have swift growth and surpass $242,065.1 million by 2028. The use of several leather footwear like heels, wedges shoes, and leather boots by working professionals is growing the need for leather footwear.

The women sub-segment of the end user segment is predicted to grow enormously and hit $234,784.1 million by 2028. This growth is mainly owed to the accessibility of several types of trendy and fancy footwear like sports shoes, leather shoes, flip flops, heels, sandals, slippers, and others.

The hypermarket/supermarket sub-segment of the distribution channel segment is foreseen to observe leading growth and garner $139,304.5 million during the forecast period. Hypermarket/Supermarket provides accessibility of several footwear, plenty of parking space, and suitable timings at the same location are projected to drive the hypermarket/supermarket growth.

The Asia-Pacific region is projected to observe significant growth and hit $239,506.3 million by 2028. This growth is mostly due to the changing lifestyle habits, growth in health awareness, and footwear products launched by several firms and the presence of leading market players such as Skechers USA, Inc., Geox S.p.A, and others in this region.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/8398

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The report states some of the foremost players operating in the global footwear market including Nike, Inc., Adidas AG, PUMA SE, Under Armour, Inc, Skechers USA, Inc., VF Corporation, CROCS, Inc., Geox S.p.A, Wolverine World Wide, Inc., Ecco Sko A/S, and others. These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.

Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter's five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.

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