Footwear Market 2017 Review: A Look at What's New and Improved

The global footwear market is predominantly dictated by consumer trends. The surging demand for designer yet comfortable shoes among women and sportswear or athletic shoes among men have been bolstering opportunities for footwear sales. As per Transparency Market Research (TMR), this increasing focus on sportswear will bolster opportunities for the footwear market. The market also likely to gain from the proliferation of retail culture, which is expected to boost it at a CAGR of 2.5% between 2015 and 2023. TMR pegs the valuation of the market in 2014 at US$208.72 bn. By the end of 2023, the market is expected to reach US$258.21 bn.

Sellers in North America Gaining from Growing Online Retail Activities

With its local population increasingly participating in sports and athletic activities, demand for footwear is likely to surge in North America. Since, the region is at fore of many innovations, it also witnesses robust development in footwear in terms of both design and quality. Furthermore, internet retailing in the region has been demonstrating rapid growth as well, particularly in Canada and the U.S. This has enabled sellers of footwear in North America to gain from wider reach and better visibility in the region.

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Non-athletic Footwear Segment to Grow at Higher Pace than Athletic Footwear

The global footwear market can be broadly classified as athletic footwear and non-athletic footwear segment. Of these, demand from the non-athletic footwear segment has been surging at a greater pace than the former. As per TMR, the segment held over 52.44% of the global footwear market in 2014.

Vendors of non-athletic footwear segment are focusing on the prevailing fashion trends to woo customers. The segment is further sub-categorized into dress evening footwear, casual footwear, military boots, and others. The segment is likely to gain significant impetus from the launch of new designs and shades of shoes in the market. Among the various sub-segments, casual footwear held the largest share in the segment. By revenue and volume, casual footwear held 31.23% and 31.28% of the segment, respectively, in 2014.

Conversely, the athletic footwear segment is benefited by the increasing participation of countries in celebrated sport events. By revenue and volume alike, hiking shoes emerged as the largest contributor in the segment, accounting for a share of 24.13% and 23.55% in the segment, respectively, in 2014. Apart from this, the demand for running and cross training shoes are also likely to rise at a robust pace in the forthcoming years.

Footwear Manufacturers Seizing Opportunities in Proliferation of Retail Culture

As per a lead analyst in TMR, “Footwear manufacturers are also expected to capitalize on the increasing retail culture.” “Since consumers are impressed by the diversity and easy availability of footwear, leading companies are seeking to bolster their overall sales by making their products available across the retail chain,” he added. The proliferation of internet retailing is also expected to boost prospects for sale of both non-athletic and athletic footwear.

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