The global footwear market was valued at USD 439.2 billion in 2022 and is projected to reach USD 598.3 billion by 2030. The market growth is mainly attributed to the rising consumer spending on lifestyle products, increasing fashion consciousness, and the growing disposable income in developing countries. Furthermore, the growing popularity of athleisure has led to the rise in demand for sportswear and sneakers. This, in turn, is driving the market for footwear.

The increasing demand for premium footwear, especially in developing countries, is also contributing to market growth. For instance, in April 2021, Skechers launched a new campaign, ‘Go Premium’, to promote its premium footwear line. The company is targeting the growing demand for luxury footwear in the market. In addition, the increasing demand for customized shoes is another factor driving the market. For instance, in June 2021, NIKE, Inc. launched its new 3D-printed customization service, ‘Nike By You’, allowing customers to customize their shoes’ colors, materials, and even the soles.

The growing popularity of online shopping is also driving the market. The availability of a wide variety of footwear at competitive prices on e-commerce websites is attracting a large number of customers. Moreover, the growing number of online advertising campaigns and discounts are helping to boost sales. Furthermore, the rise in the influence of social media is expected to create opportunities for market players. For instance, in March 2021, Reebok launched a marketing campaign featuring their new product, the Floatride Run 2, with the hashtag #ReebokRun.

The growing awareness about healthy and ergonomic footwear is also increasing the demand for footwear. For instance, in November 2021, Adidas launched its first-ever ergonomic running shoe, the UltraBoost 21. The new design features a floating arch for better support and cushioning, a 3D heel frame for better fit, and a split-sole construction for improved flexibility. This is expected to drive the market in the coming years.

In addition, the increasing focus on sustainability is also driving the market. Key players are focusing on using eco-friendly materials to manufacture their products. For instance, in April 2021, Allbirds, a footwear brand, announced the launch of its new sustainable sandal collection. The collection is made from recycled plastic bottles and is designed to be lightweight, breathable, and comfortable.

The sports segment led the market and accounted for a share of around 28.6% in 2022. Increasing health awareness among consumers and rising demand for comfortable and lightweight shoes for sports activities have been driving the demand for sports footwear. According to an article published by the International Council of Shopping Centers, in January 2020, the global footwear market is expected to reach US$ 371.4 billion by 2025. Furthermore, macro-level factors such as rising disposable income among consumers, increasing demand for fashionable and stylish footwear, and mushrooming growth of distribution channels are bolstering the demand for sports footwear worldwide.

The casual segment is anticipated to expand at the fastest CAGR of 8.3% over the forecast period. Growing adoption of casual footwear, rising trends for casual lifestyle, and the emergence of various fashion brands are some of the key factors driving the casual footwear market growth revenue. According to an article published by the NPD Group, in December 2019, the men’s casual footwear category grew by 8% in 2019. In addition, increasing fashion trends and beauty awareness among individuals is another factor driving the growth of the market.

The traditional store segment dominated the footwear market landscape in 2022, with over 34.7% share. The segment is expected to remain the dominant distribution channel in the forecast period. The convenience of trying and buying the product from the store and the wide variety of products available are the primary factors driving the segment. Furthermore, the COVID-19 pandemic has forced consumers to shop from nearby stores for their desired product, which has further boosted the segment growth.

The online segment is expected to expand at the highest CAGR of 11.9% over the forecast period. The emergence of several e-commerce companies has made it easier for consumers to compare prices, product features, and other related details of various brands before finalizing their purchase. Additionally, the provision of discounts, easy payment options, and free delivery services have contributed to the growth of the segment. Furthermore, the increasing use of mobile phones and tablets to purchase products online is expected to drive the segment growth over the forecast period.

The athletic segment accounted for the largest revenue share of 54.7% in the year 2022. The growing demand for sports and lifestyle activities has led to the increasing demand for athletic footwear. With the increase in health consciousness, the demand for running and other sports footwear has increased significantly. Additionally, the rising disposable income in countries such as India and China is driving the demand for premium athletic footwear, which is expected to further propel the segment’s growth.

The non-athletic segment is estimated to expand at the highest CAGR of 11.3% over the forecast period. The growing demand for non-athletic footwear such as sandals and slippers, especially among the working-class population, is driving the segment. Additionally, the increasing number of e-commerce platforms and the growing awareness about fashionable footwear are also driving the demand for non-athletic footwear. For instance, in October 2020, Amazon India launched “Amazon Fashion Week” to create awareness about fashion footwear among consumers.

Asia Pacific is expected to be the largest and fastest-growing regional market during the forecast period. The region is characterized by large population base and high economic growth rate, which is expected to drive the regional demand for Footwear products. Moreover, the presence of numerous manufacturers and increasing demand for sports and recreational footwear are anticipated to fuel the regional market growth in the coming years.

North America is also expected to witness significant growth, owing to the presence of leading market players and increasing awareness about the health benefits of wearing shoes. Furthermore, the rising trend of athleisure is expected to drive the regional demand for Footwear products. The rising popularity of online retailing is also expected to drive the regional market growth. For instance, in 2021, Nike launched its online store in Mexico to expand its presence in the Latin American market.

In this part of the footwear products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your footwear products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a footwear products business comes from sales of the product, subscription services, wholesale and retail sales, sponsorship deals, and other related sales and services. Here you will find a list with a description of each of them and other possible sources of profit such as promotional activities, advertising, and online sales.

Projecting Expenses

In this section, all the regular expenses related to keeping the footwear products business running will be described. The list of operating expenses includes manufacturing costs, rent, wages, taxes, insurance policies, advertising, and others.

Some of the key companies operating in the footwear market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Nike Inc. launched the Air Zoom Gravity, a new style of shoes designed to provide a better grip on slippery surfaces.

– In August 2022, Adidas AG launched the Quickforce series of shoes designed to provide better grip on a variety of surfaces.

– In October 2022, Red Wing Shoes launched the X-Force series of shoes providing superior grip on wet surfaces.

Some of the prominent players in the footwear market include:

– Adidas AG
– Reebok International Limited
– Nike Inc.
– New Balance, Inc.
– Wolverine World Wide, Inc.
– Red Wing Shoes
– Skechers USA, Inc.
– Timberland LLC
– Dr. Martens
– VF Corporation

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global footwear products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Athletic Shoes
– Casual Shoes
– Dress Shoes
– Sandals & Flip Flops
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Online
– Offline
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation in the Footwear Products Market?
[A]: Product innovation is a key factor influencing the growth of the global footwear products market. Manufacturers are introducing new materials, designs and technologies for footwear products to meet the changing needs and preferences of consumers. The introduction of 3D printing, for instance, is increasing the range of possible product designs and features for footwear. Additionally, the introduction of antimicrobial and water-resistant materials and technologies have caused a shift in consumer preferences, leading to increased demand for footwear products that offer extra comfort, protection, and durability.

[Q]: Who are the Key Players in the Footwear Products Market?
[A]: Key players in the market include Nike Inc., Adidas AG, Skechers USA Inc., VF Corporation, Puma SE, and Asics Corporation.

[Q]: Which Region Offers the Largest Opportunity for Sales of Footwear Products?
[A]: Asia-Pacific is the largest region for footwear products market, offering the largest opportunity for sales of footwear products due to the presence of a large population and the growing demand from millennials and Gen Z consumers.

[Q]: What are the factors driving the footwear products market?
[A]: Factors such as increasing fashion consciousness, changing lifestyle, rising disposable income, increasing e-commerce penetration, and increasing demand for comfortable and stylish footwear products are driving the global footwear products market.