This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Shoe Care Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
GET A FREE SAMPLE
Report Overview
The global shoe care products market was valued at USD 2.1 billion in 2022 and is expected to expand at a CAGR of 5.5% from 2023 to 2030. Growing awareness regarding the importance of maintaining and protecting the longevity of shoes is driving the demand for shoe care products. Furthermore, the increasing demand for premium shoes is also boosting the demand for shoe care products. The rising trend of athleisure and the increasing demand for hygiene products during the COVID-19 pandemic is propelling the market.
Manufacturers are continuously introducing new product lines to cater to the varying needs of customers. For instance, in January 2021, KIWI® launched its new shoe care range, KIWI® Express Shine, in the US. The new product line provides a quick and easy way to add a glossy finish to shoes. The company is targeting both professional and consumer markets. It is anticipated that the increasing number of new product launches will further drive the market in the coming years.
In addition, the rising number of e-commerce platforms is facilitating the sale of shoe care products. This is expected to further boost the market growth. Key players are focusing on expanding their online presence to cater to the growing demand for shoe care products. For instance, in October 2020, Dr. Scholl’s® launched its ecommerce website in the US, allowing customers to buy the company’s products online. The company has also tied up with major e-commerce giants, such as Amazon, Walmart, and Target, to increase its presence and reach.
The rising trend of athleisure, and the increasing demand for hygiene products during the COVID-19 pandemic are expected to propel the market. Moreover, the rising trend of using shoe care products to maintain the appearance of shoes and boots is expected to further support the market growth. The availability of a wide variety of these products online is also accelerating the demand. The e-commerce platform further provides various offers on these products, which is boosting online sales. Furthermore, the increasing preference for convenience-oriented products and the rising number of multi-purpose shoe care products are also driving the market.
Product Insights
The shoe care segment accounted for a share of around 40% in 2022. Increasing awareness among consumers regarding the need for shoe care is driving the demand for shoe care and cleaning products. According to an article published by the New York Times, in October 2020, 30% of consumers stated that they were more concerned about taking care of their shoes. This can be attributed to the rising trend of individuals buying expensive shoes. Furthermore, macro-level factors such as rising disposable income and increasing availability of shoe care products in supermarkets and online are driving the market growth.
The shoe polish segment is anticipated to expand at the fastest CAGR of 8.9% over the forecast period. The growing demand for shoe polish products is attributed to the increasing demand from consumers for products that can keep their shoes looking clean and new. Growing fashion trends and the emergence of various brands are also driving the market growth. In addition, increasing awareness among consumers about protecting their shoes from dirt and dust is driving the demand for shoe polish products.
Distribution Channel Insights
The shoe care products market is highly concentrated in the supermarkets/hypermarkets segment. Supermarkets and hypermarkets offer a wide range of shoe care products and customers can buy the products after touch and feeling them. The segment accounted for a major share of the market in 2022. Furthermore, the availability of a wide variety of products from different brands, competitive pricing, and promotional offers provided by the hypermarkets are some of the factors that are contributing to the growth of the segment.
The specialty stores segment is also witnessing a significant growth, owing to the growing trend of online shopping. Specialty stores offer a wide variety of products, including shoe care products, which are in demand among customers. The availability of quality shoe care products in the specialty stores, as well as the convenience of online shopping, are some of the factors driving the growth of the segment. In addition, the increasing popularity of these stores among consumers has been driving the growth of the segment.
Type Insights
The cleaning segment accounted for the largest revenue share of 56.7% in the year 2022. The growing preference for clean and presentable shoes is majorly contributing to the demand for shoe cleaning products. In addition, manufacturers of cleaning products are focusing on launching multi-purpose products which are capable of cleaning various types of materials of shoes, such as leather and canvas. For instance, in August 2020, Kiwi, a brand of SC Johnson & Son, Inc., launched a multi-action cleaner that is capable of cleaning leather, suede, nubuck, canvas, and other materials.
The polishing segment is anticipated to witness the highest CAGR of 10.2% over the forecast period. Increasing awareness regarding the importance of shoe care among the population is expected to boost the segment. The increasing trend of maintaining a presentable look is encouraging people to invest in shoe care products, thus driving the segment. For instance, in August 2020, Bona, a brand of Bona AB, launched a new range of shoe care products, including shoe polishes and creams, to provide customers with a complete shoe care solution.
Regional Insights
Europe is estimated to account for the largest market share in 2022, with the region expected to remain the key revenue contributor throughout the forecast period. This can be attributed to the rising demand for shoe care products and services in European countries. In addition, the presence of major footwear manufacturers in the region is expected to fuel the demand for shoe care products in the region. For instance, in February 2021, Foot Locker, a U.S.-based sporting goods retailer, opened its first-ever store in Europe, located in Milan, Italy.
Asia Pacific is expected to witness the fastest growth in the coming years, on account of the increasing trend of personalization and customization of shoes in the region. Moreover, rising disposable incomes and increasing awareness about the benefits of using shoe care products are among the key factors driving the growth of the market in the region. For instance, in December 2020, the Indian footwear brand, Bata, launched a range of shoe care products, including shoe cleaners, polishes, and conditioners.
Financial Projections
In this part of the shoe care 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 shoe care products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a shoe care products business comes from retail sales, online sales, wholesale accounts, and the sale of products at events. Here you will find a list with a description of each of them and other possible sources of profit such as subscriptions, licensing, and partnerships.
Projecting Expenses
In this section, all the regular expenses related to keeping the shoe care products business running will be described. The list of operating expenses includes raw materials, labor costs, inventory costs, marketing and advertising costs, shipping and delivery costs, utilities, and others.
Key companies & market share insights
Some of the key companies operating in the shoe care products 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 August 2022, KIWI launched a range of shoe care products, including shoe protector sprays and creams, shoe polish kits, boot and shoe cleaners and conditioners, and shoe shine sponges.
– In July 2022, Cherry Blossom launched a range of shoe care products, including shoe refreshers, shoe protectors, and shoe polishes.
– In June 2022, Prime Shoes launched a range of shoe care products, including shoe creams, shoe polishes, shoe waxes and shoe cleaners.
Some of the prominent players in the shoe care products market include:
– KIWI
– Cherry Blossom
– Prime Shoes
– Lincoln
– Saphir
– Collonil
– Fiebing’s
– Red Wing Shoes
– Johnston & Murphy
– Woly
Global Shoe Care Market Segmentation
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 shoe care products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Cleaning & Polishing
– Sole Protection
– Deodorizing
– Shoe Lacing
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– 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
Frequently Asked Questions
[Q]: What are the Major Product Types in the Shoe Care Products Market?
[A]: The major product types in the shoe care products market are shoe polish, shoe cleaners, shoe sprays, and shoe whiteners.
[Q]: What are the Major End-use Industries for Shoe Care Products?
[A]: The major end-use industries for shoe care products include retail, hospitality, healthcare, and industrial.
[Q]: Who are the Key Players in the Shoe Care Products Market?
[A]: The key players in the shoe care products market are Kiwi, S.C. Johnson & Son, Inc., Reckitt Benckiser Group plc, Church & Dwight Co., Inc., Unilever, and The Armor All/STP Products Company.
[Q]: What is the Potential of Product Innovation in the Shoe Care Products Market?
[A]: Product innovation has become increasingly important as companies are introducing new products to meet the varying needs of their customers. Companies are focusing on developing eco-friendly, organic, and natural products to meet the growing demand for such products.
[Q]: What is the Potential for Growth in the Shoe Care Products Market?
[A]: The global shoe care products market is expected to witness a significant growth rate in the coming years, owing to the increasing number of footwear brands, growing demand for shoe care products, and rising disposable incomes of consumers. Additionally, the increasing popularity of online retailing platforms is expected to drive the global shoe care products market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
