The global sneakers market was valued at USD 63.4 billion in 2022 and is expected to expand at a CAGR of 6.2% from 2023 to 2030. The demand for sneakers is increasing due to the rising trend of athleisure and the growing popularity of streetwear fashion. Additionally, the trend of customization is also gaining traction due to the growing demand for personalization. Therefore, market participants are offering innovative designs and materials to cater to the personalized needs of customers. For instance, in February 2021, New Balance launched “The Customize It” platform that allows customers to design their own sneakers in a variety of color combinations, materials, and sizes.

Furthermore, the growing availability of sneakers through e-commerce platforms is boosting the market growth. The e-commerce platform provides a wide range of sneakers to customers, which is further boosting the demand for these products. Additionally, the increasing number of collaborations between sportswear companies and celebrities is also driving the demand for sneakers. In December 2021, Adidas collaborated with American singer Pharrell Williams to launch the PW Solar Hu Glide ST sneakers. The launch of new products and collaborations is expected to drive the market during the forecast period.

Additionally, the increasing demand for luxury sneakers is also driving the market growth. The rise in disposable income and changing consumer preferences are driving the demand for luxury sneakers. For instance, in April 2021, Gucci launched the Ace sneakers with hand-painted designs. The launch of innovative products is expected to increase the demand for luxury sneakers during the forecast period.

Moreover, the rising awareness regarding sustainability is also driving the demand for sneakers. Market participants are increasingly focusing on sustainable practices to reduce carbon footprint and cater to the growing demand for eco-friendly products. For instance, in February 2021, Nike launched the Space Hippie sneaker collection, made with recycled materials. The collection includes four sneakers made with at least 25% recycled content and a Flyleather upper for enhanced breathability. The launch of innovative and sustainable products is expected to increase the demand for sneakers in the coming years.

The lifestyle segment held the major share of the global sneakers market in 2020, as lifestyle sneakers are used for leisure activities, such as out-of-town trips, running, and walking. Increasing consumer demand for comfortable, lightweight, and stylish footwear is expected to drive the growth of the market. Additionally, the rising trend of online shopping, along with a wide range of product options, is expected to drive the growth of the market. According to a survey conducted by Statista in 2020, the majority of people in the U.S. prefer to purchase footwear online, which is expected to drive the market growth.

The performance segment is anticipated to expand at the fastest CAGR of 8.1% during the forecast period. Performance sneakers are used mainly for professional athletes and fitness enthusiasts. The increasing demand for advanced products with improved cushioning, durability, and stability is driving the growth of the segment. Additionally, the increasing adoption of eco-friendly materials, such as synthetic leather and mesh, further boosts the growth of the market. Moreover, the rising number of fitness centers and gyms is expected to boost the market growth in the coming years.

The specialty stores segment held the largest market share of over 39.2% in 2022. The growth of the segment is mainly attributed to the increasing number of specialty stores which provide a wide range of sneakers products. Specialty stores offer a unique and tailored shopping experience to the customers, thereby, helping them to make their desired purchase. Moreover, they offer a wide range of sneakers products, such as running shoes, basketball shoes, casual shoes, and skateboarding shoes, among others.

The online segment is anticipated to expand at the highest CAGR of 15.6% during the forecast period. The growth of the segment is attributed to the increasing usage of smartphones and the availability of a wide range of sneakers products on various e-commerce and m-commerce websites. Moreover, the availability of attractive discounts and offers on online stores is also a major factor driving the online segment. Furthermore, the availability of doorstep delivery services is another major factor driving the online segment.

The lifestyle segment is anticipated to dominate the market during the forecast period and is expected to account for more than two-third of the total market share in terms of revenue by the year 2027. This can be attributed to the rising interest of buyers in trendy and stylish sneakers, driven by increasing fashion awareness among the population. Furthermore, the rising trend of athleisure, which is a combination of athletic clothing with casual wear, is propelling the demand for lifestyle sneakers. For instance, in April 2021, Puma, a German multinational company, launched a campaign called “Forever Faster” to promote its lifestyle sneakers.

The performance segment is expected to grow at the highest CAGR of 5.2% during the forecast period. The increasing number of sports clubs and running groups is driving the demand for performance sneakers. Rising trend of running, climbing, and other outdoor activities has increased the demand for performance sneakers. Additionally, the increasing use of performance-enhancing shoes is also driving the segment. For instance, Nike, Inc. launched its Air Max 720 shoes in 2019 which have the highest air unit ever and provide superior cushioning to the users.

Europe is expected to be the largest regional market for sneakers products due to the presence of major footwear manufacturers, such as Adidas and Nike, in the region. Additionally, the increasing demand for fashionable footwear among consumers is expected to drive the growth of the market in the region. For instance, in March 2021, Adidas launched the ‘Pitch Perfect’ ultra-premium sneaker collection.

Asia Pacific is anticipated to witness the fastest regional growth due to the increasing disposable incomes of consumers in the region. Furthermore, the presence of several startups, such as Muji, which offer affordable and stylish sneakers, is expected to further drive the growth of the market in the region. For instance, in June 2021, Muji launched a new line of sneakers designed by the artist, Hiroshi Fujiwara.

In this part of the sneaker 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 sneaker products company. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a sneaker products business comes from sales of sneakers, apparel, and accessories. Other possible sources of profit include online sales, wholesale orders, sponsorship, and the sale of limited edition products.

Projecting Expenses

In this section, all the regular expenses related to keeping the sneaker products business running will be described. The list of operating expenses includes wages, rent, advertising and marketing, utilities, insurance policies, inventory, and others.

Some of the key companies operating in the sneaker 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 sneakers 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, Puma launched the RS-X series of shoes providing superior grip on wet surfaces.

Some of the prominent players in the sneaker market include:

– Nike Inc.
– Adidas AG
– Puma
– Reebok International Limited
– ASICS Corporation
– New Balance, Inc.
– Under Armour, Inc.
– VF Corporation
– Skechers USA, Inc.
– K-Swiss Inc.

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 men’s sneakers products market based on product, distribution channel, type, and region:

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

– Running Shoes
– Basketball Shoes
– Soccer Shoes
– Tennis Shoes
– Skateboarding Shoes
– Others

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

– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– 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 Global Market Size of Sneakers?
[A]: The global market size of sneakers is estimated to reach US$92.1 billion by 2027, growing at a CAGR of 7.2% during the forecast period 2020-2027.

[Q]: What are the Factors Driving the Sneakers Market Growth?
[A]: Factors such as growing demand for fashionable and comfortable shoes, increasing awareness of health and fitness, and the rising popularity of athleisure wear are driving the market growth.

[Q]: Who are the Key Players in the Sneakers Market?
[A]: Key players in the global sneakers market include Nike, Inc., Adidas AG, Puma SE, Reebok, ASICS Corporation, VF Corp, Skechers USA, Inc., New Balance Athletics, Inc., K-Swiss, Inc., and Wolverine World Wide, Inc.

[Q]: Which Region Offers the Largest Opportunity for Sales of Sneakers?
[A]: Asia Pacific is anticipated to offer the largest opportunity for sales of sneakers, due to the presence of a large population in the region and the increasing disposable income of consumers.

[Q]: What is the Potential of Product Innovation in the Sneakers Market?
[A]: Product innovation is expected to play a key role in the growth of the sneakers market, as manufacturers are focusing on developing new products with improved features and technologies. Manufacturers are also introducing new sustainable materials, such as recycled plastic and natural rubber, as well as incorporating sensors and other technologies into the sneakers to provide better comfort and performance.