Global Footwear Market to Experience Accelerating Growth by 2028 Due to Rising Demand for Fancy, Comfortable, Affordable and Branded Footwear

Footwear is a type of human-made apparel that covers and protects the entire foot, including the soles. People may walk on rough areas like gravel roads without harming their feet thanks to footwear. Some styles of footwear, such as boots, can assist keep people’s feet warm or dry in extreme cold weather. Leather, plastic, and rubber are the most common materials used in modern footwear. Leather was in fact one of the first materials utilized in the creation of a shoe. The soles can be constructed of rubber or plastic, with a sheet of metal inserted sometimes.

Impact of COVID-19 on the Industry

The new coronavirus epidemic wreaked havoc on various businesses, including the footwear industry, which was hit hard by the entire lockdown. This resulted in supply chain interruptions, order postponements or cancellations, and a drop in export orders. The key companies operating in the RFID market are adopting several growth strategies & business tactics such as mergers & acquisitions, collaborations, partnerships, and launches to maintain a strong position in the overall market, which is expected to drive the growth of the global market in the coming years.

Furthermore, the global demand for footwear has decreased due to the closure of retail stores, supermarkets, manufacturing facilities, and premium outlets. Supply chain disruptions and a dramatic increase in the price of various raw materials have resulted from the closure of factories and production units in China. The export of footwear from India to other countries has dropped dramatically.

For example, Indian Retailer, the largest retail industry news service, reported on March 31, 2020 that Agra is India’s main footwear hub, sending shoes worth $406 million to European nations each year. The footwear export from Agra was severely harmed as a result of the pandemic, as these firms import numerous raw materials and components from China, including insoles, cellulose board, laces, foam, buckles, and other materials. The epidemic also had a significant impact on both offline and online footwear sales. Leading footwear firms’ premium outlet stores, such as Puma and Adidas were closed creating a negative impact on the global footwear market demand.

Several countries are assisting the society in recovering from the chaotic condition through technical breakthroughs and diverse initiatives. Many companies have used targeted and intelligent approaches to deal with the situation, with a greater emphasis on footwear sales via online platforms.

Key Developments in the Industry

The key companies operating in the global footwear market are adopting several growth strategies & business tactics such as mergers & acquisitions, collaborations, partnerships, and launches to maintain a strong position in the overall market, which is subsequently assisting the market to grow across the world.

For instance, in April 2019, Adidas, a leading firm in the footwear industry announced the launch of FUTURECRAFT. With this launch Adidas reaffirms its commitment to reducing plastic waste. LOOP is a performance running shoe that is 100 percent recyclable. The FUTURECRAFT is a futuristic technology. The LOOP project aims to address the issue of plastic waste by permitting a circular manufacturing paradigm or “closed loop” in which raw materials can be reused several times. These raw materials can not only be converted into a tote or a water bottle; but also into a new pair of high-performance athletic shoes.

• For instance, in May 2021, PUMA, a global sports corporation, announced its partnership with the W Series, an international solitary motor racing show for female drivers. In 2021, PUMA will create racewear with a female-first design. PUMA Motorsport provided the drivers with high-performance, flame-resistant racewear during the W Series’ successful first season in 2019 and will continue as the Global Racewear Partner in 2021.
   
• For instance, in December 2020, Crocs, Inc., a global leader in casual and innovative footwear for men, women and children, announced their fifth collaboration with Post Malone, an RIAA Diamond-certified music artist. The Post Malone x Crocs Duet Max Clog II, which was created in collaboration with Malone, comes in two colorways: black and pink.

Forecast Analysis of Footwear Market

The global footwear market is estimated to witness significant growth in the analysis period. This growth can be majorly attributed to product launches and alliances among market players, as well as product advancements, in order to attract customers and increase business. Changing lifestyle habits, emerging economies, and rise in health awareness amongst population that exercise regularly is predicted to drive the demand for footwear market.

The availability of different counterfeit products that replicate the original items and offer the counterfeit footwear at lower prices are projected to hinder the market growth. Puma, UGG, Adidas, and other well-known international brands are among the footwear names that are heavily impacted by counterfeiting. A considerable number of counterfeit shoe brands have been reported on online platforms, where dealers use authentic product photos stolen from brands and then deliver the counterfeit shoes once the transaction is done. These factors are anticipated to hamper the growth of the global footwear market in the forecast timeframe.

As per a newly published report by Research Dive, the global footwear market is predicted to garner $536,900.5 million by 2028. Geographically, the Asia Pacific market for footwear is estimated to dominate the global industry, owing to the changing lifestyle habits, innovative footwear products launched by various companies, and increase in health awareness amongst people. The key players operating in the global industry include Wolverine World Wide, Inc., Ecco Sko A/S, CROCS, Inc., Geox S.p.A, VF Corporation, Under Armour, Inc, Skechers USA, Inc., PUMA SE, Nike, Inc., and Adidas AG.