The global footwear market is forecasted to reach a value of $688.4 billion by 2033 – increasing steadily at a CAGR (compound annual growth rate) of four per cent from this year.
According to a recent study by market research company, Fact.MR, currently the market stands at $465.1 billion. Expansion is due to strong demand for branded, stylish and comfortable footwear that is affordable, provides good cushioning, reduces foot odour, and has an attractive appearance. Market players are working on increasing the level of comfort in shoes while also introducing new designs.
For example, in January 2021, Adidas, released the new ZG21 – a lighter golf shoe with carbon-fibre plates implanted underfoot and surrounded by light foam. Application of 3D printing technology in shoes with unique designs, insoles, and that enable rapid prototyping and innovative manufacturing methods, is gaining traction.
Therefore, the consultants at Fact.MR believe that over the forecast period, new technologies focusing on giving optimum comfort and maintaining a fancy look at an accessible price are expected to create substantial chances in the global market.
Not only this, but customised footwear is a growing trend among target buyers. Customised items have grown in popularity in North America and Europe during the previous five years and leading providers in the luxury footwear industry offer customised products with an aesthetic appeal. Personalisation can range from the logo, design, colour, and buckles to embroidering or even adding names.
Nike is a significant manufacturer that offers personalised shoes through its ‘Nike By You’ division. Customers can customise their shoes by changing the colour, the style of the shoe sole, and the printing of custom text.
The presence of several well-established players characterises the global footwear market, said Fact.MR’s report. Market players are focusing on product launches and collaborations to get a competitive advantage over other players.
Lululemon revealed the official launch of its own footwear range in March 2022. The lifestyle company confirmed its plans to launch four various trainers, with the Blissfeel shoe type serving as the first product launch.
In July 2021, Nike introduced its ‘Rawdacious colourway palette’, which is a combination of white as the primary colour, with components of total orange, pink blast, and bright crimson for its new line of athletic footwear, which includes the Invincible Run, Pegasus 38, Air Zoom Superfly Elite 2, among others.