Press Release

The Global Footwear Market is projected to grow from USD 385.1 billion in 2021 to USD 575.7 billion by 2030 at a CAGR of 5.5% during the forecast period. Leather and other synthetic materials are used in the production of footwear. These products come in a variety of price points, including luxury and mass. Due to rising worries about carbon footprints, major consumers are increasingly focusing on purchasing sustainable items. As a result, footwear makers are producing items that use renewable energy sources and recyclable materials. Furthermore, some global footwear players are seeing a surge in demand for creative and environmentally friendly products. These reasons are causing the market to rise in sales.

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Physical distancing is the most effective way to prevent the coronavirus from spreading. As a result, during the pandemic, local governments around the world halted most activities where mass assembly is conceivable but not necessary. The Olympics, FIFA, and other major sporting events set for 2020 have been postponed or cancelled. In reaction to government laws, all sports academies and clubs were closed. Furthermore, in most nations, schools and universities were shuttered and have yet to reopen; limiting sports activity in these institutions. As a result, lockdown regulations have had a significant impact on the footwear business.  

Few sports tournaments, such as the Football 2020 K League, cricket, and tennis, are permitted in certain nations while adhering to all safety regulations. As a result, virus containment and the removal of the lockdown will gradually restore market condition. 

One of the significant trends that will positively affect market growth is the use of environmentally friendly materials in the manufacturing of sports shoes. Because of the growing emphasis on environmental preservation, consumers are increasingly demanding sustainable shoes. Furthermore, numerous producers are working hard to meet client demands and are continually focusing on producing sustainable and environmentally friendly footwear. Adidas released its first environmentally friendly 100 percent recyclable running shoes in April 2019.             

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Growing consumer awareness of the health advantages of sports and fitness activities, a growing retail e-commerce sector around the world and rising levels of disposable income are all contributing to category expansion. Athletic footwear demand is benefiting from rising health concerns related to a sedentary lifestyle and the challenges that come with it. People are more likely to participate in both indoor and outdoor physical activities as a result of this. Major global athletic events, such as the Olympics, Commonwealth Games, Asian Games, Cricket World Cup, Super Bowl, and FIFA World Cup, are staged on a regular basis and increase demand from both players and fans. Because of the increased health consciousness, the footwear market has seen a sharp increase in demand for athletic footwear from lifestyle customers. 

Asia Pacific is expected to be the fastest-growing region during the projected period. The footwear market in this region is expected to increase due to rising consumer spending, fueled by robust economic growth and higher disposable income. According to data from the World Bank, East Asia and the Pacific's GDP per capita income increased to 26.925 trillion in 2019, up from 26.351 trillion in 2018. Furthermore, the robust growth of numerous sports sectors, such as cricket, football, basketball, and others, would assist generate traction by encouraging more people to participate in sports as a hobby or a vocation.    

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KEY INDUSTRY DEVELOPMENTS:      

In October 2021, Puma SE established its largest store in north India in Gurgaon. The store, which is located in Gurgaon's CyberHub retail area, is a "digitally-enabled experience store" with digital touchpoints designed to attract digitally savvy clients who are increasingly purchasing online.

In July 2021, Nike unveiled its 'Rawdacious colorway palette,' which features white as the primary colour with pink blast, total orange, and bright crimson accents, for its new line of athletic footwear, which includes the Pegasus 38, Invincible Run, ZoomX Vaporfly NEXT percent 2, and Air Zoom Alphafly NEXT percent 2.  

In July 2021, Nike officially introduced the Nike App in the Philippines, Singapore, Malaysia, Thailand, Taiwan, and India, making it the company's fastest-growing platform. The debut of the Nike App signifies a significant extension of Nike's digital ecosystem in Southeast Asia and India, where the corporation aspires to establish a strong online presence.   

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