Footwear is one of the essential commodities and is used by every human nowadays. Its main purpose is to protect the feet against environmental adversities, ground temperature, and prevent the feet from injuries. Footwear is used by individuals of all age group and gender. The rise in demand for trendy, fancy, and comfortable footwear is further driving the market share of global footwear industry. Furthermore, increasing health concerns, indoor and outdoor activities, increasing fashion conscious population,, and rising retail culture has further led to the growth of footwear market.
Over the past few decades, the global footwear market has witnessed a significant growth and is anticipated to continue at the same pace in the forecast period. However, the market players are focusing on expanding the growth by the use of e-commerce (online platforms), which has gained popularity amongst the youth, thereby, occupying a significant share among all distribution channels.
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Athletic type of footwear has witnessed a burgeoning growth in the footwear market owing to the increase in popularity of sports like football, cricket, hockey, and tennis, among others. It has enabled various opportunities for companies to manufacture newer footwear products.
Premium products such as leather footwear from the footwear material section, has occupying a significant market growth in the forecast period.
Footwear market is dominated by various companies include Nike Inc., Crocs, Timberland Company, Genesco Inc., Wolverine worldwide Inc., Adidas, Fila, K-swiss, Air Jordans, Converse, Vans, Ecco, Skechers, Rebook, and Gucci.
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