The global footwear industry is forecast to hit $725.1 billion by 2032, up from $409.5 billion in 2022, an annual growth rate of 5.9%. That’s the conclusion of Allied Market Research’s latest report on the market, which looked at it by type (athletic and non-athletic), material (leather and non-leather), end user (men, women and children), and distribution channel (offline stores and e-commerce).
“The global footwear market is driven by factors such as changes in lifestyles, increases in health awareness, surge in government investment in sports events, and rise in number of sports-inspired children,” the report notes. “On the other hand, the availability of counterfeit products and government rules and regulation toward leather products limits the expansion of the business. However, the rise in demand for fancy-yet-comfortable footwear and increase in social media marketing are expected to create lucrative opportunities in the industry.”
Among the major findings of the research:
- The non-athletic segment to retain its dominance
- Leather-shoe segment to see strong growth
- Women buyers to retain their dominance
- Offline stores will continue to rule the distribution channel.
Click here to register for a free sample of the report.