Footwear Market Size Worth $269.9 Billion By 2025

The global footwear market size is expected to reach USD 269.9 billion by 2025 registering a CAGR of 3.8%, according to a new report by Grand View Research, Inc. Rising demand for fancy, convenient, and comfortable footwear is the major factor driving the market growth. Another factor driving the market is rising number of working individuals across the globe, which leads to increased sales of formal and semi-formal footwear. Companies are launching innovative products to increase customer engagement. For instance, in April 2019, Adidas America, Inc. introduced Game of Thrones sneakers.

Women end user segment is expected to register the fastest CAGR of 4.3% from 2019 to 2025. Average spending on personal appearance products will further boost market growth. The Asia Pacific region is anticipated to witness the maximum CAGR over the forecast period. This growth is attributed to the improving living standards and increasing disposable income levels, especially in emerging nations like China and India. The athletic type segment in this region is increasing due to rising participation in different sports, such as the ACC Asia Cup, ICC Cricket World Cup, and the Asian Games.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/footwear-market

Further key findings from the report suggest:

In terms of revenue, athletic type segment is projected to ascend at the fastest CAGR of 4.4% from 2019 to 2025
However, non-athletic type segment is likely to account for the largest share of the global market in future
Men end user segment accounted for the largest market share of more than 55% in 2018 and is projected to retain its leading position over the next few years
Asia Pacific is expected to be the largest, as well as fastest-growing, regional market during the forecast period
This growth is attributed to increasing disposable income levels in emerging countries like India, South Korea, China, and Japan
Prominent companies in the global footwear market include Adidas America, Inc.; PUMA; Geox S.p.A.; Timberland LLC; Crocs Retail, Inc.; Under Armour, Inc.; and Wolverine World Wide, Inc.
These industry participants focus on new product development and technological innovations to estimate existing and future demand patterns from upcoming market

Socks Market Size Worth $63.5 Billion By 2025

The global socks market size is expected to reach USD 63.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% over the forecast period. Growing demand for various footwear products, particularly athletic shoes, as a result of increasing spending among working class adults on gym training and outdoor sports activity is expected to have a positive impact on the market growth. Additionally, rising concerns over adverse effects associated with foot ulcers among diabetic patients at a global level is projected to promote the utility of advanced sock variants as a foot protective medium in the near future.

Casual variants dominated the socks market for the year 2018. Growing inclination among adults towards casual socks in new color designs as a result of new product launches by socks manufacturing companies in e-commerce portals is expected to have a positive impact on the segment growth. Furthermore, increasing awareness among the youth population of developed economies including U.K. and Germany regarding wearing socks during night in order to prevent hot flashes and improve cracked heals is expected to remain a key trend.

Asia Pacific accounted for the largest share of global revenue in 2018. Expansion of middle class income groups in emerging economies including China and India is expected to remain a key driving factor for the market. Furthermore, positive outlook towards the sports industry in countries including China, India, and Australia as a result of increasing number of sports events including Indian Premier League (IPL) and Big Bash League is expected to open new avenues over the next few years.

Key manufacturers in the industry include Nike Inc.; Puma S.E.; Adidas A.G.; Asics Corporation; Renfro Corporation; THORLO, Inc.; Hanesbrands Inc.; Balega; Drymax Technologies Inc.; and Under Armour, Inc. Companies are pursuing efforts on designing new products to increase their market share.

For instance, in 2018, Kickstarter, PBC launched 10 abstract designed socks under the brand, Say Possible. Furthermore, Black Socks SA launched premium socks collection in 2017. The company also provides subscription option where they will deliver these products at customer’s door step after a particular period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/socks-market

Further key findings from the study suggest:

Formal products accounted for more than 30.0% share of the global socks market revenue in 2018
Athletic variants are projected to ascend at a CAGR of 6.7% from 2019 to 2025
The women segment is expected to expand at the fastest CAGR of 6.7% from 2019 to 2025
Asia Pacific is expected to exhibit the fastest CAGR of 7.2% from 2019 to 2025.

Sustainable Footwear Market Worth $11.8 Billion By 2027

The global sustainable footwear market size is expected to reach USD 11.8 billion by 2027, expanding at a CAGR of 5.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth is attributed to the advancements and innovations pertaining to sustainable production methods and materials, along with functionality and comfort of footwear without compromising on the appeal.

Growing awareness among consumers, increasing education levels, social influences, and preference for sustainable products are anticipated to bode well for the market. Millennials and Gen X are more inclined towards individualized products. Young consumers want unique and customized products.

Footwear brands and companies are engaged in retaining their customers by practicing sustainable business practices across manufacturing and supply chain. 68% of consumers consider sustainability to be a driving factor, and hence a part of final purchase.

The sustainable footwear market is segmented into athletic and non-athletic footwear. Athletic shoe is gaining importance, and hence the innovations and developments made by the brands are necessary. Nike is perpetually on the top list in sustainable sportswear as it launched sustainable sneakers made of Flyknit material, which is made from 50% recycled fibre.

Many leading global players such as New Balance, Adidas, Nike, and Reebok have changed their way of production to be eco-friendlier. The current practice involves tackling plastic pollution via recycling. For instance, Vivobarefoot designed a line of shoes that is made of recycled bottles and Converse Renew collection uses 100% recycled plastic bottles for its shoes.

Asia Pacific dominated the market in 2019 and is expected to maintain its lead over the forecast period. Increasing disposable income, growing influence of latest fashion trends, and rapid urbanization are the key factors driving the market in Asia Pacific.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/sustainable-footwear-market

Further key findings from the report suggest:

By type, the non-athletic footwear accounted for the largest share of the overall revenue in 2019
Based on end user, the men segment held the largest share in 2019
Asia Pacific dominated the market in 2019 and is expected to maintain its lead over the forecast period. China and India, the two most populous countries, offer a huge marketplace for the big players to tap into
Some of the key players operating in the global market are Tropicalfeel, Adidas group, Nike, New Balance, Rothy’s, Veja, Reformation, Nisolo, native shoes, Matisse footwear, Amour Vert, and Threads 4 thought.