The global footwear market surpassed $410 billion in 2020, and is poised to reflect a moderate growth rate between 2021 and 2031, according to a study by Fact.MR, which said the market is estimated to register a 0.1 per cent growth in 2021 compared to last year. The market’s outlook remains steady over the coming years and will register a 4.5 per cent compounded annual growth rate (CAGR) till 2031.
Global footwear consumption fell by around 20 per cent in 2020, representing a shortage of around of 5 billion pairs, which can be attributed to the COVID-19 pandemic, according to a report by World Footwear.The global footwear market surpassed $410 billion in 2020, and is poised to reflect a moderate growth rate between 2021 and 2031, according to a study by Fact.MR, which said the market is estimated to see a 0.1 per cent growth in 2021 over last year. The market's outlook will be steady over the coming years and will register a 4.5 per cent CAGR till 2031.#
Consumption is expected to fall by more than 25 per cent in Europe and by more than 20 per cent in North America and Asia. A survey conducted by Italian retailers' association Confcommercio revealed sales of footwear and clothing have fallen to null values for stores not equipped with e-commerce platforms, after the country entered a nationwide lockdown in March 2020.
Fashion-type footwear is estimated to account for more than a quarter of the market share between 2021 and 2031, the assessment period in the study, aided by interest by designers and consumers towards aesthetics.
Natural rubber-based footwear will hold the lead, supported by high versatility and affordable costs of the material in production, Ireland-based market intelligence company Fact.MR said in a press release. Economy range footwear will account for more than 40 per cent of the market, supported by a vast low-income demographic, especially in emerging economies.
In terms of value, sales of footwear through online channels are expected to display faster growth, owing to wider product choices and heavy discounts.
The United States will account for over $56 billion in the footwear market 2021, and long-term growth prospects remain positive. The United Kingdom is the second-largest footwear market in Europe, and is expected to register a growth of over 4 per cent year on year (YoY).
France ‘s outlook for footwear sales, as the largest European market, will be strong through 2031. Over the coming years, India and China will continue as high potential markets for footwear products.
Fibre2Fashion News Desk (DS)
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