The global sustainable footwear market size is expected to reach $11.8 billion by 2027, expanding at a compounded annual growth rate (CAGR) of 5.8 per cent from 2020 to 2027, according to a new report by market research and consulting firm Grand View Research. 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.The global sustainable footwear market size is expected to reach $11.8 billion by 2027, expanding at a compounded annual growth rate of 5.8 per cent from 2020 to 2027, according to a new report by market research and consulting firm Grand View Research. Asia Pacific dominated the market in 2019 and is expected to maintain its lead over the forecast period.#
The San Francisco-based company attributes the growth to the advancements and innovations in sustainable production methods and materials, along with functionality and comfort of footwear without compromising on the appeal.
By type, the non-athletic footwear accounted for the largest share of the overall revenue in 2019. Based on end user, the mens segment held the largest share in 2019. China and India, the two most populous countries, offer a huge marketplace for the big players to tap into, the company said in a press release.
Some of the key players operating in the global market are Tropicalfeel, Adidas, Nike, New Balance, Rothy's, Veja, Reformation, Nisolo, native shoes, Matisse footwear, Amour Vert, and Threads 4 thought.
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. Sixty eight per cent 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 per cent 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, says the report. For instance, Vivobarefoot designed a line of shoes that is made of recycled bottles and Converse Renew collection uses 100 per cent recycled plastic bottles for its shoes.
Fibre2Fashion News Desk (DS)
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