Global footwear market analysis and trend prediction

As a necessity of daily life, the footwear market has maintained a stable growth trend both domestically and internationally. The stable demand has also made footwear one of the preferred categories for cross-border sellers. So today we will learn about the current situation and future development trends of the global footwear market.

Global footwear market analysis

According to Statista data, the global footwear market is expected to reach $412.9 billion by 2024 and maintain a compound annual growth rate of 3.43% between 2024 and 2028.

By region: In terms of revenue, the United States will dominate the global footwear market with $88.47 billion in 2023, and it is expected that by 2028, the United States will still hold the largest market share in the global footwear market with $104 billion. The large consumer base and developed retail channels are the main reasons for the sustained strong growth of the US footwear market.

After the United States, the third ranked footwear regional market is India. Data shows that the size of the Indian footwear market will reach 24.86 billion US dollars in 2023, and it is expected to grow to 31.49 billion US dollars by 2028. The large population base and rapidly expanding middle class are the main driving forces behind the growth of the Indian footwear market.

In the European market, the top three segmented markets are the United Kingdom ($16.19 billion), Germany ($10.66 billion), and Italy ($9.83 billion). European consumers have high demands for the quality and materials of footwear, and they also prefer fashionable and personalized footwear products.

By distribution channel: Global shoe sales are still dominated by offline physical stores, with offline and online sales accounting for 19% and 81% respectively in 2023. The proportion of online sales of shoes once jumped to 25.6% in 2021, mainly due to the impact of the epidemic. Although the current online purchase rate of shoes is on a downward trend, it is predicted that it will return to the established growth curve in 2024.

By brand: Although there are many well-known shoe brands, according to Statista data, non well-known brands still hold a market share of up to 79% globally. Of course, the brands it counts are all globally renowned brands, such as Nike, Adidas, etc. But this also means to some extent that emerging brands still have a lot of space and opportunities.

By type: Non sports segment market, occupying a dominant position in the footwear market, but the growth rate of sports shoes is very fast. It is predicted that from 2023 to 2031, the sports shoe segment market will grow at a high compound annual growth rate of 6.1%.

Consumer Trends

Comfort and Health: With the improvement of people's living standards, consumers are paying more and more attention to the comfort of footwear products and the protection of foot health. Therefore, footwear products that conform to ergonomic design are becoming increasingly popular.

Fashion and Personalization: Although comfort and functionality are important, consumers also attach equal importance to the fashion and personalization of footwear products. They hope that footwear products can have more unique designs or more meaningful design concepts.

Environmental protection and sustainability: One of the most significant trends in the footwear market is the increasing emphasis on sustainability, and consumers' demands for environmentally friendly materials and production processes are becoming higher and higher. According to Statista data, sustainable footwear will account for 5.2% of the global footwear market share in 2023.

Shoe supply chain

Wenzhou and Taizhou: Wenzhou's footwear industry has a long history. As early as the 1920s, a complete system of handmade shoemaking and leather making had been formed. Currently, Wenzhou mainly focuses on mid to low end leather shoes and casual shoes.

Jinjiang and Putian, Fujian: Jinjiang is the largest sports shoe production base in China, with an annual output of over 700 million pairs and an annual output value of over 20 billion yuan. It is exported to more than 80 countries and regions around the world.

Putian is an important production base for sports shoes in the world, and the top 10 multinational shoe companies in the world all have production enterprises in Putian.

Chengdu Wuhou: the capital of women's shoes in China, with a complete industrial chain and various supporting services. It produces over 100 million pairs of leather shoes annually, with an annual output value exceeding 5 billion yuan.

Challenges faced in going out to sea

Manufacturing transfer: Shoe making is a typical labor-intensive industry, and its production cost largely depends on labor costs. With the rise of domestic labor costs, the transfer of footwear manufacturing industry has become a major trend, which also means that the price advantage of cross-border footwear sellers going abroad is disappearing.

Establishing self owned brands: The shift of manufacturing has led many domestic sellers to embark on the path of building their own brands. But with numerous international big brands, although emerging brands still have space and opportunities, it is not easy to stand out. If sellers want overseas consumers to accept it, they still need to establish their own differentiation advantages.

In addition, shoe brands also face challenges such as unstable raw material prices, increased exchange rate fluctuations, and complex international situations when going global. Of course, opportunities and challenges always coexist, so if sellers want to seize opportunities, they must be prepared to face challenges.