The revenue of the global footwear market is predicted to reach US$371.8 billion by 2020, registering a CAGR of 5.5% during 2015-2020.
The Asia Pacific region is a major exporter of leather footwear to the United States and United Kingdom and ranks as the highest revenue generating region in the footwear market worldwide. The region generated a revenue of US$116.9 billion in 2014, and is expected to grow at a CAGR of 4.7% during the forecast period. A global increase in disposable incomes, growing urbanization and changing lifestyles are key factors that boost the growth of the global footwear market. Athletic and non-athletic are the two major types of footwear, wherein non-athletic footwear holds a larger market share in comparison with athletic footwear. Both the segments would witness growth during the forecast period, on account of the growing consciousness of fitness, which subsequently boosts the market of athletic footwear; and the large demand of non-athletic footwear such as casual shoes, boots, sneakers, slip-ons, flip flops and formal shoes.
The raw materials that are commonly used in the manufacturing of footwear include suede leather, tanned leather, rubber, fur and textile fabrics. Leather footwear accounts for larger market share as compared to the non-leather footwear made of materials such as rubber, textile fabrics and similar others. The United Kingdom and United States are major importers of leather footwear.
Further, the analysis of footwear market reveals that the segment of women footwear dominated the end- user segment, accounting for 50.5% market share in 2014. The segment would continue to maintain its leading position throughout the forecast period. The segment of children footwear would witness the fastest growth during the forecast period, on account of the large demand for stylish, trendy and fancy footwear for children.