Footwear Market to Develop at 7.8% CAGR during the Forecast Period: TMR Study

Footwear Market to Develop at 7.8% CAGR during the Forecast Period: TMR Study

PR Newswire

WILMINGTON, Del., Oct. 25, 2022

WILMINGTON, Del., Oct. 25, 2022 /PRNewswire/ -- In 2021, the value of global footwear market was clocked at US$ 859 Bn. The global market is anticipated to expand at 7.8% CAGR during the forecast period, from 2022 to 2031. It is estimated that by 2031, the global footwear market is projected to touch valuation of US$ 1.09 Trn. The global future of footwear is being driven by an increase in demand for fashionable and innovative footwear. Manufacturers are switching away from traditional leather in the making of footwear for men and footwear for girls due to a rise in consumer demand for eco-friendly products from them.

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Through a variety of programs, developing markets are concentrating on growing the market share of local players. In order to support these objectives, they are also boosting the number of items exported. The popularity of sports and the general increase in health consciousness are likely to boost demand for both non-athletic and athletic footwear. The leading companies in the global footwear market are concentrating on product quality and technological advances to expand their revenue sources.

An increase in the number of vegans has resulted in a rising demand for vegan footwear shoes, which is expected to present growth prospects for Footwear Company. In order to meet the rising demand for vegan footwear, several businesses are introducing vegan lines. A new line of vegan shoes made of eucalyptus and cotton is expected to be introduced in October 2022 by National Geographic and Reebok International Limited.

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Key Findings of Market Report

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Global Footwear Market: Key Competitors

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Global Footwear Market: Segmentation

Product Type

Usage

Material

Pricing

End User

Distribution Channel

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