Key Insights
Essential data points from our research
The global footwear market size was valued at USD 387.74 billion in 2022
The footwear market is projected to grow from USD 395.50 billion in 2023 to USD 543.90 billion by 2030
Revenue in the Footwear market amounts to US$398.90bn in 2023 globally
Approximately 27% of footwear is purchased online globally as of 2022
The average volume of footwear per person globally is 2.8 pairs in 2023
65% of consumers say they want to buy high-quality shoes that last longer
Worldwide footwear production reached 24.3 billion pairs in 2022
China produced 54.6% of the world's footwear in 2022
Asia is the hub of the footwear industry, responsible for 87.4% of global production
The resale market for sneakers is estimated to reach $30 billion by 2030
Producing a single pair of running shoes generates approx 13.6 kg of CO2 emissions
More than 24 billion pairs of shoes are made every year and over 90% end up in landfills
Nike is the world's most valuable apparel brand with a brand value of roughly $33 billion
Adidas holds the second-largest share of the global sportswear market
The Jordan Brand alone generated $5.1 billion in revenue in fiscal 2022
Consumer Behavior & Trends
- Approximately 27% of footwear is purchased online globally as of 2022
- The average volume of footwear per person globally is 2.8 pairs in 2023
- 65% of consumers say they want to buy high-quality shoes that last longer
- In the US, women spend an average of $370 on footwear annually
- 57% of sneaker purchases are influenced by social media trends
- Millennial consumers account for 36% of total footwear spending
- The average price per pair of shoes in the US increased by 11% in 2022
- 40% of consumers are willing to pay more for sustainable footwear
- Running shoes are the most popular category of athletic footwear among US consumers
- 46% of online returns in fashion are due to sizing issues with footwear being the highest category
- User penetration in the Footwear segment will be 62.4% in 2023
- 72% of Gen Z consumers prefer brands that offer personalized footwear options
- Female consumers make up 55% of the total footwear market volume
- During the holidays, footwear sales increase by an average of 25%
- 63% of consumers research footwear online before buying in a physical store
- Demand for "comfort footwear" increased by 45% post-pandemic
- Mobile devices account for 52% of digital traffic to footwear retailer sites
- 22% of footwear sales in China are made via livestream shopping
- Subscription-based footwear models have grown by 15% in user adoption
- 88% of consumers rate "fit" as the most important factor when buying shoes
Interpretation
With roughly one in four pairs now bought online and 88 percent of shoppers saying fit matters most, the footwear industry is literally walking a fine line between style and substance as it juggles rising prices, demand for durable, comfortable and sustainable shoes, mobile and social media-driven trends and personalization, sizing-driven returns, and holiday plus subscription-fueled sales led by Millennials and Gen Z.
Major Players & Segments
- Nike is the world's most valuable apparel brand with a brand value of roughly $33 billion
- Adidas holds the second-largest share of the global sportswear market
- The Jordan Brand alone generated $5.1 billion in revenue in fiscal 2022
- Skechers achieved record annual sales of $7.4 billion in 2022
- Crocs reported revenue of $3.6 billion for the full year 2022
- Puma reported sales of EUR 8.46 billion in 2022
- Dr. Martens sold 12.7 million pairs of boots in 2021
- VF Corporation (Vans, Timberland) footwear revenue was $6.7 billion in 2022
- Birkenstock was acquired by L Catterton at a valuation of approximately $4.85 billion
- Christian Louboutin sells more than 1 million pairs of shoes a year
- New Balance reported revenue of $5.3 billion in 2022
- Asics reported net sales of 484.6 billion Yen in 2022
- On Running net sales increased by 68.7% to CHF 1.22 billion in 2022
- Under Armour's footwear revenue accounted for 24% of its total net revenues in 2022
- Allbirds revenue increased 7% to $297.8 million in 2022
- Wolverine World Wide (Merrell, Saucony) revenue was $2.7 billion in 2022
- Deckers Brands (HOKA, UGG) net sales increased to $3.15 billion in FY2022
- Steve Madden's wholesale footwear revenue was $1.3 billion in 2022
- Bata sells 150 million pairs of shoes annually across 70 countries
- Anta Sports (including Fila China) revenue reached 53.65 billion Yuan in 2022
Interpretation
With Nike's roughly $33 billion brand value and Jordan's $5.1 billion haul leading a field that includes Skechers' record $7.4 billion, Puma and VF posting multibillion sales, Birkenstock's near-$4.85 billion valuation, Bata's 150 million pairs a year and booming regional players like Anta, the footwear industry is a billion-dollar relay where dominant leaders set the pace while a crowded pack of athletic, comfort and luxury players relentlessly chases growth and margin.
Manufacturing & Supply Chain
- Worldwide footwear production reached 24.3 billion pairs in 2022
- China produced 54.6% of the world's footwear in 2022
- Asia is the hub of the footwear industry, responsible for 87.4% of global production
- India is the second-largest producer of footwear, accounting for 10.7% of the global total
- Vietnam exports over 1 billion pairs of shoes annually
- The textile and footwear industry employs over 60 million people globally
- 98% of shoes sold in the United States are imported
- Leather footwear accounts for 38% of the global market value
- Indonesia produces approximately 1.2 billion pairs of footwear annually
- The cost of shipping a container of footwear increased by 5x during the 2021 supply chain crisis
- Turkey exported $1 billion worth of footwear in 2021
- Rubber and plastic are used in over 60% of footwear soles mainly produced in Asia
- Brazil is the largest footwear producer in the western hemisphere producing 800 million pairs
- Automation in footwear manufacturing can reduce labor costs by up to 30%
- 80% of the world's footwear manufacturing is concentrated in just 5 countries
- The average lead time for footwear production is 90 to 120 days
- Italy is the top exporter of luxury leather footwear by value
- Tariffs on imported footwear in the US can average around 11% and go up to 48%
- Raw material costs for footwear rose by approximately 20% in 2022
- Cambodia's footwear exports rose by 25% in the first half of 2022
Interpretation
The world quite literally walks on shoes made in Asia, which produced 87.4% of the 24.3 billion pairs made in 2022 with China responsible for 54.6% and just five countries accounting for 80% of output, and this labor‑intensive, export‑driven sector employs over 60 million people with Vietnam exporting over a billion pairs, Indonesia about 1.2 billion, India contributing 10.7% and Brazil 800 million, but it is unusually fragile because a fivefold spike in container costs during the 2021 crisis, a roughly 20% rise in raw‑material prices, US tariffs averaging about 11% and reaching 48%, 90 to 120 day lead times and the fact that 98% of shoes sold in the US are imported all mean supply shocks bite hard, leather still represents 38% of market value with Italy leading luxury exports while Turkey shipped about $1 billion and Cambodia's exports rose 25%, and although automation can shave up to 30% off labor costs, concentrated production and thin margins mean the next disruption will be felt in every shoe shop.
Market Size & Growth
- The global footwear market size was valued at USD 387.74 billion in 2022
- The footwear market is projected to grow from USD 395.50 billion in 2023 to USD 543.90 billion by 2030
- Revenue in the Footwear market amounts to US$398.90bn in 2023 globally
- The market is expected to grow annually by 3.76% (CAGR 2023-2028)
- Asia-Pacific dominated the market with a revenue share of over 40% in 2022
- The global athletic footwear market was valued at $127.3 billion in 2021
- The luxury footwear market is expected to reach $48.2 billion by 2030
- The smart shoe market is projected to reach $585 million by 2032
- The children's footwear market is anticipated to cross $67 billion by 2027
- The diabetic footwear market size is estimated to reach USD 14.5 billion by 2030
- Europe accounts for approximately 22% of the global footwear market revenue
- The industrial safety footwear market is projected to reach $18.6 billion by 2032
- The global tactical footwear market is expected to grow at a CAGR of 4.8% through 2028
- Online footwear sales in the US are expected to reach nearly $38 billion by 2025
- The hiking footwear market is poised to grow by $4.01 billion during 2022-2026
- The global sneaker market revenue is expected to reach $132 billion by 2026
- The US footwear market size was valued at $86 billion in 2022
- China's footwear market revenue is projected to reach $80 billion by 2025
- The Latin America footwear market is expected to experience a CAGR of 6.2%
- The global safety shoes market size was valued at USD 10.5 billion in 2020
Interpretation
The global footwear industry is no mere wardrobe staple; it’s a nearly $400 billion market poised to top $540 billion by 2030 with Asia‑Pacific commanding over 40 percent, while athletic, sneaker, luxury, children’s, diabetic, smart, safety and tactical niches plus booming online sales in the US and China all drive growth that a modest overall CAGR only hints at.
Sustainability & Innovation
- The resale market for sneakers is estimated to reach $30 billion by 2030
- Producing a single pair of running shoes generates approx 13.6 kg of CO2 emissions
- More than 24 billion pairs of shoes are made every year and over 90% end up in landfills
- The vegan footwear market is expected to grow at a CAGR of 7.2% from 2020 to 2030
- 3D printed footwear market is estimated to reach $4.2 billion by 2025
- Only 5% of global end-of-life footwear is currently recycled
- Demand for sustainable materials in footwear has grown by 140% over the last 5 years
- Bio-based materials for footwear are projected to be a $2 billion market by 2028
- Nike's "Move to Zero" initiative aims for zero carbon and zero waste by 2050
- The global smart footwear market size is estimated to reach USD 5.71 billion by 2027
- Sales of second-hand footwear grew by 45% on resale platforms in 2022
- 70% of big footwear brands have set targets to use 100% sustainable cotton by 2025
- Adidas aims to clean up the oceans by manufacturing 17 million pairs of shoes from plastic waste
- Virtual footwear (NFTs) generated over $10 million in sales in 2021
- Plant-based leather alternatives for shoes are expected to hold a 20% market share by 2030
- 73% of investors state that sustainability efforts influence their valuation of footwear companies
- Waterless dyeing technology in footwear can save up to 25 liters of water per pair
- 30% of new footwear startups utilize direct-to-consumer circular models
- The market for mushroom leather (mycelium) footwear is projected to scale commercially by 2025
- Self-lacing technology patents increased by 20% between 2018 and 2022
Interpretation
With resale set to hit $30 billion by 2030 and innovations from 3D printing to mushroom leather accelerating alongside a 140 percent surge in demand for sustainable materials, the footwear industry must reinvent itself through circular, tech-driven and bio-based models or risk being left flat-footed, still churning out billions of pairs that generate roughly 13.6 kilograms of CO2 each, see over 90 percent end up in landfill and recycle only five percent.
References
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