Footwear Market – Manufacturers Seizing Opportunities in Proliferation of Retail Culture
Due to the presence of a large number of players, the global footwear market demonstrates a highly competitive landscape. To gain an edge in the market, the leading vendors particularly focus on product differentiation and capitalizing on the opportunities in emerging countries. Furthermore, leading companies such as Nike Inc. (U.S.), Adidas AG (Germany), Bata Limited (Canada), Puma SE (Germany), and others are also looking at mergers and acquisitions as one of the key strategies to expand their businesses globally.
Despite growth witnessed by the overall fashion industry being robust, expansion of the footwear market will remain moderate between 2015 and 2023. Transparency Market Research (TMR) however projects the developing economies to exhibit lucrative prospects for the market. Besides this, the globally increasing demand for trendy and comfortable sportswear will boost sales of footwear. Sports activities have significantly increased globally and so has the demand for comfortable footwear. Moreover, a surge in health and fitness activity is also noted. This has compelled leading sports brands to manufacturing technically more sophisticated and innovative footwear.
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Footwear Manufacturers Seizing Opportunities in Proliferation of Retail Culture
As per a lead analyst in TMR, “Footwear manufacturers are also expected to capitalize on the increasing retail culture.” “Since consumers are impressed by the diversity and easy availability of footwear, leading companies are seeking to bolster their overall sales by making their products available across the retail chain,” he added. The proliferation of internet retailing is also expected to boost prospects for sale of both non-athletic and athletic footwear.
As per TMR, online retail has emerged as a popular medium for shopping women’s and sports footwear. The exclusive range of products available online are often available at a discounted price. This makes online retail a lucrative channel of sale of footwear.
Due to the presence of a large number of local manufacturers, the production of counterfeit products has emerged as a critical concern in the market. The availability of duplicate products in the market is hampering the distribution channel of genuine producers. Enforcement of intellectual property rights is thus deemed necessary to counter this rising concern.
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Nevertheless, with the demand for innovative footwear rising, the market players see lucrative opportunities to gain from in the forthcoming years. The leading enterprises engaged in the manufacture and sale of footwear are also benefitting from the advancements in production processes.
North America and Asia Pacific Emerge as Most Lucrative Regional Markets for Footwear
Regionally, North America, Europe, Asia Pacific, and Rest of the World constitute the most lucrative markets for footwear. Among these regions, North America dominated the global footwear market with a share of 35.64% in terms of revenue in 2014. However, on account of volume Asia Pacific emerged dominant in the market with a share of 40.50% in the same year.
The increasing demand for footwear in the emerging economies such as China and India boosts footwear sales in Asia Pacific. The regional market is also benefited by the urbanization witnessed in Asia Pacific. Besides this, increasing preference for shopping online and the rising disposable income of consumers will bolster sales of footwear in Asia Pacific.
In North America, the market is gaining from the robust development of design and quality of footwear. Furthermore, the rise in internet retailing in developed nations Canada and the U.S. will also propel the market’s growth in North America.
In terms of product type, the non-athletic footwear segment dominant the global market with a share of 52.44% in 2014. The demand for non-athletic footwear rises in response to the launch of new design and shades of footwear in the market. Conversely, the athletic footwear segment is expected to gain from the rising popularity of sports and athletics worldwide.
Based on in-depth research, Transparency Market Research has pegged the overall value of the global footwear market at US$208.72 bn in 2014. Rising at a CAGR of 2.5%, the market is expected to reach US$258.21 bn by the end of 2023.