Innovations in personal designs and performance materials are likely to contribute significantly to the aggrandizement of the market in the foreseeable future.

WASHINGTON, DC / ACCESSWIRE / January 25, 2021 / Award winning market research company Fact.MR has recently published a report on the global footwear market. According to the study, the market is poised to register marginal growth in 2021 over 2020 to reach approximately 4%. Long-term outlook remains positive, with a steady CAGR projected for the upcoming forecast period.

Emphasis on providing good quality in-customer service experience remains a core concern for prominent footwear manufacturers. This is evidenced with Nike's 2019 initiative incorporating augmented reality to enhance the marketing and sales of its sneakers. It does so via its Nike Fit application, utilizing computer vision and machine learning to scan and measure a customer's foot size to facilitate better fitting.

According to Fact.MR, expansion prospects are bright in the therapeutics segment, attributed to the growing incidences of diabetic ulcers. As per findings revealed by the National Center for Biotechnology Information, annual incidence of diabetic foot ulcers globally range between 9.1 million and 26.1 million, with prevalence rates as among diabetes mellitus patients as high as 15-25%. Hence, remedies such as equipping footwear with orthotic insoles are being implemented, compelling vendors to introduce new therapeutic product lines.

'Proliferating global customer base is prompting manufacturers to leverage social media and digital commerce platforms to enhance product outreach, leading to widening growth prospects for the market,' remarks the Fact.MR analyst.

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Key Takeaways from Fact.MR's Footwear Study

• By product type, fashion footwear reached a multi-billion dollar valuation in 2020
• Natural rubber is likely to remain the primary footwear material type, attributed to growing sustainability concerns
• Economy footwear like to generate over 2 out of 5 sales through 2021, rising disposable incomes to widen the berth for premium products
• U.S to capture lucrative market share, reaching over US$ 56 Bn by 2021-end
• U.K to register steady growth, experiencing a Y-o-Y expansion worth over 4%
• High preference for luxury goods renders French and German market outlook strong in the future
• China and India to remain key footwear hotspots, Japan and South Korea to witness heightened investments

Global Footwear Market- Prominent Drivers

• Narrowing income inequalities ushered in by large-scale urbanization to heighten premium and mid-range footwear sales across emerging economies
• Heightened engagement in sporting activities to stimulate demand for athletic footwear
• Growing emphasis on aesthetics prompts footwear providers to experiment with visually-appealing designs, heightening growth prospects

Global Footwear Market- Key Restraints

• Flooding of the global market with counterfeit footwear is expected to hinder expansion prospects in the long-run
• Forecasting complexity in the wake of metamorphosing design trends renders it difficult for manufacturers to standardize product specifications

Discover more about the footwear market with 120 figures and 342 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/120/footwear-market

Competitive Landscape

The global footwear market is interspersed with the presence of the following key players: Adidas AG, PUMA SE, Sketchers USA Inc., Under Armor Inc., Wolverine Worldwide Inc., Crocs Inc., ASICS Corporation, Deichmann SE and The ALDO Group Inc. among others. Prominent expansion strategies include collaborations and product launches in order to consolidate their foothold.

Furthermore, sustainability is at the core of the expansion strategies of several players. For instance, Adidas AG announced that starting in 2021, over 60% of all its products- ranging from football jerseys made from recycled polyester to footwear. The company aims to achieve climate neutrality in collaboration with its suppliers by 2050.

In January 2021, PUMA SE unveiled its DREAMER 2 basketball sneakers, part of its objective to expand its DREAMER franchise. The product launch is a marketing gimmick, capitalizing on music enthusiasts' anticipation of new work from artist J. Cole. This initiative is highly likely to expand the company's global footprint in the current year.

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More Valuable Insights on Footwear Market

Fact.MR, in its new offering, presents an unbiased analysis of the global footwear market, presenting historical demand data (2016-2020) and forecast statistics for the period of (2021-2031). The study divulges essential insights on the footwear market on the basis of product type (casual, fashion, occupational, therapeutic, athletic, protective, and others), material (leather, natural rubber, synthetic rubber, EVA, PVC, PU, and textile), price (economy, mid, premium, and super-premium), and sales channel (online, specialist, general merchandise, dept. stores, and others), across 6 major region of the world.

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SOURCE: FactMR