In 2020, the global footwear market was estimated at $384.2 billion and is expected to rise by a compound average growth rate (CAGR) of 2.3 percent to reach $440 billion in 2026, according to Reportlinker, a research institute using artificial intelligence to compile reports.
Casual footwear, one of the segments analyzed in the report titled “Global Footwear Industry,” is projected to grow at a CAGR of 2.6 percent to reach US$213.3 billion by the end of 2026. Meanwhile, growth in the athletic footwear segment is seen rising by a CAGR of 1.9 percent. This segment currently accounts for a 37.6 percent share of the global footwear market.
The overall footwear market in the U.S. is estimated at $105.8 billion in 2021. The country currently accounts for a 27.14 percent share in the global market, according to excerpts of the report released by Reportlinker.
China is forecast to reach an estimated market size of $80.9 billion in 2026 with a CAGR of 3.6 percent. “Apart from being a lucrative market for non-athletic footwear, China is also emerging to be a strong market for athletic footwear mainly due to regulatory initiatives relating to fitness and national exercise programs, rapid pace of urbanization, increasing per-capita incomes, international sporting events organized in the country, and increasing participation in recreational sports, among other factors,” it added.
Among the other main footwear markets are Japan and Canada, forecast to grow by a CAGR of 1.5 percent and 1.8 percent, respectively. Within Europe, Germany is forecast to grow at a CAGR of 1.8 percent.
Growth in footwear “has and continues to be supported by footwear increasingly being considered a fashion accessory by many, and also due to robust demand for innovative and novel footwear,” according to Reportlinker. Rising adoption of comfortable and trendy footwear among consumers in various age groups is also driving demand, it added.
“Rising interest and participation in various sports and also transforming lifestyles are spurring adoption of athletic footwear, even among people who are not sports oriented. In recent years, interest in fitness and health-related activities has been on the rise among customers,” it said.
The report also addressed the global outdoor/rugged footwear segment, which is expected to reach $27 billion by 2026, thanks to a CAGR of 2.6 percent driven by the U.S., Canada, Japan, China and Europe. These markets accounted for a combined market size of $17.4 billion in 2020 and will reach a projected $20.8 billion by 2026.
Separately, a report published by Allied Market Research, called “athletic footwear market by type, end-user and distribution channel: global opportunity analysis and industry forecast, 2021–2030”, estimated the global athletic footwear market at $109.7 billion in 2020. The market research firm forecast that the market will reach $165.0 billion by 2030, growing at a CAGR of 4.2 percent from 2021 to 2030.
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