Asia sales boost footwear market
The global footwear market is expected to be worth US$211.5bn in 2018, with growth driven by Asia Pacific and Europe, according to new research.
The forecast compares with a market value of $185.2bn in 2011, representing a compound annual growth rate of 1.9 percent.
According to the report ‘Footwear market - global industry size, market share, trends, analysis, and forecast, 2012 - 2018’ by Transparency Market Research, Asia Pacific is set to enjoy 30.1 percent of global footwear revenues in 2018, followed by Europe with 21 percent.
Asia Pacific remains the point of focus for footwear manufacturers because of cheaper costs, as well as rising disposable incomes from a growing population.
The athletic footwear market is expected to grow at 1.8 percent a year between 2011 and 2018 to $84.4bn.
Non-athletic footwear, meanwhile, is forecast to grow at a faster rate, with children’s footwear is set to grow at 3.7 percent annually, the report noted.
Non-store footwear retailing is expected to “gain pace” and reach $18.59bn in 2018, up 6.9 percent on 2011.
Store-based footwear retailing accounted for most of the footwear market revenue and was valued at $173.6bn two years ago.
The top five players in the athletic footwear market are Nike, Adidas, Reebok, Puma and New Balance holding a 70 percent share of the market - followed by ASICS, Converse, Sketchers and K-Swiss, reports Just-Style
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