The global footwear market continues to pick up the pace with new healthier lifestyles being associated with the need for more variety in the athletic shoe sector.
Footwear industry growing at a CAGR of 5.5% from 2020-2027
Current forecasts indicate that the footwear industry is currently worth $365.5B is projected to grow by 30% over the next 5 years. The industry is also forecasted to cross the $500B mark by 2027. The industry’s compound annual growth rate (CAGR) is at 5.5% for the forecast period of 2020-2027.
Healthier Lifestyle Leading To Increase In Demand
Increasing awareness of the importance of living a healthy lifestyle is seen as a major contributor that is driving the increased demand. As consumers begin to seek more active lifestyles whether indoors or outdoors, demand for footwear increased as has the variety in supply.
The athletic footwear department is projected to see the fastest growth at a CAGR of 6.6% for the forecast period. A separate report also indicates that in 2020, the sneaker market which falls under the athletic footwear sector was worth over $75B and is forecasted to rise to nearly $98B by 2024.