- Danielle Wightman-Stone |
The global footwear market is forecast to reach over 500 billion US dollars by 2027, according to data presented by Stockapps.com, as healthier lifestyles increase demand.
Current forecasts indicate that that footwear industry is currently worth 365.5 billion US dollars, adds Stockapps.com, and this is projected to grow by 30 percent over the next 5 years, an increase of up to 111 billion US dollars.
The footwear industry it adds is growing at a compound annual growth rate (CAGR) of 5.5 percent for the forecast period of 2020-2027.
Healthier lifestyles are leading to an increase in demand and this means that athletic footwear department is projected to see the fastest growth at a CAGR of 6.6 percent for the forecast period.
When it comes to athletic footwear market share by region in 2020, Asia-Pacific is leading the way taking 40 percent of the market, closely followed by North America with 30 percent and Europe at 25 percent.
In terms of leading footwear consumers by country, last year’s figures reveal that China, India and the US are the top three nations, followed by Indonesia, Brazil, and Japan. But when it comes athletic footwear revenue per country in 2019, the US is leading the way, followed by China and the UK.
Image: by Shane Aldendorff from Pexels