Global Footwear Market to Exhibit 3.0% CAGR With Changing Lifestyle and Rising Fashion Preference, States TMR

ALBANY, New York, January 11, 2019 /PRNewswire/ --

The global footwear market is anticipated to expand at a progressive rate in the coming years as stated by Transparency Market Research (TMR). This is owing to the rising lifestyle of people and their need for dressing up as per the occasion they are attending. Leading vendors are expected to continue dominating the market in the coming years. Players are utilizing the rising need for different footwear launched for different purposes and are focusing on more product launching. Each vendor is striving to introduce unique features so as to stand out in the crowd and possess the lion's share. Competition is tough with the existence of small and large players. However, leading brands are dominating the market.

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Important players of the global footwear market are Nike Inc., Bata Limited, Puma SE, Adidas AG, Jack Wolfskin, and VF Corp. Few of the leading manufacturing companies are holding a large share, maintaining their brand names through different marketing strategies and advertising both online, and offline. New players are finding it difficult to enter the market since the brand tags and popularity has already created a mindset in people's mind.

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As per the TMR records, the global footwear market is prognosticated to reach a value worth US$278.8 bn by the end of 2025. Earlier the market valuation was US$215.7 bn in 2016, meaning the footwear market gained remarkable growth heights. The forecast period is set from 2017 to 2025 and the CAGR is reported to be 3.0%. Geographically, the footwear market is dominated by North America and segmentation by footwear type is led by the non-athletic footwear category.

Variety Products for All Age Groups to Propel Market Growth 

Change in lifestyle has given way to different kinds of chronic diseases and obesity problems that are now creating and increasing awareness all over the world. Hence, the world is driving towards a healthy and fit environment which demands physical activities and fitness. Moreover, the rise in the number of sporting events like FIFA World Cup, Asian Games, Cricket World Cup, and Olympics are propelling the demand for sporty footwear for both sports person and their fans. This is considered as one of the major factors boosting market for footwear in the world.