The global footwear manufacturing industry is composed of a myriad of products designed for men, women, and children. Some of the key products in the industry are: men’s and women’s athletic footwear, rubber and plastic footwear, industry protective footwear, and children’s footwear. It is expected that the global footwear industry will present an opportunity exceeding US$200 bn by 2020. For the most part, the increasing demand for footwear results from increasing awareness about new designs and styles. A growing degree of affluence among consumers, especially in growth markets, will steer the growth of the global footwear industry over the coming years.
The demand for men’s footwear is seen to be the highest, followed by footwear for women. The demand for children’s footwear is the lowest as compared to the aforementioned categories. With several footwear manufacturers channeling staggering amounts of money into marketing campaigns and advertising strategies, consumers are now more aware of the latest styles and product variants on the market. This has further fuelled the demand for footwear globally.
On the supply side, outsourcing is a massive trend in the global footwear industry. Countries such as China, Pakistan, Philippines, Bangladesh, India, and Vietnam are hubs for footwear manufacturing. Exports typically go to the developed markets of the west. This trend will likely not change drastically over the next few years, as developing countries are seeing massive domestic demand for different types of footwear.
Going forward, North America is expected to lead in terms of value whereas the Asia Pacific region’s dominance in volume terms will continue in the global footwear industry.