Sneaker Market Expected to Reach $215.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sneaker Market," The sneaker market size was valued at $131.10 billion in 2021, and is estimated to reach $215.6 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

The rise of the sports industry and the industries that depend on it is supported by the educational system's paradigm shift. Additionally, the popularity of sports instruction and training in academic settings has greatly elevated awareness of exercise and sports. As a result, a lot of educational institutions and schools give kids training so they may participate in a variety of sporting events. Additionally, the development of the sneaker business is aided by customers increasingly selecting outdoor activities like adventure sports to decompress or break up the monotony of their daily lives. The market is growing as a result of initiatives done by various governments in nations like Australia and India to encourage sports, health, and fitness. These programs have raised public awareness of sports and sports-related items.

The six main raw materials utilized in the production of sneakers are polyester, rubber, EVA foam, cotton, synthetic leather, and leather. These raw materials' prices have been steadily rising over the past few years. The market price of the final product rises as a direct result of changes in raw material costs, which also affect product production costs. For the sneaker industry, this serves as a constraint.

The global sneaker market is analyzed on the basis of product type, end user, price point, category, distribution channel, and region. By product type, the market is divided into low-top sneakers, mid-top sneakers, and high-top sneakers. Among these, the mid-top sneakers segment occupied the major share of the market in 2021, and is projected to maintain its dominance during the forecast period. Innovative product launches and higher level of comfort offered by shoes have also increased demand for mid-top sneakers.

By end user, the market is divided into men, women, and kids. The growth of the men's sneaker segment is being fueled by people being able to spend more on luxury items due to an increase in disposable income.

By price point, the market is divided into luxury and economic. A major factor projected to fuel the expansion of the global sneaker market is consumers' increased willingness to spend more on sneakers due to improved lifestyles and rising disposable income.

By category, it is classified into private label and branded. The branded segment is anticipated to grow at the highest rate during the forecast period. Consumers buying shoes through online sales channels prefer the branded ones, as they can afford them in low price. This factor is boosting the branded sneaker market trends.

By distribution channel, the sneaker market growth is divided into supermarket/hypermarket, specialty stores, brand outlets, e-commerce, and others. The specialty stores segment is anticipated to grow at highest CAGR during the forecast period. Specialty stores offer options such as discounts as well as benefits of immediate gratification, which results in growth of the sneaker market demand.

In 2021, Asia-Pacific accounted for 36.7% in the global sneaker market, and is expected to maintain its dominance during the sneaker market analysis period. Increase in urbanization and surge in middle-class consumers in developing and developed markets have encouraged the adoption of convenience-oriented lifestyles, making sneaker more desirable for consumer of all age groups.

Exporters in both developed and developing nations faced a number of difficulties as a result of the COVID-19 epidemic. The implementation of lockdown and curfew procedures on a global scale had an impact on both domestic and foreign manufacture of sneakers, which in turn hindered market expansion. As a result, the COVID-19 epidemic had a negative influence on the sneaker market in 2020 as a result of decreased company sales and operations being suspended.

The major players analyzed for global sneaker industry are 361 Degrees International Limited, Adidas Group, ANTA Sports Products Limited, Asics Corporation, Crocs Retail, Llc, Ecco Sko A/S, New Balance Inc., Nike, Inc, Peak Sports, Puma SE, Skechers U.S.A., Inc., Under Armour, Inc., VF Corporation, Wolverine World Wide, Inc, Xtep International Holdings Limited.

KEY FINDINGS OF STUDY

• By product type, the mid-top sneakers segment was the highest revenue contributor to the market, with $63.95 billion in 2021, and is estimated to reach $99.5 billion by 2031, with a CAGR of 4.68%.
• Depending on end user, the men segment was the highest revenue contributor to the market, with $65.19 billion in 2021, and is estimated to reach $101.96 billion by 2031, with a CAGR of 4.73%.
• As per price point, the luxury segment was the highest revenue contributor to the market, with $84.01 billion in 2021, and is estimated to reach $135.62 billion by 2031, with a CAGR of 5.07%.
• By category, the branded segment was the highest revenue contributor to the market, with $88.11 billion in 2021, and is estimated to reach $140.84 billion by 2031, with a CAGR of 4.96%.
• Depending on distribution channel, the specialty stores segment was the highest sneaker market share, with $56.17 billion in 2021, and is estimated to reach $85.66 billion by 2031, with a CAGR of 4.47%.
• Region wise, Asia-Pacific was the highest revenue contributor, accounting for $48.11 billion in 2021, and is estimated to reach $72.23 billion by 2031, with a CAGR of 4.3%.