sustainable footwear Market Expected to Reach $13.3 billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “global sustainable footwear market by product type, demographics, distribution channel, and region: global opportunity analysis and industry forecast, 2021–2030,” The global sustainable footwear market was valued at $7.7 billion in 2020, and is projected to reach $13.3 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030. Sustainable footwear is a type of footwear which is made by recycling waste and are manufactured by eco-friendly production process. In addition to this, surge in youth population, improved lifestyle, and rise in disposable income of individuals in developing countries are anticipated to offer immense opportunities for sustainable footwear market players during the forecast period. Nowadays, sustainable footwear is gaining popularity among the environment conscious consumers which in turn has propel the demand for sustainable footwear from the consumers contributing in driving the sustainable footwear market growth in terms of value sales.

The outbreak of coronavirus has negatively impacted the sustainable footwear industry along with all stages of supply chain and value chain. Presently, the supply chain is far more complex as compared to what it was a decade ago. The COVID-19 pandemic has not only hampered production facilities but also disrupted supply chains such as material suppliers and distributors of the sustainable footwear market globally, resulting in loss of business, in terms of value sales.

Furthermore, by distribution channel, the online store segment is anticipated to be the fastest growing segment, in terms of value sales during the forecast period. This is attributed to the fact that e-commerce is becoming a popular medium for purchase of footwear including sustainable footwear among customers. This is attributed to easy availability of sustainable footwear and benefits provided by these stores such as information about product functional attribute, time-saving features, and facility of home delivery to customers.

The global sustainable footwear market segments are categorized into product type, demographics, distribution channel, and region. By product type, it is classified into athletic and non-athletic. By Demographics, it is divided into men, women and kids. On the basis of distribution channel, it is segregated into specialty store, supermarket/hypermarket, online store, and others. Region wise, the sustainable footwear market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Australia & New Zealand, Japan, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Argentina, and Rest of LAMEA).

Key findings of the study

• By sustainable, the non- athletic segment accounted for the highest market share in 2020, growing at a CAGR of 5.3% from 2021 to 2030.
• By demographics, the women segment accounted for the highest sustainable footwear market share in 2020, growing at a CAGR of 4.5% from 2021 to 2030.
• By distribution channel, the specialty store segment accounted for the highest market share in 2020, growing at a CAGR of 5.3% from 2021 to 2030.
• By Region, Asia-Pacific occupied the maximum share in the market in 2020 and is expected to be the dominating segment during the sustainable footwear market forecast period.

Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. In the recent past, many leading players opted for product launch as a business strategy to strengthen their foothold in the sustainable footwear market. To understand the key sustainable footwear market trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the sustainable footwear market analysis includes Adidas group, Nike Inc., New Balance, GIESSWEIN, Reebok, Native shoes, Rothy’s, Reformation, Amour Vert, and MATISSE FOOTWEAR.