The Casual Shoes Market Had Crossed a Worth of US$ 168.3 Mn in 2022 and is Further Estimated to Breach Revenue of US$ 241.9 Mn at a CAGR of 3.7% by 2032 – Future Market Insights, Inc.
Rising young population with a desire for the newest fashion trends, as well as rising family disposable income, will drive the casual shoe industry: FMI study. The demand for more comfortable and cutting-edge footwear is one of the main drivers driving the growth of the global Casual Shoes industry, along with peoples’ better lifestyles and rising disposable income
NEWARK, Del, Jan. 06, 2023 (GLOBE NEWSWIRE) — As per newly released data by Future Market Insights (FMI), the Casual Shoes Market is estimated at USD 168.3 million in 2022 and is projected to reach USD 241.9 million by 2032, at a CAGR of ~3.7% from 2022 to 2032.
Casual shoes have started to gain traction in nearly every part of the world. People are getting busy in their lives in the post pandemic era, as a result, they are looking for options of foot wear that will go with most of the attires and occasions. Moreover, people are also taking part in various activities that require heavy physical involvement which is also fuelling the casual shoes market. Women are getting interested in casual shoes too. Various key brands are focusing on development of casual sneakers that are specially fabricated for women and will suit their interests. While, the trends in fashion will keep on changing and will continuously create a need for new kinds and designs of casual shoes which is anticipated to help the market. Additionally, the presence of counterfeit products will act as a restraining factor in the casual shoes market. Other factors include the rise in cost for manufacturing due to increasing prices of raw materials. However, the casual shoes market will continue to grow at a decent pace in the forecast period.
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Key Takeaways from the Casual Shoes Market Study
- E-commerce is expected to be the leading sales channel during the forecast period. As customer preferences shift, more individuals prefer internet retailing to traditional brick-and-mortar establishments. As a result, companies are expanding their online market presence. One of the primary aspects driving the growth of the online sales channel is the availability of a diverse assortment of casual shoes.
- In terms of revenue, Asia Pacific led the market in 2019. This is due to the rising disposable income levels, growing working-class population and increasing consumer desire for comfortable footwear, as a consequence of which demand for shoes made from natural materials such as leather, cloth, and rubber has increased significantly in recent years.
- North America emerged as the second-largest regional market in 2019 as a result of high product demand from the United States, combined with changing fashion trends and consumer preferences regarding shoe colour, material, and so on; this is expected to drive manufacturers to launch new products within this region or export them at competitive prices, boosting sales volume over the forecasted years.
“The demand for casual shoes is rising as people are getting involved in different physical activities and require a pair of foot wear that is multifunctional. This requirement is being satisfied by casual shoes which will boon the market.” Says an FMI Analyst.
Impact of COVID-19 on the Market
The worldwide epidemic generated problems in almost every corporate area. The laws and regulations implemented by governments across the world impeded manufacturing, supply, and distribution. Now that things are returning to normal, the casual shoes industry, like other markets, is poised to reach new heights as people are eager to get out and participate in various physical activities. This will raise demand for casual shoes and is expected to contribute to the worldwide growth of the casual shoes market.
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Who is winning?
Leading players operating in the Casual Shoes market Adidas Group, Nike Inc., New Balance, ASICS, PUMA SE, Under Armour, Inc., Li Ning Company Ltd., ECCO, China Dongxiang (Group) Co., Ltd., 361 Degrees International Limited, Vans, and Converse among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the casual shoes market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Casual Shoes Market by Closure Type (Laces, Velcro, Straps, Zippers) By Application (Sports, Lifestyle, Competition) By Consumer Orientation (Men, Women) By Sales Channel (Hypermarket/Supermarket, Wholesalers/Distributors, Specialty Stores, Multi-brand Stores, Independent Small Stores, Online Retailers, Other Sales Channel) & Region – Forecast to 2022-2032.
Given Below are the Casual Shoes Market Segments
By Closure Type, Casual Shoes Market is segmented as:
- Laces
- Velcro
- Straps
- Zippers
By Application, Casual Shoes Market is segmented as:
- Sports
- Lifestyle
- Competition
By Consumer Orientation, Casual Shoes Market is segmented as:
- Men
- Women
By Sales Channel, Casual Shoes Market is segmented as:
- Multi-brand Stores
- Independent Small Stores
- Online Retailers
- Other Sales Channel
By Region, Casual Shoes Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Table of Content:
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Findings
1.3. Summary of Key statistics
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
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