Expanding Sales with Health-Focused Models: Manufacturers are introducing new types of footwear and innovative shoe designs catered to women with various health issues. Footwear tailored for diabetics, individuals with dementia, those with special allergies, and other health conditions are expected to drive sales and enhance the overall growth of Women’s Footwear in the country.
North America continues to be a key market, commanding a majority of the market share, with the United States projected to hold a significant Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period.
Diabetes Prevalence Spurs Demand: As per the United Health Foundation, the prevalence of diabetes in women aged 35 to 44 surpasses that of women aged 18 to 24, especially among White and Asian women compared to multiracial and black women. These health concerns are driving the need for specialized footwear.
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Overview of the Women’s Footwear Market
The women’s footwear market is estimated at US$ 178.4 Billion in 2022 and is projected to reach US$ 219.5 Billion by 2027, at a CAGR of 3.2% from 2013 to 2021. Share of women’s footwear market in its parent market (footwear market) is close to ~44%.
In the global women’s footwear market, companies across the globe are focusing on research & development as well as the launching of new product variants, which is a key factor driving the demand for women’s footwear across the globe. Companies operating in the women’s footwear market are constantly making significant investments in research and development activities to cater to the evolving needs of customers seeking authentic and specialised products.
Women’s footwear has standard features such as style, comfort, basic functionality and durability. Moreover, companies are also launching women’s footwear with added benefits such as soft sensors. Soft sensor network circuits or flexible sensors are embedded into the insole or the upper sole to measure data, which is then programmed and sent to an external device such as a watch or a smartphone. This technology is effective in monitoring injuries and even greater complications such as diabetes and others, owing to which the women’s footwear market is expected to witness significant growth.
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Key Points Covered in Women’s Footwear Market Survey
- Market estimates and forecast 2013-2027
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
Women are often concerned about their physical body shapes, and they engage in a variety of activities to maintain their fitness, including trekking, gym training, yoga, aerobics, and so on. Maintaining healthy behaviors, controlling stress, and getting additional assistance are all vital, according to the Centers for Disease Control and Prevention, especially during COVID-19. Regular exercise, decent sleep habits, and avoiding excessive alcohol consumption are all simple methods to maintain healthy behaviors.
Manufacturers were motivated by growing worries about physical health among women consumers, thus market players produced smart shoes for both men and women. Nike, for example, released the groundbreaking self-lacing HyperAdapt 1.0 sneakers in 2018. Pressure sensors in the soles detect when the foot should be inserted and trigger an algorithm that allows for automatic lacing. The shoes have built-in LEDs that can alert the wearer about low battery or a tight fit. Furthermore, these shoes do not require daily charging and may be charged for up to two weeks.
Furthermore, numerous footwear makers have implemented a 3D manufacturing technique, which has changed the sector. 3D printing has become a new buzzword among enterprises that make real items. This trend could not be avoided by the footwear business. Several footwear startups have invested in the development of 3D printing technologies for manufacturing. Feetz, a custom shoe company based in the United States, built its own 3D printer utilizing a fused filament creation technology. 3D printing is also gaining popularity due to its low environmental impact. Women’s footwear can also be 3D printed, and companies that use 3D printing technology have the possibility to flourish.
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Who is winning?
Leading manufacturers of women’s footwear are focused on aggressive promotional strategies and advertisements that have driven sales growth of women’s footwear globally.
Major players present in the women’s footwear market are Nike Inc., Adidas AG, Puma SE, Skechers U.S.A. Inc., Under Armour Inc., Wolverine World Wide Inc., Crocs Inc., ASICS Corporation, Deichmann SE, The ALDO Group Inc. among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global women’s footwear market, presenting historical demand data (2013-2021) and forecast statistics for the period from 2022-2027. The study divulges compelling insights on the women’s footwear market based on the product type (casual shoes, boots, heels & pumps, sandals, flip flops & slippers, sports shoes, safety shoes), by base material (rubber, leather, plastic, velvet, textiles and others), by sales channel (hypermarkets/supermarkets, speciality stores, multi-brand stores, direct sales, 3rd party online retailers and other sales channel), across each of the seven major regions.
Competitive Landscape
Leading players operating in the global market are focusing on product launch, partnership with celebrity endorsements, promotional activities, and other strategies in order to expand their business globally.
For instance:
In 2019, Ivy Park, the singer’s successful athleisure line, was relaunched in collaboration with Adidas. Beyoncés support is likely to produce significant returns for the European shoe company, with over 126 million Instagram followers and a net worth of around $355 million.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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