The sustainable footwear market is anticipated to grow at an impressive CAGR of 6.4% over the forecast period. Starting at USD 9,784.7 million in 2024, the market is projected to expand significantly, reaching USD 18,247.9 million by 2034.
This growth trend reflects increasing consumer awareness and demand for eco-friendly and ethically sourced footwear options. As sustainability becomes a key consideration in purchasing decisions, manufacturers are innovating to meet this demand, driving the market’s upward momentum and positioning sustainable footwear as a significant player in the global footwear industry.
With respect to the current fashion industry, sustainability has become a buzzword and it is gaining pace in footwear sector as well. Footwear generates a fifth of the total emissions produced by the entire textile industry, approximately 700 million megatons per annum in CO2e through production and raw material extraction.
With the growth of social conscience as a ground for innovation and incentive to ignite step-change improvements within footwear sector, NPD data indicates that 36% among people aged between eighteen years and thirty four carry shopping in contemporary days on promoting brands’ position.
It brings a significant opportunity for brands to earn value from the growing mindful customers. To succeed in the near future, companies will have to be proactive and take an earthly social responsibility.
These issues are prioritized by customers that will constitute the largest customer base going forward, and companies must over-communicate their market position to maintain these in a growing but evolving sustainable footwear industry.
Business Growth Drivers:
- Consumer Demand: Growing consumer awareness and concern about environmental sustainability and ethical sourcing have driven demand for sustainable footwear. Consumers are increasingly seeking products that align with their values, including those made from eco-friendly materials and produced under fair labor conditions.
- Regulatory Support: Government regulations and initiatives promoting sustainability and reducing carbon footprint have created a favorable regulatory environment for sustainable footwear companies. Policies aimed at reducing waste, promoting recycling, and encouraging sustainable manufacturing practices provide opportunities for growth in the sustainable footwear market.
- Innovations in Materials: Advances in technology have led to the development of innovative materials for sustainable footwear, such as recycled plastics, organic cotton, hemp, and bio-based materials. These materials offer comparable performance to traditional materials while reducing environmental impact.
- Corporate Sustainability Initiatives: Many footwear companies are incorporating sustainability into their corporate strategies and supply chains. By implementing sustainable practices, such as using renewable energy, reducing waste, and investing in ethical sourcing, companies can enhance their brand reputation and attract environmentally conscious consumers.
- Changing Consumer Preferences: Shifts in consumer preferences towards eco-friendly and ethically produced products have created opportunities for sustainable footwear brands to gain market share. As sustainability becomes a more important factor in purchasing decisions, companies that prioritize environmental and social responsibility are likely to see continued growth.
Due to factors such as complexity, size, and lack of proper infrastructure for recycling or repair, the footwear industry is yet to leverage the full potential of sustainability without alienating customers.
Raw materials required to manufacture sustainable footwear are relatively expensive compared to that used in production of conventional footwear. That said, technological advances in terms of recycling fabrics more effectively are slated to curb the cost of obtaining raw materials in the coming years.
Sustainable Footwear Market – Regional Analysis
Asia Pacific (APAC) brands are leading the pack in ensuring responsible footwear choices. Sustainability-focused initiatives such as “Fashion For Good” aims to trigger transmutations at the structural level throughout the footwear and apparel supply chain via funding sustainable innovations in Bangladesh, India, and Vietnam.
Much in the same vein, sustainable footwear brands in Europe are emerging to meet the demand as well as help transform the footwear industry for the better. Rising number of fashion-conscious consumers who are willing to pay premium for the products they value is further attracting stakeholders’ attention.
Furthermore, the European Commission has introduced the 2020 European Social Innovation Competition with an aim to enhance the eco-friendly and social impact of fashion.
To address these challenges, the competition is seeking creative solutions that promote sustainable production, usage and adoption of fashion, as well as the shelf life of fashion products.
Sustainable Footwear Market – Competition Analysis
While established sustainable footwear manufacturers are already focusing on sustainability and have made it a pillar for their business from the early stage, emerging players are leapfrogging onto the sustainable footwear movement.
- Adidas is developing and testing footwear derived from 100% recyclable materials. In addition, brand has publicly pledged to bank solely on eco-friendly materials in their products by 2024
- Giesswein exclusively uses Merino wool in its footwear that is made from small, independent farmlands where animal welfare is a key priority. It has also imposed a zero-waste policy to ensure all left-over wool scraps from the manufacturing process are recycled and blended into other products
- Reebok has announced a running sneaker that incorporates plant-sourced, instead of petroleum-based materials
- Reformation utilizes bio-based materials rather than plastic inside their heels, and water-based adhesives in place of toxic glues that most manufacturers bank on for shoe assembly.
Players in the sustainable footwear market include Adidas Group, Native shoes, Tropicalfeel, Nike, Rothy’s, Veja, Reformation, Nisolo, New Balance, MATISSE FOOTWEAR, Amour Vert, and Threads 4 thought.
Key Segmentations:
By Type
- Athletic
- Non-athletic
By End User
- Men
- Women
- Children
By Region
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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