The global footwear market has yet to recover from the severe gash of COVID-19
In 2019, a total of 24,016.88 million pairs of shoes were sold worldwide, which fell to 20,399.93 million pairs in 2020. Thus, around 14% of the market was wiped out in one year , according TexPro, the Fibre2Fashion market analysis tool.
The global footwear market has been in unprecedented upheaval during the COVID-19 pandemic years as the lockdown and new normal of working from home (WFH) and deeper penetration of e-commerce has reduced the need for people to get out. About 14% of the footwear market has disappeared due to this effect, and the market is not expected to cross the 2019 level until 2023.
Previously, the global footwear market was growing slowly and it took four years to cross the mark of 24,000 million pairs in 2019, compared to 23,000 million pairs in 2015.
According TexPro, The sale of shoes recovered about 10% to reach 22,492.72 million pairs in 2021. It is expected to reach 23,730.66 million pairs in 2022 and 24,395.11 million pairs in 2023.
Normally, the footwear market is expected to grow with the growing population, but the post-COVID culture has drastically changed the market scenario. WFH has reduced the demand for formal footwear as people do not need to travel outside their homes frequently. Technology has also influenced the lifestyle of consumers who do not need to leave their homes due to the growing practice of door-to-door delivery with the emergence of e-commerce.
The global footwear market will grow at the rate of 3.06% per year between 2021 and 2026. It will reach 26,073.87 million pairs by 2026, according to TexPro. In terms of expected growth rate during 2021-2026, Vietnam is expected to grow with the highest rate of 5.77%, followed by Turkey, Brazil, Argentina and Egypt. In the highly populated countries of India and China, the annual growth rate is expected to be 2.73% and 2.47% respectively.
In terms of market size, China was the largest country with 12,700 million pairs sold in 2021, followed by India, Vietnam, Indonesia and Brazil.
Fibre2Fashion Information Office (KUL)