Allied Market Research’s report “Athletic Footwear Market by Type (Sports Shoes, Running & Walking Shoes, Hiking & Backpacking Shoes, and Aerobic & Gym Wear Shoes), End User (Men, Women, and Kids), and Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Brand Outlets, and Online Channels): Global Opportunity Analysis and Industry Forecast 2021–2030,” shows the global athletic footwear industry generated $109.70 billion in 2020, and is anticipated to generate $165 billion by 2030, witnessing a CAGR of 4.2 percent during that time.
Rise in number of sports activities, surge in government investment in sports events, growing number of outlets and emergence of new designs drive the growth of the global athletic footwear market. However, rise in prices of raw materials, availability of counterfeit products, and increase in environmental concerns hinder the market growth. On the other hand, changes in consumer’s lifestyle, growth in fashion trends and emerging role of e-commerce present new opportunities in the coming years.
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The report points out that during the COVID-19 outbreak, a decline in consumer demand for athletic footwear was noted by brands such as Adidas, Nike, and Puma, among others.
Consumers reduced discretionary spending due to a rise in unemployment rates, which in turn, hampered the global athletic footwear market.
Based on end user, the men segment held the highest market share in 2020, accounting for nearly half of the global athletic footwear market and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in recreational and sports activities among men.
However, the women segment is projected to manifest the highest CAGR of 5.2 percent from 2021 to 2030. This is due to upsurge in participation of women in outdoor activities sports such as trekking, hiking, football, biking, and tennis.
Based on distribution channel, the hypermarket/supermarket segment accounted for the largest share in 2020, contributing more than one-third of the global athletic footwear market and is projected to maintain its lead position during the forecast period.
For all the needs of consumers, supermarkets and hypermarkets are considered to be a one-stop shop and provide all the things that an individual may need every day. This factor made the segment highest revenue generating segment. However, the online channels segment is expected to portray the largest CAGR of 5.6 percent from 2021 to 2030. This is attributed to the easy availability of athletic footwear and the benefits provided by them such as the information about the benefits offered by the product, and the facility of home delivery to customers.
Allied Market Research identifies the leading market players:
- Asics Corporation
- Adidas group
- Puma SE
- VF Corporation
- Nike, Inc.
- FILA Korea, Ltd.
- New Balance, Inc.
- SKECHERS, Inc.
- K-Swiss, Inc.
- Wolverine World Wide, Inc.
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