The global footwear market is a multi-billion U.S. dollar industry. A part of the clothing and apparel industry, the footwear market is comprised of shoes, sneakers, luxury footwear, athletic footwear, and sporting shoes, as well as other related goods. Footwear products are commonly made of leather, textile, and a range of synthetic materials. In 2023, the revenue of the global footwear market was estimated to be worth almost 400 billion U.S. dollars.
Where do the billions of shoes come from?
In 2022, approximately 24 billion pairs of footwear were produced around the world. This was a return to the consistent levels maintained before the coronavirus (COVID-19) pandemic, of roughly 23 to 24 billion pairs each year. Asia is responsible for the vast majority of this production, with a share of over 87 percent of global footwear production. This footwear is then exported all around the world, with Germany, Japan and France being among the largest footwear importers worldwide. The United States, however, stands out as the largest importer by a significant margin, importing roughly 2.7 billion pairs of shoes in 2022. In comparison, second-placed Germany imported about 790 million pairs of shoes.
Athletic shoes picking up pace
One trend in the worldwide footwear market is the increased popularity of athletic footwear, which is not just worn for playing sport, but also as part of everyday fashion. The sports shoes market was forecast to recover to pre-pandemic levels in 2023, and continue this growth over the coming years. The industry is expected to be worth about 65 billion U.S. dollars worldwide by 2028. Again, the United States was the country with the highest revenues from athletic footwear in 2022, followed by China.
Nike leads the pack
There are a number of large multi-national companies within the global footwear industry, with sportswear brands well represented, one of the most well known being Nike. In 2022, Nike led its main direct competitors of Adidas and Puma with footwear segment revenues of approximately 29 billion U.S. dollars worldwide. In 2022/23, Nike ranked second in the ranking of overall leading apparel and footwear retailing companies in the world only behind luxury giant LVMH. In regards to specialist footwear companies, Deichmann posted the largest revenue worldwide at 6.9 billion euros in 2022.
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