Global Men’s Footwear Market Assessment, By Product Type [Shoes and Sneakers, Boots, Loafers, Sandals, Clogs, Others], By Application [Athletic Shoes, Formal Shoes, Casual Shoes, Others], By Material [Leather, Canvas and Fabric, Rubber, Suede, Others], By Category [Open Footwear, Closed Footwear], By Price Range [Mass Segment, Premium Segment, Luxury Segment], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Global men’s footwear market is projected to witness a CAGR of 6.10% during the forecast period 2024-2031, growing from USD 131.44 billion in 2023 to USD 211.08 billion in 2031. actors such as the increasing emphasis on health and fitness, which is surging the demand for athletic shoes and sports footwear, coupled with the proliferation of e-commerce platforms that offer a wide range of options to consumers, are driving the market growth of men’s footwear exponentially.

Their innovation in footwear design makes them attractive to fashionable, tech-savvy, and latest design enthusiasts. This is being fuelled by the fast fashion trend, which results in the constant evolution of the market through the frequent introduction of the latest style.

Men prefer footwear that has durable material and offers breathability and comfort, appealing to fuel the market growth. Consumers’ preference for shoes that can last longer increases the demand for leather footwear among men. Moreover, the increasing men workforce is augmenting market growth with increasing demand for formal shoes. As per the estimates of the International Labour Organization, in 2023, the total labor force participation rate of men above 25 was 70.6% in the United States of America as of November 2023. Also, the ratio of working men between 15 to 24 years in the same country was 51.3%.

The market trend of consumers’ preference toward sustainable fashion, with rising awareness among consumers about the environmental impact of their purchasing decisions, is on the rise. Footwear brands utilizing upcycled materials are, therefore, able to differentiate themselves on the sustainability platform, further attracting consumers who are environmentally responsible.

Moreover, the retail expansion clubbed with the brand consciousness among consumers is driving the growth of luxury men’s footwear. As a result, luxury footwear brands are expanding online and offline to enhance the experience of consumers. For instance, in April 2024, Stuart Weitzman, a brand of Tapestry, Inc., made its retail debut with the launch of luxury retailers such as Neiman Marcus, Saks, and Bergdorf Goodman. The collection includes moccasins, loafers, derbies, and oxfords that retail between USD 457 and USD 875.

Usage of Upcycled Materials for the Creation of New Footwear to Gain Popularity

Using upcycled materials to develop new footwear is driving the growth of the global men's footwear market, aligning significantly with growing consumers’ demand for sustainability, innovation, and ethical consumption. Upcycled materials, derived from transforming waste products into new and high-value footwear, cater to the fast-growing demand of eco-conscious customers. This approach is appealing to consumers who consider environmental responsibility and reducing their ecological footprint.

Upcycled materials usually offer unique textures and appearances that can be capitalized on to create unique, appealing, and innovative footwear that stands out in a crowded market. Such innovative footwear appeals to fashion-driven consumers who prefer unique and story-driven products.

Also, the usage of upcycled materials ensures reduction in the raw material costs and potential market pricing, which makes the footwear affordable for consumers.

In August 2023, Merrell launched Scrap, a limited edition run footwear collection for men, partially created using excess materials from the production line. The range debuted with three of the brand’s iconic models, Jungle Moc, Moab Speed, and Moab 3. Each shoe has a unique pattern, with uppers made from the brand’s leftover scrap material, which is otherwise dumped into the water stream.

Innovation in Online Shopping to Enhance Consumers’ Shopping Experience

Innovations in online shopping, such as the introduction of AI shopping assistants, virtual trial rooms, and exclusive discounts, are enhancing the online shopping experience for the consumer and driving the growth of online distribution channels. AI shopping assistants allow consumers to receive personalized recommendations, make search processes easier, and provide real-time support, offering a similar in-store assistant experience and making online shopping more efficient and tailored to consumer preferences.

Virtual trial rooms for consumers are revolutionizing the online shopping experience by enabling visual looks. E-retailers offer exclusive discounts and personalized promotions that appeal to cost-conscious consumers to visit their websites for online shopping.

Together, these online shopping innovations reduce common online shopping barriers, such as fitting issues and lack of personal assistance, that make the process more convenient, engaging, and cost-effective for consumers. It leads to greater adoption and satisfaction in online shopping among consumers, enhancing their shopping experience and resulting in the growth of the men’s footwear market globally.

For instance, in March 2024, PUMA SE redefined its online shopping experience with Google Cloud’s AI solutions. This made the online shopping experience for consumers more efficient, agile, and personalized by introducing virtual try-one and AI shopping assistants.

Leather Shoes to Dominate the Global Men’s Footwear Market Share

Leather Shoes dominate the men’s footwear market, as men wear them more than shoes made of other materials such as canvas, rubber, or suede. This is due to factors such as traditional male dress codes, especially for professional and formal looks, and the requirement for formal wear at workplaces, which mandate the wearing of leather shoes. Thus, leather shoes are increasingly preferred by men on occasions requiring a polished and sophisticated appearance, such as business meetings, formal events, and interviews.

Fashion trends and versatility in leather shoes play a critical part in its growing demand among men. Leather shoes, in their varying styles and forms, ranging from classic oxfords and brogues to casual loafers and boots, can be paired with a wide variety of clothing. This versatility of leather shoes makes them a staple in most men's wardrobes. For instance, in December 2022, Robert August, released Goodyear Welt collection, a new collection of custom-made and premium men’s leather dress shoes. The collection includes Derby, Oxford, Brogue, and Double Monk, which were crafted in Europe. These leather dress shoes can be customized to wearers’ tastes.

Moreover, the timeless and elegant look of leather shoes aligns with many men's preferences for understated yet stylish footwear. Also, they are preferred by men as they are superior in quality and craftsmanship, appealing to consumers who appreciate investment in high-quality and reliable products.

Asia Pacific to be the Fastest Growing Region

The men's footwear market in Asia-Pacific is witnessing a massive expansion due to evolving consumer preferences and Western culture influence combined with technological developments in the region. One such latest trend is that of sneakers, which are casual and sporty, dominating the market.

Moreover, customization and personalization have picked the pace in the region. Advanced manufacturing technologies teamed with digital platforms allow customers to design their shoes, right from color and material to personal inscriptions. Therein it plays into the rising demand for unique products.

In addition, the government regulations in the region are introducing policies to increase the production of footwear to augment the growth for the men’s footwear market in Asia-Pacific. For instance, in February 2024, the Government of India, allocated a provision of USD 311.31 million (INR 2600 crore) for footwear in the country’s interim budget towards the formulation of the schemes for 2024-25.

Moreover, India’s state governments are taking certain initiatives to promote the production of leather footwear, driving the growth of men’s footwear market in the region. For instance, in 2022, the Government of Tamil Nadu made amendments to its Tamil Nadu Footwear and Leather Products Policy, which aimed to transform the state as the most favorable destination for the production of footwear and leather products in Asia by creating a resilient supply chain for footwear manufacturing. The state had set the targets of attracting investments of USD 2.395 billion (20,000 crores) in the footwear and leather products manufacturing industry.

As a result of these government policies, in November 2023, JR One Footwear Pvt. Ltd. established a production facility at the Perambalur Footwear Park to manufacture the footwear of the Crocs brand. The joint venture company inaugurated a 50-acre facility in the district for the production of the latest footwear designs.

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Future Market Scenario (2024 – 2031F)

Convenience, innovation, and accessibility are the three factors that are majorly driving the growth of the men's footwear market in the forecast period. The introduction of footwear with easy functionality and innovative models that provide unmatched comfort and expansion of retail channel are appealing to consumers to foster market growth. With growing awareness and adoption, hands-free shoes are expected to strongly expand the market and boost overall growth.

For instance, in February 2021, Nike, Inc. introduced Nike Go FlyEase, which is a hands-free shoe featuring a bi-stable hinge that allows the shoe to be both fully opened and fully closed. This hands-free footwear uses Nike’s revolutionary FlyEase technology. With this technology, the heel pivots open for a hands-free experience. The footwear suits people with mobility challenges who are sensitive to daily convenience and consumers with busy lifestyles.

Report Scope

“Men’s Footwear Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global men’s footwear market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 6.10% between 2024 and 2031
Revenue Forecast in 2031	USD 211.08 billion
Segments Covered	Product Type, Application, Material, Category, Price Range, Distribution Channel
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Under Armour, Inc., Skechers USA, Inc., LVMH Group, The ALDO Group Inc., Tapestry, Inc., Nike, Inc., PUMA SE, Kering Holland NV, Adidas AG, Crocs, Inc., Birkenstock Group B.V. & Co. KG
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, global men’s footwear market has been segmented into the following categories: 

·         By Product Type

o   Shoes and Sneakers

§  Lace-up Sneakers

§  Slip-on Sneakers

§  Oxfords

§  Derbies

§  Brogues

§  Others

o   Boots

§  Formal Boots

§  Chukka Boots

§  Rain Boots

§  Snow Boots

§  Others

o   Loafers

o   Sandals

§  Sliders

§  Thong Sandals

§  Strap Sandals

§  Flip-Flops

§  Others

o   Clogs

o   Others

·         By Application

o   Athletic Shoes

o   Formal Shoes

o   Casual Shoes

o   Others

·         By Material

o   Leather

o   Canvas and Fabric

o   Rubber

o   Suede

o   Others

·         By Category

o   Open Footwear

o   Closed Footwear

·         By Price Range

o   Mass Segment

o   Premium Segment

o   Luxury Segment

·         By Distribution Channel

o   Online

§  E-commerce Websites

§  Company Website

o   Offline

§  Supermarkets and Hypermarkets

§  Mono-brand Stores

§  Multi-Brand Retail Outlets

§  Others

·         By Region

o   North America

o   Europe

o   Asia-Pacific

o   South America

o   Middle East and Africa

Key Players Landscape and Outlook

Key players in the market are helping the growth by focusing on continuous product innovation, retail expansions, and strategic marketing. The manufacturers are actively expanding their product portfolio, increasing their consumer base, and catering to their evolving needs. The key players are seeking collaborations to launch innovative products in the men’s footwear category and expand their product portfolio.

For instance, in May 2024, Skechers USA, Inc. announced a global footwear partnership with John Deere to launch the latest Skechers X John Deere footwear collection. The new footwear collection hit  the stores in July 2023 and is designed specifically for agricultural professionals, construction workers, and outdoor enthusiasts. The footwear incorporates Skechers’ comfort technology and John Deere signature leaping deer logo to appeal to the consumers.

Key Players Operating in Global Men’s Footwear Market are:

·         Under Armour, Inc.

·         Skechers USA, Inc.

·         LVMH Group

·         The ALDO Group Inc.

·         Tapestry, Inc.

·         Nike, Inc.

·         PUMA SE

·         Kering Holland NV

·         Adidas AG

·         Crocs, Inc.

·         Birkenstock Group B.V. & Co. KG

Markets and Data’s reports answer the following questions:

·         What is the current and future market size of the product/service in question globally or specific to different countries?

·         How are the markets divided into different product/service segments and the market size and growth of each segment?

·         What is the market potential of different product segments and their investment case?

·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

·         What is the business environment and regulatory landscape specific to the product/service?

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