The global Leather Footwear Market size is expected to reach USD 202,305 million by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 2.8% during the forecast period, attributed to the rise in working class population and disposable income, flourishing retail e-commerce sector, and evolving fashion trends in business wear. Availability of myriad products and shopping channels will further accelerate the growth.
Leather footwear market is closely aligned with consumer spending on fashion accessories. Rapid rise in spending on fashion accessories due to growing influence of social media is driving the market. Evolving shopping trends and increasing propensity toward buying high-end and designer shoes are estimated to fuel the market growth. On the other hand, availability of counterfeit shoe products developed by local manufactures may hinder growth. However, high demand for trendy, fancy, and comfortable footwear is driving the market growth.
The male end user segment accounted for the highest market share of about 56% in 2018. It is expected to register the fastest CAGR from 2019 to 2025. Growing awareness regarding physical appearance among the males along with evolving fashion trends, is also expected to drive the growth. High influence of advertising campaigns by big brands that feature popular male personalities is expected to result in an increasing demand from the young generation. Tailor made leather shoes is the trend that is expected to fuel the growth in male segment.
The female segment is anticipated to register a CAGR of 2.8% over the forecast period. The growth is due to the drop in purchase of heeled shoes. Increasing number of working women is driving the growth of female leather footwear industry. Women’s spending on leather footwear like high ankle length shoes, reptile and animal skin, suede ballerinas, pumps, boots, casual town shoes, sandals, and flip-flops is driving the growth.
In terms of distribution channel, the market is segmented into online and offline. Offline channel accounts for the largest market share of more than 72.0% in 2018. Developed countries have high number of fashion stores where the range of products is well placed in iPads or interactive shelves as a part of the customer engagement strategy.Eobuwie.pl owned by CCC, Central Europe’s largest footwear retailer and the largest footwear manufacturer, created its own brand concept store, which allows user to browse through almost 450 brands via tablets at their fingertips. Online is anticipated to register the fastest CAGR of 3.2% over the forecast period. Online shopping for footwear is less tedious and attractive to consumers compared to the clothes shopping, as a result of shoe size uniformity.
Europe is estimated to be the largest regional segment accounting for approx. 31.0% of the market share in 2018. U.K. alone accounted for approximately 13.0% of the market share in the same year. In U.K., leather footwear accounts for 49.0% of the total footwear market. Formal leather footwear perform well in the region due to growing middle class, more women at work, increasing shopping centers, and adoption of online purchase.
Asia Pacific is projected to register the fastest CAGR of 5.1% from 2019 to 2025. Factors such as growing economies, rising number of low-middle class, rapid expansion of international footwear chains, and growing working class population is expected to fuel the regional demand.
Key players in this market are Prada Holding B.V.; LVMH; Allen Edmonds; Kering S.A.; Bruno Magli; Cole Haan; Genesco Inc.; Hermès International S.A.; Salvatore Ferragamo S.p.A.; and Crockett & Jones.
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Leather Footwear Market Report Highlights
·Male end user segment accounted for the highest share of approximately 55.0% in 2018
·Offline based distribution channel accounts for the largest share of more than 72.0% in 2018, omni-channel retailing and in-store marketing solutions to enhance the shopping experience and to bridge the gap between offline and digital channels
·Some of the key players operating in the global leather footwear market include are Prada Holding B.V., LVMH, Allen Edmonds, Kering S.A., Bruno Magli, and Cole Haan