Sneakers are shoes mainly considered for sports or other practices of physical workout, but which are now also often used for daily wear. The word commonly defines a form of footwear with a bendable sole prepared from rubber or synthetic material and an upper part made of leather or artificial materials. Patterns of such shoes include athletic footwear such as tennis shoes, basketball shoes, cross trainers, and other shoes worn for particular sports. The increasing eagerness and awareness concerning the health welfare of sports and fitness events, the prosperous retail e-commerce segment globally, and the increasing disposable income of customers are projected to be the significant developments fueling the market growth. Youths are getting keen on implementing a healthy routine and are therefore contributing keenly to sports activities. People have started appreciating that sports and fitness events can help guarantee good health and decrease the threat of chronic illnesses such as cardiovascular diseases, depression and diabetes. Their adaptability allows them to be suitable for a wide array of activities beyond sports, making them a crucial aspect of day-to-day attire for individuals of all age groups. The sneaker phenomenon has spawned an entire industry encompassing limited-edition launches, collaborations between brands and artists, and a flourishing resale market. From performance-enhancing attributes to stylish designs, sneakers have transformed into a representation of personal flair and self-expression, catering to both sports aficionados and those in search of a chic yet comfortable footwear choice. Whether on the race track, court, or urban streets, sneakers persist in amalgamating utility and style, epitomizing a dynamic fusion of sports heritage and a contemporary way of life. According to the research report, “Global Sneakers Market Research Report, 2024-29” published by Actual Market Research, the market is anticipated to cross USD 115 Billion by 2029, increasing from USD 84.95 Billion in 2023. The market is expected to grow with 5.90% CAGR by 2024-29. The Sneaker Market is currently in the midst of a paradigm shift driven by evolving consumer preferences, concerns regarding sustainability, technological advancements, and the growing impact of social media. While challenges tied to sustainability persist, the industry’s adaptability to cater to diverse consumer demands presents noteworthy growth prospects. Limited releases, collaborations with celebrities, and the allure of the reselling market all contribute to the vibrancy of the market. Simultaneously, trends focused on comfort and ecological responsibility is reshaping the trajectory of its future. The continuously changing fashion preferences and the surging athleisure trend act as major drivers that are propelling the market’s expansion. Sneakers, which were once primarily used for athletic activities, have now seamlessly transitioned into mainstream fashion, impacting consumer decisions across various demographics. Additionally, the surge in celebrity endorsements and partnerships with high-end designers continues to stoke the demand. Nevertheless, the market does confront certain limitations, notably the escalating concerns regarding sustainability and ethical practices in the manufacturing process. This concern has triggered a demand for more ecologically friendly materials and greater transparency in the supply chain. In spite of these challenges, a multitude of opportunities are emerging. The adoption of e-commerce and social media platforms has simplified global outreach and personalized marketing, empowering brands to directly engage with consumers and create distinct shopping experiences. Furthermore, the escalating urbanization and the rise of health-conscious individuals are propelling the demand for both performance-oriented and lifestyle sneakers.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleMarket Drivers
• Digitalization and E-Commerce Growth: The rapid growth of e-commerce has significantly boosted the global sneakers market. Digital platforms provide consumers with convenient access to a wide range of sneaker options, enabling them to explore styles, read reviews, and make purchases online. Sneaker brands and retailers leverage e-commerce channels not only for sales but also for marketing, engaging with consumers through social media, exclusive online releases, and virtual events. The global reach of e-commerce platforms has expanded the market's accessibility and allowed brands to connect with diverse consumer demographics. • Health and Wellness Lifestyle Trends: The increasing emphasis on health and wellness has driven the demand for comfortable and supportive footwear, contributing to the growth of the sneakers market. As more individuals engage in various forms of physical activity and prioritize an active lifestyle, sneakers have become a go-to choice for both athletic endeavors and casual wear. The incorporation of ergonomic designs, cushioning technologies, and performance-enhancing features aligns with consumer preferences for footwear that supports their health and well-being. Market Challenges
• Changing Consumer Preferences and Trends: Rapid shifts in consumer preferences and fashion trends pose a challenge for the sneakers market. Brands must stay attuned to evolving tastes, style preferences, and cultural influences to remain relevant and competitive. Adapting to changing consumer demands requires agility in design, marketing, and production, as failure to anticipate and respond to shifting trends can result in excess inventory and decreased market share. • Global Economic Uncertainties: Economic uncertainties, including recessions, currency fluctuations, and geopolitical events, can impact consumer spending habits and purchasing power. The sneakers market, often driven by discretionary spending, is sensitive to economic downturns. In times of financial uncertainty, consumers may prioritize essential purchases over discretionary items like footwear. Sneaker brands must navigate these economic challenges strategically, implementing pricing strategies and marketing approaches that resonate with consumers in varied economic landscapes. Market Trends • Customization and Personalization: The trend towards customization and personalization in the sneakers market is gaining momentum. Consumers seek unique and personalized experiences, and sneaker brands are responding by offering customization options. Platforms like NikeID allow customers to design their own sneakers, choosing colors, materials, and even adding personalized details. This trend not only enhances the emotional connection consumers have with their footwear but also provides brands with opportunities for increased customer engagement and brand loyalty. • Diversity and Inclusivity: The call for diversity and inclusivity is influencing the design, marketing, and representation within the sneakers industry. Consumers are increasingly advocating for a wider range of sizes, gender-inclusive designs, and representation of diverse cultures in marketing campaigns. Sneaker brands are responding by expanding size ranges, collaborating with diverse influencers, and releasing collections that celebrate cultural diversity. This trend reflects a broader societal shift towards inclusivity and resonates with consumers seeking products that align with their values. Covid-19 Impacts The pandemic led to widespread disruptions in global supply chains, affecting the production and distribution of sneakers. Manufacturing facilities faced closures, and transportation delays resulted in a scarcity of raw materials and finished products. This disruption not only led to delays in releasing new sneaker models but also affected the availability of existing inventory, causing challenges for both manufacturers and retailers. Lockdowns and social distancing measures prompted the closure of physical retail stores, significantly impacting brick-and-mortar sales channels. Many consumers turned to online shopping during lockdowns, accelerating the already growing trend of e-commerce. Sneaker brands and retailers had to adapt quickly to the surge in online demand, with digital platforms becoming crucial for maintaining sales and reaching consumers. Economic uncertainties and job insecurities during the pandemic led to changes in consumer spending habits. Discretionary spending, including on non-essential items like fashion and footwear, faced cutbacks as consumers prioritized essential needs. Sneaker brands experienced shifts in demand, with a preference for more affordable and versatile styles as opposed to high-end or luxury sneaker options. The pandemic disrupted the traditional release calendar for sneaker brands, leading to delays and rescheduling of highly anticipated releases. Limited-edition collaborations, often a significant driver of consumer excitement and brand loyalty, were affected. In-person events and sneaker launches, which typically involve crowds and long queues, had to be reimagined or postponed, impacting the overall hype and marketing strategies associated with these releases. With more people working from home and adopting casual lifestyles, there was a noticeable shift in consumer preferences towards comfortable and casual footwear. Sneakers, with their comfort-centric designs, became even more appealing as individuals sought versatile and comfortable options for both indoor and outdoor activities. Brands that emphasized comfort and adaptability saw increased demand during this period. Physical events, such as sneaker launches, expos, and fashion shows, were either canceled or moved to virtual platforms due to safety concerns. Brands adapted by leveraging digital marketing strategies, including virtual events, live streams, and augmented reality experiences, to engage with consumers. Mid-top sneakers are growing in the sneakers market due to their versatile design, offering a balance between ankle support for athletic activities and a fashion-forward aesthetic suitable for casual wear. The growing popularity of mid-top sneakers in the market can be attributed to their versatile and balanced design, successfully bridging the gap between functionality and fashion. Mid-top sneakers provide a moderate level of ankle support, making them suitable for various athletic activities, including casual sports and light workouts. This functional aspect caters to consumers who seek footwear not only for fashion but also for active lifestyles. At the same time, mid-top sneakers have gained traction as a stylish choice for everyday casual wear. The design offers a middle ground between the low-top and high-top variations, providing a unique silhouette that complements a wide range of outfits. This versatility has resonated with consumers who appreciate the adaptability of mid-top sneakers, allowing them to effortlessly transition from sports activities to social and leisure settings. As a result, the market demand for mid-top sneakers has surged, driven by the desire for footwear that seamlessly combines performance, comfort, and style. The growth of women's sneakers in the market is driven by a shift in consumer preferences towards comfort-centric fashion and an increasing emphasis on inclusivity, with sneaker brands recognizing and catering to the diverse style preferences and active lifestyles of female consumers. The surge in popularity of women's sneakers in the market can be attributed to a fundamental shift in consumer preferences, where comfort and versatility take precedence in fashion choices. As societal norms evolve, there is a heightened emphasis on inclusivity, recognizing and celebrating the diverse lifestyles, tastes, and fashion sensibilities of women. Sneaker brands have responded to this cultural shift by expanding and diversifying their offerings for female consumers. The design landscape of women's sneakers has evolved beyond traditional stereotypes, with brands introducing a wide array of styles, colors, and materials to cater to various tastes and preferences. Additionally, the rise of athleisure as a dominant fashion trend has played a pivotal role in the growing popularity of women's sneakers. Women today seek footwear that seamlessly combines style with functionality, allowing them to effortlessly transition from casual outings to more active pursuits. The incorporation of innovative technologies, sustainable materials, and collaborations with female influencers and designers further contribute to the appeal of women's sneakers. The market growth is indicative of a broader societal shift towards recognizing and meeting the diverse needs of female consumers in the dynamic world of fashion and athletic footwear. The growth of online sneakers is driven by the increasing prevalence of e-commerce platforms, providing consumers with convenience, a vast array of choices, and exclusive releases, allowing enthusiasts from around the globe to easily access and participate in the dynamic sneaker culture. The rapid growth of online sneakers in the market is closely tied to the transformative influence of e-commerce platforms. As technology advances and consumer behaviors evolve, online shopping has become an integral part of the retail landscape, and the sneakers market is no exception. Online platforms offer unparalleled convenience, allowing consumers to explore a vast and diverse range of sneakers from the comfort of their homes. The accessibility factor is crucial, enabling enthusiasts to access global releases and exclusive collaborations that might not be available in their local markets. Sneaker brands and retailers leverage online channels to reach a broader audience, facilitating a global community of enthusiasts who engage in discussions, share collections, and participate in the excitement surrounding new releases through digital platforms. The rise of social media further amplifies the online sneaker culture, with platforms like Instagram, Twitter, and specialized sneaker forums serving as hubs for discussions, updates, and community-building. The ability to purchase sneakers online not only caters to seasoned collectors but also introduces new consumers to the world of sneakers, expanding the market and driving continuous growth. As technology continues to advance, online sneakers are expected to play an increasingly dominant role in the market, offering a seamless and immersive experience for enthusiasts worldwide. The growth of the Asia-Pacific region in the sneakers market is propelled by a combination of rising disposable incomes, a burgeoning youth population with a strong affinity for global fashion trends, and the cultural significance of sneakers as a status symbol and fashion statement. The sneakers market in the Asia-Pacific region has witnessed remarkable growth, driven by several interconnected factors that collectively contribute to the region's prominence in this dynamic industry. One key driver is the increasing disposable income across many countries in the Asia-Pacific region. As economies prosper and urbanization accelerates, consumers have more spending power, enabling them to invest in lifestyle products, including sneakers. The youth population, in particular, plays a pivotal role in fueling this growth. With a significant portion of the population comprised of young, fashion-conscious individuals, there is a strong demand for the latest global fashion trends, with sneakers standing out as a particularly coveted item. The cultural significance of sneakers in Asia-Pacific cannot be overstated. Sneakers are not just footwear; they serve as status symbols, expressions of identity, and fashion statements. The influence of global sneaker culture, driven by Western and Asian celebrities, athletes, and influencers, has permeated the region, creating a vibrant and dynamic market. Collaborations between international sneaker brands and local influencers or designers further contribute to the appeal of exclusive and limited-edition releases. E-commerce has played a transformative role in the Asia-Pacific sneaker market, providing consumers with easy access to a vast array of products, global releases, and collaborative collections. The rise of online platforms has connected enthusiasts across borders, fostering a sense of community and allowing consumers to stay updated on the latest trends and releases. Major players included in the market are Skechers USA, Inc., Nike Inc., Puma SE, Adidas AG, Under Armour Inc., Asics Corporation, New Balance Athletics, Inc., Hermès International S.A., VF Corporation, Relaxo Footwears Limited, Woodland Worldwide, Bata Corporation, Columbia Sportswear Company, ECCO Sko A/S, Fila Holding Corporation, Geox S.p.a, Benetton Group S.r.l., Mizuno Corporation, Campus Activewear and Ralph Lauren Corporation. • In 2023, with the release of the highly anticipated Air Jordan 1 Low OG UNC sneaker 2023, Nike sparked a surge of excitement throughout the sneaker community. • In 2022, Adidas made a significant impact by releasing the hypnotizing Yeezy Boost 350 V2 Bone sneaker. • January 2022: NIKE, Inc. entered into a conclusive contract to procure Converse, Inc. The entire worth funded for 100 % of the equity shares was roughly US$305 Mn plus the supposition of assured working capital charges at the time of the transaction’s consummation. • In July 2022, adidas AG and Guccio Gucci S.p.A. intended to launch their much-anticipated footwear line centered on the Gazelle silhouette • In January 2022, Converse, Inc. was acquired by NIKE, Inc. under a binding contract. The total value funded for 100 percent of the equity shares was about USD 305 million, including the assumption of certain working capital adjustments at the time of deal completion • In July 2022, Adidas AG and Guccio Gucci S.p.A. planned to release their highly anticipated footwear collection centering on the Gazelle silhouette. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Sneakers market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Low-Top Sneakers • Mid-Top Sneakers • High-Top Sneakers By End Users • Men • Women • Kids By distributions • Offline o Supermarket/Hypermarket o Specialty Stores o Brand Outlets o Others • Online The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Sneakers industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
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