Footwear Care Market Reflecting 5% CAGR Over Forecast
The growth in demand for footwear in all regions is not only addressed by established players, but has subsequently increased the number of new entrants in the market. The significant growth in the number of companies has resulted in fierce competition among market players. To maintain itself in this competitive environment, innovation in footwear and shoe care has transpired. The easy availability of different ranges of shoes, changing fashion trends among the growing number of workers and increasing online shopping have led to an increasing demand for shoe care products. Online retailing has given customers access to shoe care accessories that are not readily available in conventional stores. For example, shoe trees are rarely available in conventional stores, but can be easily purchased in online stores.
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In addition, orthopedic shoes have gained a prominent reputation in the footwear industry, especially for diabetic patients, in recent years. In addition, the need to properly maintain these orthopedic shoes has increased the demand for shoe care accessories. The growing health awareness of diabetic patients as well as the elderly population has boosted the sales of shoe care accessories and will positively impact the market during the forecast period.
In light of the above factors, the global shoe care sales reached US $ 5 billion in 2020. According to the revised report by Persistence Market Research, the shoe care market is expected to register a stable CAGR of nearly 5% over the forecast period. from 2021-2031.
Key points of the market research
• The market is considerably fragmented and large in nature, resulting in moderate bargaining power for clients due to a large number of players. Major manufacturers of shoe care products are involved in branding their presence through strategies such as targeted marketing.
• The shoe care category holds a significant share of revenues. With the increasing importance of formal shoes, this segment is expected to register significant growth.
• If applied, formal shoes are the dominant category in the industry, and this segment is expected to experience steady growth during the forecast period.
• Changing consumer preferences from in-store to online shopping is likely to stimulate online retailing of shoe care products in the coming years.
• In terms of regional analysis, the East Asia and South Asia market is expected to register rapid growth. Growth in these regions is expected to be driven primarily by the Millennials population.
• Due to the COVID-19 outbreak, the market growth in 2020 was only nearly 5%. However, in 2021, it is expected to increase with the increasing adoption of formal and athletic footwear.
“Besides product innovation, booming businesses, changing lifestyles of young people and increased awareness of people’s health will provide a great opportunity for shoe care providers in the near future,” says a Persistence Market Research analyst.
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Competition in the market
The report highlights breakthrough insights into the competitive scenario of the Footwear Care market, along with the highlights of the differential strategies employed by manufacturers. Some of the major players identified in the value chain include SC JOHNSON & SON, Fiebing Company, Inc., Caleres Inc., CA Zoes Mfg Co., Woodland Worldwide, Collonil Company, RSPL Limited, New Balance Athletics, Inc., C&J Clark International Limited, Salamander France SAS, Lincoln Shoe Polish c / o Maxton & Company, Griffin Shoe Care, TARRAGO BRANDS INTERNATIONIAL, SL and OTTER WAX LLC.
More valuable information
Persistence Market Research has released a new market research report on the Footwear Care market, covering the global industry analysis for 2016-2020 and forecast for 2021-2031. Market research reveals compelling information on the basis of product (shoe care, shoe cleaning and shoe care accessories), application (formal, casual, athletic and others) and sales channel ( supermarkets / hypermarkets, specialty stores, multi-brand stores, online retailers, wholesalers and distributors and other sales channels), in seven major regions of the world.
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