Footwear Market 2020-26 Segment Analysis, Opportunity Assessment and Competitive
Posted by shivf on November 10th, 2020
The global footwear market is expected to witness a growth rate of 4.2% during the forecast period and was valued at US$ 230.2 Bn in 2018. The global footwear market is likely to grow owing to factors like an increasing population base, the availability of a variety of footwear products, and a rise in disposable income of consumers. Major players like Nike, Adidas, Reebok, and others are trying to grab this opportunity by introducing new variants to their product line.
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KEY FINDINGS/RECENT NEWS:
Changing lifestyles and growing health problems such as obesity is prompting people to engage in physical exercise, which in turn, is triggering the market for footwear. Further, global sporting events such as the Commonwealth Games, Olympics, Asian Games, Super Bowl, Cricket World Cup, and FIFA are used as promotional platforms by various companies, which will propel the growth of the global footwear market during the forecast period. For instance, in February 2019, Nike announced its partnership with FIBA, the International Basketball Federation and due to this partnership, Nike will reinforce its brand image along with promoting its product.
However, problems such as counterfeit products are destroying the brand image of manufacturers and thus, are restraining the the overall market of footwear. For instance, several unorganized players manufacture duplicate footwear products of Nike and Adidas, among others, in order to grab customer attention, thereby affecting the company’s brand image.
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About the Authorshivf
Joined: October 12th, 2020
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