Technavio analyzes that the Footwear Market in APAC is expected to grow at a CAGR of 7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 45.8 billion.There are various factors that contribute to the growth of the market. The athletic footwear market in APAC is experiencing significant growth due to increasing health consciousness and a trend towards active lifestyles. Consumers are prioritizing comfort and functionality in their footwear choices, leading to a surge in demand for athletic shoes. Brands are responding with innovative designs and technologies to cater to this growing market segment. The trend is expected to continue, making athletic footwear a lucrative investment for businesses in the APAC region.
In the APAC footwear market, offline sales revenues are derived from various channels including specialty stores, hypermarkets, supermarkets, convenience stores, clubhouses, and department stores. However, the preference for online shopping has led to a consistent decline in sales within this segment. To mitigate this trend and expand their customer base, footwear vendors are penetrating local and regional markets. This market expansion increases competition, necessitating retailers to adopt innovative business and retail strategies to remain competitive. Key challenges in this sector include infections, sanitation, and disease risks associated with barefoot populations and parasitic worms such as hookworm and tick bites. To ensure consumer safety and health, footwear manufacturers and retailers must prioritize product quality, hygiene, and disease prevention measures.
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Footwear Market in APAC Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Footwear Market in APAC focuses on providing footwear in various colors for consumers in impoverished regions. Health and comfort are prioritized, addressing foot problems such as corns, ingrown toenails, fungal nail infections, and Athlete’s foot. Pain and disfigurement are alleviated through footwear that absorbs impact, ensures body alignment, and offers arch support, padding, and mobility. Footwear also addresses joint pain and helps prevent infections.
The footwear sector falls under the expansive umbrella of the global textile, apparel, and luxury goods market, encompassing businesses involved in the manufacturing of athletic and non-athletic footwear catering to diverse age groups and genders. According to Technavio, the market size is determined by the consolidated revenue generated by the producers of apparel, accessories, luxury goods, and footwear, as well as textiles. The global footwear market is propelled by several key factors. Primarily, the burgeoning preference for branded footwear is fueling growth, driven by the expanding youth population and the increasing middle class. Urbanization's influence on consumer habits and lifestyles is another significant factor, as individuals in rapidly urbanizing regions increasingly prioritize comfort and health in their footwear choices to address common foot problems such as corns, ingrown toenails, and fungal nail infections.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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