The global shoe care market is estimated to be valued at more than US$ 5,100 Mn in 2017 and is forecasted to reach a value of nearly US$ 6,850 Mn by 2025 end.
Albany, NY -- (SBWIRE) -- 09/21/2017 -- With high technological innovation such as fancy and trendy shoes, the global shoe care market is expected to grow at a faster rate throughout the projected period. According to the report "Shoe Care Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025," which has been added to the database of Market Research Reports Search Engine (MRRSE), in terms of value the global market for shoe care is projected to expand at a moderate CAGR of 3.7% during the forecast period i.e. 2017–2025. Constantly growing footwear market in North America, internet retailing, diversified footwear market and easy availability of products across retail, and rise in the need for improved look of footwear and longevity are some of the factors contributing to the growth of the worldwide market for shoe care.
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Global Shoe Care Market: Trends
Some of the key trends that are noticeable in the global market for shoe care include –
- Opening of customized online stores and increasing seriousness towards sports as a career
- Sustainability and corporate social responsibility in the global shoe care market
- To separate their products from other brands, key players – particularly regional players are looking to build a superior brand identity
- Considerable growth in the wellness industry
- Increasing demand for innovative and stylish footwear
Global Shoe Care Market: Forecast by Product
This segment includes insoles, accessories and chemicals segments. Chemicals segment is sub-segmented into paste, creams, soaps, liquid, color changer, deodorizers, and others. Insoles segment comprises anti-slip goods, stretchers, shoe horn and others. Accessories segment is sub-segmented into shapers, laces, brushes, dusters and others. Among all the product types, the chemicals segment is estimated to account for a high value share in the global market by 2025 end followed by insoles. Chemicals is projected to expand at a moderate CAGR over the forecast period.
Global Shoe Care Market: Forecast by Application
The application segment includes formal, sports, casual, and others. In terms of value, casual shoe care is expected to gain a significantly high CAGR during the forecast period, while formal shoe care is anticipated to gain significant BPS.
Global Shoe Care Market: Forecast by Sales Channel
Hypermarket, online and exclusive are the three main segments by sales channel. The online shoe care segment is projected to represent a remarkable absolute $ opportunity during 2017- 2025.
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Global Shoe Care Market: Forecast by Region
In value terms, North America is likely to grab a relatively larger share in the global shoe care market. In North America, manufacturers in the U.S. are focusing on manufacturing fancy and trendy shoes due to growing fashion concerns among consumers. The market in the Middle East & Africa is in the nascent stage, primarily due to increasing demand for low priced shoes.
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