Advances in the sustainable space, in addition to material processing techniques and operability, are credited to industry growth.
The sustainable footwear market is anticipated to increase to an impressive valuation of US$ 9.59 billion in 2023 and is poised to exhibit a CAGR of 6% from 2023 to 2033 and reach US$ 17.18 billion in 2033.
Sustainability has become a buzzword in the fashion world at present, and the trend is sweeping the footwear vertical too. Footwear accounts for a fifth of the environmental impact created by the overall apparel industry, with over 700 million metric tons of CO2 generated as a byproduct of its production and raw material extraction every year.
As social conscience becomes a bigger platform for innovation and fuel to trigger step-change improvements within the footwear industry, NPD data reveals that 36% of individuals aging 18-34 years have done shopping in the recent past to support brands’ social position.
This creates a meaningful opportunity for brands to capture value from increasingly conscious customers. Companies need to be forward-thinking and have an ecological and social responsibility to flourish in the near future.
Customers that will represent the largest customer base prioritize these issues, and companies must over-communicate their market position to retain them in the sustainable footwear market that is both growing and transforming.
Get Sample of the Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-12009
Sustainable Footwear Market – Key Trends and Drivers
Sustainability makes true business sense with regards to the supply chain, and that when both companies and customers are engaged throughout the value chain, it triggers a mutual agenda advancing around more conscious footwear manufacturing.
Recent data reveals that about 300 million pairs of footwear are disposed each year and, on an average, it requires 30-40 years for a pair to completely decompose in landfills.
Adoption of recycled materials in footwear leaped 70% y-o-y in 2019. With emergence of startups, committed efforts by established brands, and penetration into footwear by sustainability leaders, sustainable footwear is witnessing an uptick.
The time is ripe where shoe makers are making considerable strides in circularity and sustainability. These are holistic shifts which include boosting the adoption of recycled, renewable, and bio-based materials, while also exploring innovative ways to produce, design, and package.
Sustainable Footwear Market – Growth Restraints
Majority of players in sustainable footwear market find it challenging to invest in technology and talent to develop fully sustainable footwear from scratch. As such, some manufacturers are seeking more creative ways to join this movement.
Request for TOC @ https://www.futuremarketinsights.com/toc/rep-gb-12009
Due to factors such as complexity, size, and lack of proper infrastructure for recycling or repair, the footwear industry is yet to leverage the full potential of sustainability without alienating customers.
Raw materials required to manufacture sustainable footwear are relatively expensive compared to that used in production of conventional footwear. That said, technological advances in terms of recycling fabrics more effectively are slated to curb the cost of obtaining raw materials in the coming years.
COVID-19 Impact on Sustainable Footwear Market
The COVID-19 pandemic has trapped the world and the footwear industry unprepared and the subsequent societal and economic downturns are putting forth unprecedented challenges.
While the sustainability drive has been the norm in the footwear industry across various domains including, sport, luxury, fast fashion and value retail, the pandemic is straining the commitment of companies and retailers to sustainability.
Having that said, latest studies suggest that the ongoing public-health crisis simultaneously demands brands to accelerate their shift towards sustainable initiatives in an effort to remain competitive in the footwear market that will make sharp recovery after the COVID-19 chapter.
Sustainable Footwear Market – Regional Analysis
Asia Pacific (APAC) brands are leading the pack in ensuring responsible footwear choices. Sustainability-focused initiatives such as “Fashion For Good” aims to trigger transmutations at the structural level throughout the footwear and apparel supply chain via funding sustainable innovations in Bangladesh, India, and Vietnam.
Much in the same vein, sustainable footwear brands in Europe are emerging to meet the demand as well as help transform the footwear industry for the better. Rising number of fashion-conscious consumers who are willing to pay premium for the products they value is further attracting stakeholders’ attention.
Furthermore, the European Commission has introduced the 2020 European Social Innovation Competition with an aim to enhance the eco-friendly and social impact of fashion.
Request Customization of the report @ https://www.futuremarketinsights.com/customization-available/rep-gb-12009
To address these challenges, the competition is seeking creative solutions that promote sustainable production, usage and adoption of fashion, as well as the shelf life of fashion products.
Sustainable Footwear Market – Competition Analysis
While established sustainable footwear manufacturers are already focusing on sustainability and have made it a pillar for their business from the early stage, emerging players are leapfrogging onto the sustainable footwear movement.
Players in the sustainable footwear market include Adidas Group, Native shoes, Tropicalfeel, Nike, Rothy’s, Veja, Reformation, Nisolo, New Balance, MATISSE FOOTWEAR, Amour Vert, and Threads 4 thought.
Sustainable Footwear Market – Segment Analysis
By Type
By End User
By Region
About Future Market Insights, Inc. Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the
Apr 27, 2023
Copyright © 2006 - 2021 PRnob Media, UBIC Solutions, LLC. All Rights Reserved.
