Report

Global women's footwear market is projected to witness a CAGR of 7.9% during the forecast period 2024-2031, growing from USD 171.3 billion in 2023 to USD 315.77 billion in 2031. Factors such as technological advancement to increase functionality and comfort, evolving fashion trends, influence of social media as a powerful tool to influence consumers' preference, consumers' gradual shift towards high-quality and premium footwear to help reduce foot pain, and increase in mobility and comfort and rising women workforce is inducing the growth of the women's footwear market.
Research conducted by Fitmyfoot indicates that, about 24% women experience foot pain due to several reasons such as high-heels and ill-fitted shoes, jobs which require standing for long period of times, obesity, and/or pregnancy. It has fostered the surge in the demand for flats as they are comfortable and can be worn for prolonged duration.
Moreover, with technological advancement and continuous innovations, footwear manufacturers are introducing innovative products in the women's footwear market. For instance, in March 2024, Yoho, a D2C brand popular for ultra-comfortable footwear, introduced Blinc, India's first-ever hands-free sneakers. The brand launched 9 footwear for women on e-commerce websites. These technologically advanced footwear increases functionality and appeals to a wider spectrum of consumers, catering to their problems such as disabilities, pregnancy, and health concerns.
The women footwear market is gaining traction for sustainably produced, circular shoes which can be restored to their original form or are completely biodegradable. For instance, in April 2024, ASICS Corporation introduced Nimbus Mirai running shoes for women. Sustainable shoes are designed to be remade at the end of their useful life without making any compromise on the quality or performance. The shoe has been designed with uniform polyester material and the entire upper portion does not have overlays which promotes easy recycling process.
Flat Footwear to Dominate the Market
Women are more vulnerable to foot pain and certain foot problems, such as ankle sprains and loss of the shape of the arch and bunions, when they wear heels for longer durations, which drives the demand for flat footwear. Moreover, they are uncomfortable walking and are in situations that require a long-standing duration. As per the estimation of The Wall Street Journal in 2023, 96.7% of kindergarten and preschool teachers are women in the United States. Moreover, as per UNESCO Institute for Statistics, globally, there were 68% of primary teachers in 2022. Such roles require longer duration standing and frequent mobility. Thus, working women in jobs such as teaching, nursing, retail working, house cleaning, and hairdressing prefer wearing flats over heels.
Additionally, flats are versatile and can be worn in various occasions, activities, and settings, from professional environment to casual outings, making them a practical choice for daily wear. The combination of comfort, health benefits, and versatility drives the preference of flats over heels among women.
Dominance of Offline Retail is Driving the Market Growth
Women prefer offline retail over online retail due to several key factors. Offline retail allows consumers to physically try on shoes and check their fit, comfort, and style accurately. It minimizes the risk of uninformed purchases, such as purchasing ill-fitting shoes, which is a common problem in online shopping.
Additionally, offline retail allows for a thorough inspection of the product's quality and craftsmanship, which is particularly important for purchasing expensive and high-end footwear. Through offline shopping, shoppers can check for any defects and ensure that the product meets their expectations.
In May 2024, Kizik announced the opening of its store at the Mall of America and King of Prussia where it will showcase its full assortment of women's shoes in all sizes and latest styles which will be launched by the company throughout the year. The brand aims to continue fast paced growth with the retail expansion through new distribution channels, including more company-owned retail stores at United States and other international marketplaces.
Orthotic Footwear Fostering the Growth
Orthotic footwear is gaining popularity among women due to a growing awareness of the importance of foot health and the desire for both comfort and style. Many women experience foot-related issues, such as plantar fasciitis, bunions, and arch problems which are common among women. It is because women wear high heels and poorly designed shoes more often as they prefer stylish footwear for different occasion. The growing concern of deteriorating overall foot health has boosted the demand for orthotic footwear. Thus, orthotic footwear offers a practical solution, providing necessary solutions, offering necessary support and alleviating pain, enhancing women's overall well-being.
The increasing availability of stylish orthotic footwear has contributed to their popularity. The manufacturers are responding to the dynamic preferences of the consumers, as they are demanding stylish shoes which provide orthopedic benefits. Modern orthotic footwear includes fashionable designs which appeal to a broader range of audience, enabling them to incorporate these footwear into their daily wardrobe without sacrificing style.
In April 2024, Waco Shoe Company debuted in the women's athletic shoe with the introduction of a groundbreaking addition, Revitalign Gaia athletic walking shoe. The latest offering is a stylish yet therapeutic footwear option for women which features an Ortho-Stretch 3D knitted upper. The characteristic of the latest launch promises a fit to women who have common foot issues such as bunions.
Comfortable Footwear Fueling the Market Growth
Consumers are increasing preferring comfortable footwear due to the increasing awareness of the foot care to maintain overall healthy lifestyle. Comfortable footwear addresses the common issues of foot pain due to greater usage of heels, providing better support, cushioning, and ergonomic designs which help in the prevention and alleviation of foot related problems.
Additionally, change in the lifestyle of the consumers has significantly impacted the trend. With greater mobility, travel, and increasing active lifestyle, the demand for comfortable footwear is surging in global women's footwear market.
The women footwear manufacturers are responding to this gradual shift in women's preference and creating stylish yet comfortable footwear options. They are innovating in terms of materials, designs, and technology to offer footwear which is both fashionable and comfortable.
In July 2023, Skechers USA, Inc. launched a collaborative collection with Ashley Park, named, Skechers X Ashley Park, Street Glam Collection. Its latest footwear is an ideal combination of comfort and fashion. To offer comfort while travelling, the footwear features a Skechers Air-Cooled Memory Foam cushioned insole. The innovative hybrid footwear, combines the comfort of a sneaker with the sleekness of a pointy toe shoe.
Future Market Scenario (2024 - 2031F)
Innovating is essentially fostering market growth through the launch of innovative, functional, comfortable, and technologically advanced footwear. From the introduction of traditional and stylish footwear to self-lacing smart shoes, the women footwear market has been growing exponentially through innovation. For instance, currently, the women footwear market is witnessing a surge in convertible heels which can be swapped between high heels and flats just with a twist of the heel, enabling women to wear it in different occasions.
The innovations in the footwear market are appealing to consumers as they increase comfort and functionality without compromising fashion and aesthetics. With continuous innovations taking place, it is anticipated that the manufacturers will introduce unconventional and newer concepts in the market, fostering growth in the forecast period as well.
Key Players Landscape and Outlook
Key players in the market are helping the growth by focusing on continuous product innovation, retail expansions, and strategic marketing. The manufacturers are actively expanding their product portfolio, increasing the base of the customers, and catering to their evolving needs.
Various players in the women's footwear market are seeking the help of key players to gain global presence and expand their reach in the retail women's footwear market. Through these mergers and acquisitions, the brands are leveraging their global network and expanding their market share globally.
For instance, in January 2024, Authentic Brands Group announced the acquisition of Sperry, an American footwear brand. Through the acquisition, The ALDO Group Inc., comes on board as Sperry's North American operating partner for wholesale, e-commerce, and store operations as well as brand's partner for footwear design, production, and global distribution.