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The global Men Formal Shoes Market Size is expected to attain a market size of $9.5billion by 2022, growing at a CAGR of 7% during the forecast period.
It has been observed that nice appearance and clean shoes always leave a good impression, especially in formal events. Men formal shoe also known as dress shoe is one of the important part of office's wears. Formal shoes give a complete look to the formal outfits. Variety of options in formal shoes is available in the market for different occasions like meetings, sports, casual events, and others. Formal shoes have also been categorized in different styles such as Derby, brogue, moccasin, boots, loafers and others. These shoes give a nice and formal look to the attire. Formal shoes have witnessed the prominent growth in the recent years as they are extremely comfortable and also provide a good fashion statement even in formal look. Most of the formal shoes are made of leather and others are made of rubber soles.
Oxfords and Monk shoes have gained lot of popularity among the population due to its style and comfort. In addition to this, Brogues are also in trend, especially among young population. Dessert Boots are trending now-a-days. The most recent designs in dessert boots have attracted lots of consumers. Clarks have recently launched its new range of shoe in dessert boots which is inspired by chukka boots. Additionally, brogues are also becoming one of the major trends in men formal shoes market. Traditionally, the shoes are made up of suede and smooth leather. The brogues come in shoe and boot variety. The features add more value to its rising demand. Therefore, the varieties of brogues and oxford shoes have been gaining popularity among the population.
The factors driving the growth of men formal shoe market are Increase in the disposable income of the Consumers and Online Retailing. Additionally, innovative designs and better shoes quality has also contributed in the growth of men formal shoe. However, existence of counterfeit products could restrain the growth of men formal shoe market. The Men Formal Shoes Market has been segmented on the basis of shoe type, leather type, and region. Based on Shoe Type, the market is segmented into Derby, Loafers, Oxfords, Boots, and Others. Based on Leather Type, the market is segmented into Patent leather, Top grain, Pebble & full grain, and Suede leather. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa (LAMEA). The key players operating in the men formal shoe market are Kering, Cole Haan, Burberry Group Plc, LVMH, Prada S.P.A., PVH (Calvin Klein, Inc.), Hugo Boss AG, and C &J. Clark International Ltd.