The Global Men Formal Shoes Market size is expected to reach $14.1 Billion by 2030, rising at a market growth of 7.1% % CAGR during the forecast period. In the year 2022, the market attained a volume of 1,23,608.5 thousand units experiencing a growth of 6.8% (2019-2022).
In 2021, London exhibited the highest GDHI per capita among the regions and countries classified according to International Territorial Levels (ITL1), wherein each individual possessed an average of £31,094 accessible for expenditure or savings. Consequently, the Europe region will generate revenue of 2,834.9 million by 2022. European countries have a long-standing tradition of fine craftsmanship in shoemaking, often passed down through generations. Countries like Italy, Spain, England, and France have established themselves as hubs for artisanal shoemaking, known for their attention to detail, precision, and traditional techniques. Some of the factors affecting the market are increasing disposable income of consumers, innovation in materials and technology, and fluctuations in the raw materials prices.
Economic prosperity and higher disposable incomes allow consumers to invest in quality formal shoes. As individuals have more purchasing power, they are willing to spend on premium, durable footwear that complements their professional and social image. With more disposable income, consumers are inclined to opt for premium or luxury formal shoe brands. Therefore, a rise in the disposable income of consumers is propelling the market growth. Moreover, Brands continually innovate by using new materials, such as sustainable and eco-friendly options, and integrating technology for enhanced comfort and performance. There's a growing focus on sustainability, leading to the use of eco-friendly materials in formal shoe production. Hence, the innovative advancements in formal shoes are growing the market demand.
However, in determining the price of a finished product, the cost and market availability of basic materials are significant determinants. The volatile price of raw materials is the primary obstacle hindering the growth of the men formal shoes market. Leather is a primary material used in the production of formal shoes. Shoe manufacturing expenses may be impacted by variations in the price of leather, a commodity subject to volatility due to demand-supply dynamics, international trade guidelines, weather conditions that affect livestock, and currency fluctuations. Thus, the fluctuating raw material prices restrain the market growth of men formal shoes.
On the basis of leather type, the market is segmented into patent leather, pebble & full grain leather, top grain leather, and suede leather. The patent leather segment recorded the largest revenue share in the market in 2022. Patent leather's glossy, reflective finish and sleek appearance make it stand out. The distinctive look appeals to consumers seeking formal shoes with a polished and elegant aesthetic, contributing to its demand in the market. Therefore, the unique appearance of the patent leather is driving the segment's growth.
Based on type, the market is divided into oxford shoes, derby shoes, loafer shoes, and boots shoes. The loafer shoes segment garnered a significant revenue share in the market in 2022. One of the critical reasons for the growth of loafers is their comfort. They typically feature slip-on designs with no laces or buckles, providing convenience and easy wear. Loafers often incorporate cushioned insoles and flexible materials, enhancing comfort for daily wear. Hence, comfort and convenience are the factors behind the segment's growth.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 8.2 Billion |
| Market size forecast in 2030 | USD 14.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.1% from 2023 to 2030 |
| Number of Pages | 299 |
| Number of Tables | 550 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Leather Type, Region |
| Country scope |
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| Companies Included | Guccio Gucci S.p.A. (Kering Group), Cole Haan (Apax Partners LLP), Burberry Group PLC, LVMH SE (Christian Dior), Church & Co Ltd. (Prada S.p.A.), PVH Corporation, Hugo Boss AG, C & J. Clark international ltd., Alden shoe company, Dolce & Gabbana S.r.l. |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated a substantial revenue share in the shoes market. Many countries in the Asia-Pacific region, particularly China, India, Vietnam, and Indonesia, serve as major manufacturing hubs for footwear, including men's formal shoes. These countries offer cost-effective production, skilled labor, and advanced manufacturing capabilities, contributing to the region's prominence in the market.
Free Valuable Insights: Global Men Formal Shoes Market size to reach USD 14.1 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Guccio Gucci S.p.A. (Kering Group), Cole Haan (Apax Partners LLP), Burberry Group PLC, LVMH SE (Christian Dior), Church & Co Ltd. (Prada S.p.A.), PVH Corporation, Hugo Boss AG, C & J. Clark international ltd., Alden shoe company, Dolce & Gabbana S.r.l.
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Leather Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
The Market size is projected to reach USD 14.1 Billion by 2030.
Innovation in materials and technology are driving the Market in coming years, however, Fluctuations in the raw material prices restraints the growth of the Market.
Guccio Gucci S.p.A. (Kering Group), Cole Haan (Apax Partners LLP), Burberry Group PLC, LVMH SE (Christian Dior), Church & Co Ltd. (Prada S.p.A.), PVH Corporation, Hugo Boss AG, C & J. Clark international ltd., Alden shoe company, Dolce & Gabbana S.r.l.
In the year 2022, the market attained a volume of 1,23,608.5 thousand units experiencing a growth of 6.8% (2019-2022).
The Oxford Shoes segment is leading the Market, by Type in 2022 thereby, achieving a market value of $4.7 Billion by 2030.
The Europe region dominated the Market, by region in 2022 thereby, achieving a market value of $4.5 Billion by 2030, growing at a CAGR of 6.3 % during the forecast period.
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