Custom Shoes Market is Estimated To Witness High Growth Owing To Increased Demand for Customized Shoes

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Custom Shoes Market is Estimated To Witness High Growth Owing To Increased Demand for Customized Shoes
Custom Shoes Market

The Custom Shoes Market is estimated to be valued at US$ 5.03 billion in 2022 and is expected to exhibit a CAGR of 11.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Custom shoes refer to shoes that are designed and manufactured according to specific requirements or preferences of an individual. Custom shoes provide superior comfort, support and style as per the foot shape and needs of a person. They help address issues related to foot problems and provide better ergonomics. Custom shoes are increasingly preferred over regular shoes for their comfort and personalized appeal.

Market key trends:
The global custom shoes market is witnessing high growth owing to increased demand for customized shoes across the world. Consumers today want shoes that perfectly fit their individual needs and style preferences. Custom shoes allow people to design their dream pair of shoes with choices around colors, materials, laces and other features. This has boosted their popularity especially among millennials and generation Z. The trend is expected to continue over the forecast period with more players entering the custom shoes space to cater to the rising demand.

Porter’s Analysis

Threat of new entrants: Low barriers to entry like capital requirements and economy of scale advantage makes it easy for new players to enter the market. However, established brands enjoy strong brand loyalty.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute products. They can easily switch between brands based on price and promotion.

Bargaining power of suppliers: Few raw material suppliers like leather suppliers gives them a negotiated advantage in terms of pricing and supplying capacities.

Threat of new substitutes: Threat from new substitutes like athleisure footwear and other casual shoes is high as customers are open to explore new options.

Competitive rivalry: Intense competition among existing players to retain their customer base and market share.

SWOT Analysis

Strengths: Established brands like Nike and Adidas have strong brand image and recognition. Innovation in design, style and use of new materials.

Weaknesses: High operating costs due to marketing and promotional expenses. Reliance on few raw material suppliers increases costs.

Opportunities: Growing popularity of trend-based and customized shoes provide an opportunity. Rising health consciousness is increasing demand for sports and active shoes.

Threats: Changing fashion trends poses a threat. Trade wars and geopolitical tensions can disrupt supply chains.

Key Takeaways

The global
Custom Shoes Market Demand is expected to witness high growth at a CAGR of 11.8% over the forecast period due to increasing consumer preference for personalized products that match their style and personality.

The market size for custom shoes in 2023 is estimated to reach US$ 5.03 billion. North America dominated the market and is expected to maintain its dominance throughout the forecast period supported by growing affinity of millennials towards unique products.

Regionally, Asia Pacific is expected to exhibit the highest CAGR during the analysis period owing to rising income levels, surge in gyms and health clubs in countries like India and China.

Key players operating in the custom shoes market are Nike, Adidas, New Balance, Puma, Asics, Skechers, Vans, Converse, Sperry, Crocs, Timberland, Clarks, ECCO, Wolverine Worldwide, Deckers Brands, Aldo Group, Genesco, Steve Madden, Caleres, GEOX. They focus on introducing more customizable options on their e-commerce platforms and stores to drive higher sales volumes.

Read more @ https://www.insightprobing.com/custom-shoes-market-projected-to-revolutionize-the-footwear-industry-demand/

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