Loafers Market Size, Share, Growth and Trend Analysis Report, 2019 to 2025
by Susan Hill Business Consultant
The global loafers market size is expected to reach USD 31.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.8% over the forecast period. Increasing demand for stylish and convenient footwear among the consumers is a major factor contributing to the market growth. Additionally, growing working class population in developing countries including China, India, Brazil, and Mexico is expected to promote the utility of the loafers, which can go with formal and semi-formal dresses. It has been observed that the largest footwear manufacturers are located in Asia Pacific. The three largest footwear manufacturers such as China, India, and Vietnam accounted for around 72% of the footwear production in 2017.
The fabric products are expected to expand at the fastest CAGR of 4.5% from 2019 to 2025. Shifting preference towards trendy lifestyles among millennials at the global level, along with increased awareness of fashion styles through various social media including Facebook, Pinterest, and Youtube is expected to play a key role in expanding the market reach. The product is considered lightweight and convenient to wear in workplace, gym, and parties. Kids and pregnant women also prefer to wear fabric loafers due to the above-mentioned features.
Specialty stores emerged as the largest channel with a revenue of USD 13.5 billion in 2018. The consumers prefer to purchase through these channels on account of the availability of various types of product in a single platform. Moreover, availability of different sizes and designs of loafers is driving the consumers to prefer this channel. Furthermore, employees of these stores are trained about product details and repair techniques that make consumers’ shopping experience convenient.
Asia Pacific led the market in 2018 and is expected to expand at the fastest CAGR of 4.6% from 2019 to 2025. Expansion in the middle-class working age groups in developing countries including China, India, and Bangladesh is expected to create demand for clots and footwear products. China was the largest loafer producer and consumer of this region. Furthermore, increasing disposable income in developing economies including China and India will lead to high spending on personal grooming and apparel products.
Some of the key players operating in this market are The Rockport Group, Wolf and Shepherd, Clark International, Lee Cooper, Hush Puppies, PUMA, WOODLAND, Relaxo Footwears Limited, BACCA BUCCI FASHIONS PVT. LTD. and Allen Edmonds Corporation. Various manufacturers are working on new product launches as well as collaborating with other companies to increase their product offerings.
Further key findings from the report suggest:
Leather products generated a revenue of USD 16.1 billion in 2018 owing to its quality and long self life. Fabric loafers are expected to expand at the fastest CAGR of 4.5% from 2019 to 2025 due to extra convenience offered to the consumers
Specialty stores generated a revenue of USD 13.5 billion in 2018. Online channel is projected to ascend at a CAGR of 4.9% from 2019 to 2025 due to growing popularity of e-commerce channel as a purchasing medium among the millennials
Asia Pacific dominated the loafers market in 2018 and is expected to expand at the fastest CAGR of 4.6% over the forecast period.
Created on Oct 24th 2019 08:08. Viewed 426 times.