The global shoe care market is estimated to reach USD 6.0 billion, by 2025, and is projected to grow at a CAGR of 3.9% from 2019 to 2025, according to a new report by Million Insights. The growing demand of premium footwear such as Blucher, and Oxford shoes among consumers is expected to propel the demand of cleaners, and polishes. The rise in the corporate development, infrastructure is expected to surge the market growth especially in countries such as China, India, and Vietnam.
The cleaning shoe products such as deodorizers, and soaps is anticipated to have market share over 29.0% by the end of 2025 in the overall market. Shoe deodorizer is expected to have significant growth in the next few years. In 2018, Panasonic Corporation has introduced deodorizer called MS-DS100. The deodorizer helps in eliminating odor from the footwear. This deodorizer is also controlled using mobile battery.
The growing corporate infrastructure and educational sector particularly in countries like India, and China is projected to provide potential growth opportunities to the market. In addition, the rising awareness among consumers regarding fitness and health benefits is anticipated to increase the demand of sports, and formal footwear category. Owing to these factors, the demand of sneaker products is expected to rise over the next few years.
Furthermore, the rise in the working women population across the world, especially in Asia Pacific region is projected to proliferate growth of the shoe care market. Leading brands such as Kiwi has launched footwear specifically to cater women services.
Some of the key players in the market include, Vermont, Caleres Inc., S. C. Johnson & Son, Inc., Salamander, Payless ShoeSource Inc., and others. These companies strategically focus on partnering with other to expand their product portfolio and business across the world.
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Further key findings from the report suggest:
• North America is anticipated to account for over USD 2.0 billion in the 2025.
• In 2018, Asia Pacific attribute to the market value of over USD 990 million in the overall market.
• Based on the distribution channel, online segment is anticipated to grow at a significant CAGR rate of 5.9% over the forecast period.
• In 2018, polish contributed for over 60.0% share in the global shoe care market. The segment is expected to continue its dominance over next few years.
• In 2018, formal application accounted for market share of 53.1% in the overall market.
Million Insights has segmented the shoe care market based on product, application, distribution channel, and region:
Shoe Care Product Outlook (Revenue, USD Million, 2015 - 2025)
Shoe Care Application Outlook (Revenue, USD Million, 2015 - 2025)
Shoe Care Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Shoe Care Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa