Product ID: SQSG25L2002
Report ID: SQSG25L2002 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 89 | Figures: 76
Global Flip Flops Market size was valued at USD 19.44 Billion in 2021 and is poised to grow from USD 20.24 Billion in 2022 to USD 27.91 Billion by 2030, at a CAGR of 4.10% during the forecast period (2023-2030).
Flip-flops are a type of light sandal, typically worn as a form of casual footwear. They consist of flat sole held loosely on the foot by a Y-shaped strap known as a toe thong that passes between the first and second toes and around both sides of the foot or can be a rigid base with a strap across all the toes. In the United States the flip-flop has been popularized from the Japanese zōri, after World War II as soldiers brought them back from Japan. This footwear are extremely lightweight and can be carried easily, which is also boosting their demand across the globe. Furthermore, increasing consumer disposable income levels and constant product innovations are projected to fuel the growth of the market. On the hand, raising concerns about environmental pollution and non-disposable and harmful materials used for product manufacturing may hinder the market growth. This has impelled manufacturers to invest more in R&D to develop sustainable products made from eco-friendly materials, papyrus, wood, and palm leaves.
Companies are focusing on increasing sustainability by donating some revenue share for environmental causes. For instance, Havaianas launched IPE collection and announced that it will be contributing 7% of the revenue generated from the collection to Environmental Research Institute that will develop projects to help reserve Atlantic Rainforest, Amazonia, and Pantanal. In recent times, some of the other raw materials used to produce flip flops include polyvinyl chloride and ethylene vinyl acetate.
US Flip Flops Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Flip Flops Market is segmented based on material type, end-user, distribution channel, and region. According to material type, global flip flops market is segmented into EVA, PVC, rubber, and EVA+Rubber. Based on end-user, the market is segmented into male and female. Based on distribution channel, the market is segmented into online and offline. Based on region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
Flip Flops Market Analysis by Material Type
EVA+Rubber accounts for the largest share in global flip flops market. EVA+Rubber provides comfort to the users while wearing footwear. It also ensures that the foot remains dry all day long by absorbing sweat from it. EVA+Rubber is a combination of two different materials - EVA and Rubber. The Water Resistance feature gives more comfort to feet during wet conditions or while walking on waterlogged roads & floors. EVA is short for Ethylene Vinyl Acetate. It is a rubber that has better physical properties than other types of natural and synthetic rubbers, including high-impact resistance, tear strength, abrasion resistance, and electrical insulation properties.
Rubber accounted the second largest holding material type share in flop flops. Rubber is a thermoplastic elastomer, which tends to be stretcher than the other types of rubber. It has good resistance to oil and aging but poor resistance to ozone attacks and chemical substances. Rubber is a natural or synthetic material, typically elastic hydrocarbon polymer of high molecular mass. The characteristics and the properties of rubber are very much dependent on its chemical structure and composition.
Flip Flops Market Analysis by End-user
The female end-user segment accounts for the largest flip flops market share owing to higher product demand. Moreover, the availability of a wide variety of products will drive the demand in this segment. The segment is also estimated to register the fastest CAGR over the forecast period. Growing awareness about changing fashion trends is the major factor leading to the growth of this segment. Females tend to have matching flip flops with their outfits to be a part of the trend.
The male end-user segment is also estimated to witness significant growth over the forecasted period. The growth is attributed to high product demand in this segment as a result of increased awareness of the latest fashion trends.
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Asia-Pacific is estimated to be the largest market for flip flops, owing to increasing awareness regarding latest fashion trends. Owing to evolving fashion trends, particularly among the millennial population in countries such as India and Thailand. Leading players could set up manufacturing facilities and warehouses in countries such as India in future owing to ease of availability of key resources such as land and labor.
The flip flops market in North America is projected to observe significant growth due to accessibility of a wide range of products. Moreover, continuous product innovation is further anticipated to propel the growth of the flip flops market in the region in the coming years. Europe is expected to witness substantial growth in the global market in future owing to the extensive product innovation in countries such as Germany and UK. Other regions of the world such as Latin America and Middle East and Africa are projected to witness moderate growth in the overall market, in future.
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Flip Flops Market Driver
Flip Flops Market Restraint
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Global flip flops market is extremely competitive, with the presence of several well-established players. Many of these players are expected to account for a large share in the overall market, in the years ahead. Companies are investing more in R&D to develop eco-friendly products with advanced features and unique designs and patterns to gain customers. Growth strategies such as novel product launches could help leading players gain a competitive edge over others in the global market. Prominent players could collaborate with other players in a bid to expand their market presence and increase their revenue shares. Hari Mari, in collaboration with baseball gloves manufacturer Nokona, launched a new line of flip flops embedded with chips.
Flip Flops Market Top Player's Company Profiles
Flip Flops Market Recent Developments
Flip flops are becoming more popular owing to the pandemic as a high population is working from home. As a result of this, the flip-flop market is anticipated to witness an increase in the revenue. Moreover, the flip-flops market has the potential to outgrow ortho footwear, as 65 - 70% of the population prefer flip-flops for better foot comfort. Moreover, celebrities experimenting with their flip flops is the new trend, which is expected to boost the demand.
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According to our global flip flops market analysis, rising consumer demand for flip flops owing to their superb durability and reduced prices are the key growth drivers for the global flip flops market. Also, increasing disposable income among different population sections especially in developing economies globally is expected to fuel product demand in the years ahead. Growing need to produce eco-friendly flip flops from leading players could propel the overall market, in the upcoming years. Online distribution channel is expected to make the largest contribution to the overall market owing to rising number of consumers purchasing flip flops from e-commerce websites. Female end-user segment is anticipated to make the largest contribution to the global flip flops market in future due to increased product demand from women. Flip flops have been predominantly used on beaches for surfing activities. They have also been worn in hot weather conditions and are easy to purchase.
|Market size value in 2021||USD 19.44 Billion|
|Market size value in 2030||USD 20.24 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Flip Flops Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Flip Flops Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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