What is the global market size of Flip Flops Market?

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).

Global Flip Flops Market Size, Share, Growth Analysis, By Type(EVA, PVC), By End-user(Male, Females), By Distribution channel(Online, offline) - Industry Forecast 2024-2031

Report ID: SQMIG25L2012 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 89 | Figures: 76

Global Flip Flops Market Insights

Global Flip Flops Market size was valued at USD 19.44 Billion in 2019 and is poised to grow from USD 20.24 Billion in 2023 to USD 27.91 Billion by 2031, at a CAGR of 4.10% during the forecast period (2024-2031).

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.

Global Flip Flops Market Report Snapshots

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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. 'Havaianas (Brazil) ', 'Crocs, Inc. (United States) ', 'Adidas AG (Germany) ', 'Nike, Inc. (United States)', 'PUMA SE (Germany)', 'Deckers Brands (United States)', 'Skechers USA, Inc. (United States)', 'Reebok (United States)', 'Under Armour, Inc. (United States)', 'VF Corporation (United States)', 'Birkenstock GmbH & Co. KG (Germany)', 'Ipanema (Brazil)', 'Teva (United States)', 'Reef (United States)', 'Rainbow Sandals (United States)', 'Quiksilver (United States)', 'Roxy (United States)', 'OluKai (United States)', 'Billabong (Australia)', 'Joules Group plc (United Kingdom)'

Owing to the rising higher-income population, a trending tendency of the millennials to spend on utility products, and awareness of the utility of flip flops, there is a steep rise in demand for luxury footwear across the globe. Moreover, the ongoing digitalization in major countries and the consequent advancement in internet penetration have made social media websites an ideal channel for promoting and marketing trending flip-flops worldwide. Additionally, several key players are adopting lucrative marketing strategies and investing in innovations in the design and comfort of flip flops, further strengthening the market's growth. Since this type of footwear is generally made from PVC and EVA, they harm the environment. Therefore, several key players have started adopting innovative technology and use eco-friendly materials to sustain in the global flip-flops market.

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.

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.

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Global Flip Flops Market Size, Share, Growth Analysis, By Type(EVA, PVC), By End-user(Male, Females), By Distribution channel(Online, offline) - Industry Forecast 2024-2031

Global Flip Flops Market Insights

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