USD 27.23 billion
Report ID: SQMIG30L2092 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 60 | Figures: 75
Loafers Market size was valued at USD 27.23 billion in 2021 and is poised to grow from USD 27.99 billion in 2022 to USD 34.91 billion by 2030, growing at a CAGR of 2.8% in the forecast period (2023-2030).
The utility of loafers is being promoted by growing middle-aged working population demanding fashionable and comfortable footwear. Different age groups view loafers as convenient and comfortable shoes because they are easier to put on and take off and have a heel that is not overly fitted. Millennials and Generation X favor buying stylish, plush, and expensive shoes. Leather shoes are widely regarded as a high-end product and account for a sizable portion of the market. The growing demand for fashionable and comfortable footwear among middle-aged working people and the rise in disposable income are also anticipated to significantly impact the market growth. Additionally, one of the key factors anticipated to propel the growth of the market during the forecast period is the rise in product manufacturing and exports. Increasing demand for comfortable and stylish footwear among the working population, especially in the Asia-Pacific region, is driving the growth of the market.
US Loafers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 27.23 billion
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Global Loafers market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into Casual Loafers and Dress Loafers. Based on distribution channel, the Loafers Market is segmented into Offline Retail and Online Retail. Based on region, the Loafers Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Loafers Market Analysis by Type
By type, the market can be segmented into casual loafers and dress loafers. Casual Loafers dominated the global market. Casual loafers are versatile and can be worn in a wide range of informal settings. The increasing popularity of athleisure fashion, which combines athletic and leisurewear, has also contributed to the growth of the casual loafers segment. Bove's casual loafers are known for their comfortable fit, durable material, and stylish design, making them a popular choice among consumers.
The Dress Loafers segment is the fastest-growing, with a significant increase in demand for formal and semi-formal footwear. Dress loafers are becoming increasingly popular as an alternative to traditional dress shoes. They are comfortable and provide a polished and sophisticated look. Bove's dress loafers come in a range of materials, including leather, suede, and synthetic materials, and feature stylish designs that cater to the evolving fashion trends.
Loafers Market Analysis by Distribution Channel
By distribution channel, the market can be segmented offline retail and online retail. The offline retail segment is dominated the global market. An extensive network of physical stores in various regions allows customers to try on and purchase their products directly. This approach enables the brand to offer personalized customer service, establish a strong brand image, and promote customer loyalty.
However, the online retail segment is the fastest-growing. The increasing popularity of e-commerce platforms has contributed to the growth of the online retail segment. The online retail platform allows customers to browse through a wide range of products, make purchases from the comfort of their homes, and enjoy the convenience of doorstep delivery. Moreover, the online retail segment provides a cost-effective way for Bove to reach out to customers globally and expand its customer base.
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North America dominated the global market. The region has a strong presence of prominent footwear brands and a high demand for premium quality and designer loafers. Moreover, the growing trend of athleisure fashion has contributed to North America's casual loafers market growth.
The Asia-Pacific region is expected to grow at the fastest CAGR. The region's rising population, urbanization, and growing disposable income have increased the demand for footwear, including loafers. Additionally, the increasing trend of formal wear and the growing fashion-conscious population are driving the growth of the loafers market in the APAC region. Within the APAC region, China and India are the dominant markets, with a large population and a significant demand for footwear. Moreover, the increasing number of working professionals and the growing trend of western wear in these countries contribute to the loafers market growth.
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Loafers Market Drivers
Increasing trend of casualization
Loafers Market Restraints
Fluctuating cost of raw materials
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The global loafers market is highly competitive, with several established and emerging players vying for market share. Companies are focusing on expanding their product portfolio, improving quality, and enhancing the customer experience to stay competitive. The market players are also adopting strategies such as mergers and acquisitions, partnerships, and collaborations to gain a competitive edge. In addition, companies are investing in technology and innovation to create new and unique designs to attract customers. The intense competition in the market is expected to drive innovation and increase product quality, benefiting customers.
Loafers Market Top Player’s Company Profiles
Loafers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global loafers market analysis, the market is growing due to factors such as the increasing trend of casualization in the workplace, the rise of athleisure fashion, and the growing demand for sustainable and eco-friendly footwear. The market is highly competitive, with several established and emerging players vying for market share through product portfolio expansion, quality improvement, and customer experience enhancement. North America dominated the global market. However, the fluctuating cost of raw materials remains a major restraint for the market. Overall, the market is expected to continue to grow due to the changing fashion trends and increasing consumer demand.
|Market size value in 2021||USD 27.23 billion|
|Market size value in 2030||USD 27.99 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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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Loafers 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 Loafers 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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