USD 27.99 billion
Loafers Market Size, Share, Growth Analysis, By Type(Casual Loafers and Dress Loafers), By Distribution Channel(Offline Retail, and Online retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2092 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
60
|Figures:
75
Loafers Market Insights
Global Loafers Market size was valued at USD 27.99 billion in 2022 and is poised to grow from USD 28.97 billion in 2023 to USD 35.15 billion by 2031, growing at a CAGR of 3.5% during the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Casual Loafers
Fastest Growth
Casual Loafers
Growth Rate
3.5% CAGR
Global Loafers Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Loafers Market Segmental Analysis
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.
Global Loafers Market Size By Type, 2021 (%)
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Loafers Market Regional Insights
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.
Global Loafers Market By Geography, 2021-2030
- Largest
- Fastest
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Loafers Market Dynamics
Loafers Market Drivers
Increasing trend of casualization
- One major driver of the global loafers market is the increasing trend of casualization in the workplace and social settings. With more companies adopting business casual dress codes, the demand for comfortable and stylish footwear has increased. Loafers are a versatile option that can be dressed up or down, making them a popular choice among consumers. Additionally, the rise of athleisure fashion has contributed to the growth of the casual loafers market, as they offer a comfortable and stylish alternative to traditional athletic shoes.
Loafers Market Restraints
Fluctuating cost of raw materials
- One major restraint of the global loafers market is the fluctuating cost of raw materials. The price of leather, which is a popular material used in loafers, is affected by various factors such as climate, animal diseases, and trade policies. The cost of synthetic materials used in loafers is also volatile due to the availability and pricing of petrochemicals. The fluctuations in raw material prices can impact the production cost of loafers, leading to higher prices and reduced demand from price-sensitive consumers
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Loafers Market Competitive Landscape
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
- Gucci
- Salvatore Ferragamo S.p.A.
- Tods S.p.A.
- Bally International AG
- Prada S.p.A.
- Cole Haan LLC
- Clarks Shoes Limited
- Rockport Group
- Aldo Group Inc.
- Church's Shoes Limited
- Geox S.p.A.
- Skechers U.S.A. Inc.
- Steve Madden Ltd.
- Nine West Holdings Inc.
- Burberry Group plc
- Dr. Martens Airwair USA LLC
- The Aldo Group Inc.
- Johnston & Murphy Group
- Allen Edmonds Corporation
- Rancourt & Co. Shoecrafters
Loafers Market Recent Developments
- In March 2023, C. & J. Clark International Ltd partners with Fitbit, a leading wearable technology company, to create a new line of smart loafers that track fitness and health metrics.
- In January 2023, Bally opens a new flagship store in New York City, showcasing its latest collection of premium loafers.
- In October 2022, Geox S.p.A introduces a new line of waterproof loafers, featuring innovative technology to keep feet dry and comfortable.
- In May 2022, Rothy's Inc. launches a new line of sustainable loafers made from recycled materials, in collaboration with the fashion brand Veronica Beard.
- In January 2022, Salvatore Ferragamo S.p.A. collaborates with Bolt Threads, a sustainable materials company, to create a new line of loafers made from innovative biomaterials.
Loafers Key Market Trends
- One key market trend in the global loafers market is the growing demand for sustainable and eco-friendly footwear. With consumers becoming increasingly aware of the environmental impact of their purchases, there is a growing preference for products made from sustainable materials and produced using eco-friendly manufacturing processes. This trend has led to the emergence of new players in the market offering sustainable and eco-friendly loafers. Established players are also focusing on incorporating sustainable materials and processes in their production to cater to the growing demand and stay competitive in the market.
Loafers Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 27.99 billion |
| Market size value in 2031 | USD 35.15 billion |
| Growth Rate | 3.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Loafers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Loafers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Loafers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Loafers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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