Given that fashion ranks first on the list of the top online shopping categories, and the industry’s seemingly unstoppable growth, it should come as no surprise that the footwear industry has also performed well in recent years.

If you’re looking to start an online business in the footwear niche, one question you need to answer as part of your research is: How much is the shoe industry worth?

According to the latest statistics, the footwear industry has been growing in recent years. Global revenues in 2023 are estimated to reach $140.3 billion, a 19.6% year-over-year rise. The increase is the also fastest rate at which the global footwear market is expected to grow in a decade.

In 2020, overall revenues breached the $100 billion mark for the first time in history, hitting $105.5 billion. With an annual growth rate of 18.4%, it’s also the year the industry grew at its second-fastest pace. In 2021, the market grew a further 15.8%, with revenues totaling $122.2 billion. 2022 saw revenues fall by 4% to $117.3 billion. It is the only year during the entire forecast period that revenues are expected to fall.

With the exception of 2022, the growth rates the industry has seen since 2020 are much higher than those registered in 2018 and 2019, during which the industry grew by 2.7% and 4.1%, respectively. 

Looking forward, the footwear industry’s sales are set to continue growing. Analysts’ annual growth estimates for the next two years are at around 10%. In 2024, the global footwear market’s revenue is forecasted to reach $155.2 billion. This is set to hit $171.9 billion in 2025 before further rising 5.1% to $180.7 billion in 2026. By 2027, revenues from the global footwear industry are projected to total $191.3 billion.

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Global footwear industry: online vs. offline sales

Thanks to the rise of ecommerce, more and more people are buying footwear online. 

In 2023, 28.7% of the total revenue generated by the footwear industry is expected to come from online sales. In other words, over one in every four dollars spent on shoes will be transacted over the internet.

In comparison, in 2017, the online revenue share of the global footwear industry was at 21.4%. By 2027, this number is expected to increase to 32.3%—an impressive 10.9% rise in less than a decade.

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