Growth in demand for shoes across regions is not only being addressed by established players but has subsequently increased the number of new entrants in the market. Significant growth in the number of businesses has resulted in tough competition among market players. To sustain in this competitive environment, innovation in shoes and shoe care has transpired. Easy availability of different ranges of shoes, changing fashion trends among the growing number of working people, and increasing e-Commerce shopping have led to growing demand for shoe care products. e-Commerce retailing has provided customers with access to shoe care accessories that are not easily available in conventional stores. For instance, shoe trees are rarely available in conventional stores, but can be easily bought from online shops.
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Moreover, orthopedic shoes have gained prominent reputation in the footwear industry, especially diabetic patients, over the past years. Also, the need to maintain these orthopedic shoes properly has augmented demand for shoe care accessories. Increasing health awareness among diabetic patients as well as the elder population has driven the sales of shoe care accessories, and will positively impact the market over the forecast period.
In light of the above factors, global sales of shoe care reached US$ 5 Bn in 2020. According to the revised report by Persistence Market Research, the shoe care market is estimated to register a steady CAGR of close to 5% over the forecast period of 2021-2031.
Key Takeaways from Market Study
- The market is considerably fragmented and vast in nature, resulting in moderate bargaining power for customers due to a large number of players. Key shoe care manufacturers are involved in marking their presence through strategies such as target marketing.
- The shoe care category holds a noteworthy revenue share. With growing significance of formal footwear, this segment is expected to register significant growth.
- In case of application, formal footwear is the dominating category in the industry, and this segment is anticipated to experience steady growth over the forecast period.
- Shift in consumer preference from store-based to online-based purchasing is likely to drive online retailing of shoe care products over the coming years.
- In terms of regional analysis, the market East Asia and South Asia is expected to register rapid growth. Growth in these regions is expected to be driven mainly by the millennial population.
- Due to the COVID-19 outbreak, market growth in 2020 was only close to 5%. However, in 2021, it is expected to increase with rising adoption of formal and sports shoes.
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Market Competition
The report underlines groundbreaking insights into the competitive scenario of the shoe care market, along with the highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain include S.C. JOHNSON & SON, Fiebing Company, Inc., Caleres Inc., C.A. Zoes Mfg Co., Woodland Worldwide, Collonil Company, RSPL Limited, New Balance Athletics, Inc., C&J Clark International Limited, Salamander France SAS, Lincoln Shoe Polish c/o Maxton & Company, Griffin Shoe Care, TARRAGO BRANDS INTERNATIONIAL, S.L., and OTTER WAX LLC.
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