Footwear Industry Size (2018–2028)
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?
Global footwear market revenue: 2018–2028
According to the latest statistics, the footwear industry has been growing in recent years. Global revenues in 2024 are estimated to reach $412.9 billion, a 3.6% year-over-year rise.
In 2019, overall revenues totaled $397.6 billion, after growing at a marginal 0.2% from 2018’s $396.9 billion. The following year, the market plunged 13.7%, to $343 billion, as a result of the COVID-19 pandemic. 2021 saw the global footwear market recover slightly, expanding by 1%, to $346.5 billion. Three consecutive years of growth followed, as the sector’s revenues rebounded to pre-pandemic levels.
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Looking forward, the footwear industry’s sales are set to continue growing, albeit at a slightly slower rate. For instance, analysts’ annual growth estimates for the next four years average at 3.4%. In 2025, the global footwear market’s revenue is forecasted to reach $427 billion, marking a 3.4% annual increase. This is set to hit $441 billion in 2026 before further rising 3.2% to $455 billion in 2027. By 2028, revenues from the global footwear industry are projected to total $472.6 billion, after a 3.9% annual rise.
From 2018 to 2028, the global footwear industry is projected to increase its annual sales by 19.1% overall and rise by an average annual growth rate of 1.9%.
Global footwear industry: online vs. offline sales
Thanks to the rise of ecommerce, more and more people are buying footwear online.
In 2024, 23.6% of the total revenue generated by the footwear industry is expected to come from online sales. In other words, nearly 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 14.7%. By 2027, this number is expected to increase to 26%—an impressive 11.3 percentage point rise in a decade.