LONDON--(BUSINESS WIRE)--The global shoe care products market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing footwear market will be one of the major factors fueling the need for shoe care products during the forecast period. The footwear market is witnessing steady growth, and the non-athletic shoe segment is a major contributor to the growth of the market. The growing disposable income of individuals has led to an increase in spending on premium shoes which will further drive the demand for shoe care products. Moreover, increasing awareness about foot health and shoe cleanliness will boost the demand for shoe care products such as shoe deodorizer powders and sprays.
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As per Technavio, the increased introduction of shoe care products made of natural ingredients , will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Shoe Care Products Market: Increased introduction of shoe care products made of natural ingredients
There is a growing consumer preference for products that are alcohol-free, harmless, and safe from chemicals. Several companies have started offering shoe care products made from natural ingredients and other raw materials. For instance, shoe deodorizer manufacturers are focusing on the use of natural ingredients such as essential oils for odor control in shoes. Similarly, companies are also using water-based charcoal and textile skin for manufacturing products that are less harmful. The shift in consumer preference for products made from natural and medicated ingredients will be a significant factor that will fuel the shoe care products market growth.
“ Apart from the increased introduction of shoe care products made of natural ingredients, product innovation coupled with rising awareness about foot health and shoe cleanliness will boost the market growth during the forecast period ,” says a senior analyst at Technavio.
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Global Shoe Care Products Market: Segmentation Analysis
This market research report segments the global shoe care products market by distribution channel (offline and online) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the increasing participation in fitness activities such as gym, sports, and aerobics in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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