Asia's Footwear Market Poised for Steady Growth with 2.4% CAGR in Value Through 2035

IndexBox has just published a new report: Asia - Footwear - Market Analysis, Forecast, Size, Trends And Insights.

This comprehensive report analyzes the Asian footwear market from 2013 to 2024, with projections extending to 2035. In 2024, the market consumed 7.8 billion pairs valued at $105.5 billion, with China leading consumption at 2.1 billion pairs. Production reached 16 billion pairs, dominated by China which accounted for 66% of total output. The market is forecast to grow at a CAGR of +1.0% in volume and +2.4% in value through 2035, reaching 8.6 billion pairs worth $137.6 billion. Key trends include China's production dominance despite a slight decline, Vietnam's emergence as a major exporter, and varying growth rates across different footwear types and countries.

Key Findings

• Asia's footwear market is forecast to grow to 8.6B pairs valued at $137.6B by 2035, with a CAGR of +1.0% in volume and +2.4% in value
• China is the dominant producer (66% share, 11B pairs) and consumer (28% share, 2.1B pairs)
• Footwear with uppers of textile materials shows the strongest consumption growth (+3.4% CAGR 2013-2024)
• Vietnam is the fastest-growing exporter by value (+8.5% CAGR), challenging China's export dominance
• Japan is the largest importer (569M pairs), while China pays the highest average import price ($29 per pair)

Market Forecast

Driven by increasing demand for footwear in Asia, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% for the period from 2024 to 2035, which is projected to bring the market volume to 8.6B pairs by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.4% for the period from 2024 to 2035, which is projected to bring the market value to $137.6B (in nominal wholesale prices) by the end of 2035.

Consumption

Asia's Consumption of Footwear

In 2024, footwear consumption in Asia contracted to 7.8B pairs, dropping by -3.4% on 2023. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, consumption attained the peak volume at 14B pairs in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

The value of the footwear market in Asia dropped slightly to $105.5B in 2024, falling by -2.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw moderate growth. As a result, consumption reached the peak level of $217.7B. From 2019 to 2024, the growth of the market remained at a lower figure.

Consumption By Country

The country with the largest volume of footwear consumption was China (2.1B pairs), accounting for 28% of total volume. Moreover, footwear consumption in China exceeded the figures recorded by the second-largest consumer, India (876M pairs), twofold. The third position in this ranking was taken by Indonesia (672M pairs), with an 8.7% share.

In China, footwear consumption decreased by an average annual rate of -2.2% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+4.7% per year) and Indonesia (+1.6% per year).

In value terms, China ($37.4B) led the market, alone. The second position in the ranking was held by Indonesia ($10.6B). It was followed by India.

In China, the footwear market increased at an average annual rate of +2.3% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: Indonesia (+3.6% per year) and India (+13.1% per year).

The countries with the highest levels of footwear per capita consumption in 2024 were Japan (4.9 pairs per person), Turkey (4.6 pairs per person) and Thailand (3.3 pairs per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Turkey (with a CAGR of +5.6%), while consumption for the other leaders experienced more modest paces of growth.

Consumption By Type

The products with the highest volumes of consumption in 2024 were footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap (3.1B pairs), footwear with uppers of textile materials (2.4B pairs) and leather footwear (2B pairs), with a combined 96% share of the total volume.

From 2013 to 2024, the biggest increases were recorded for footwear with uppers of textile materials (with a CAGR of +3.4%), while consumption for the other products experienced mixed trends in the consumption figures.

In value terms, leather footwear ($64.6B) led the market, alone. The second position in the ranking was taken by footwear with uppers of textile materials ($19.1B). It was followed by footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap.

From 2013 to 2024, the average annual rate of growth in terms of the value of leather footwear market amounted to +2.5%. With regard to the other consumed products, the following average annual rates of growth were recorded: footwear with uppers of textile materials (+7.4% per year) and footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap (+3.0% per year).

Production

Asia's Production of Footwear

In 2024, approx. 16B pairs of footwear were produced in Asia; flattening at 2023. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 7.1% against the previous year. The volume of production peaked at 17B pairs in 2014; however, from 2015 to 2024, production failed to regain momentum.

In value terms, footwear production shrank slightly to $134B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 36%. The level of production peaked at $167.1B in 2019; however, from 2020 to 2024, production failed to regain momentum.

Production By Country

The country with the largest volume of footwear production was China (11B pairs), accounting for 66% of total volume. Moreover, footwear production in China exceeded the figures recorded by the second-largest producer, Vietnam (1.1B pairs), tenfold. The third position in this ranking was held by India (988M pairs), with a 6.1% share.

In China, footwear production decreased by an average annual rate of -1.4% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Vietnam (+5.1% per year) and India (+5.5% per year).

Production By Type

The products with the highest volumes of production in 2024 were footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap (8.2B pairs), footwear with uppers of textile materials (4.9B pairs) and leather footwear (2.7B pairs), with a combined 97% share of the total output.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the leading produced products, was attained by footwear with uppers of textile materials (with a CAGR of +2.1%), while production for the other products experienced a decline in the production figures.

In value terms, leather footwear ($58.2B), footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap ($45B) and footwear with uppers of textile materials ($33.9B) were the products with the highest levels of production in 2024, with a combined 98% share of the total output.

Footwear with uppers of textile materials, with a CAGR of +5.1%, recorded the highest rates of growth with regard to market size among the main produced products over the period under review, while production for the other products experienced more modest paces of growth.

Imports

Asia's Imports of Footwear

In 2024, after three years of growth, there was decline in overseas purchases of footwear, when their volume decreased by -0.4% to 2.1B pairs. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 26%. The volume of import peaked at 2.2B pairs in 2017; however, from 2018 to 2024, imports stood at a somewhat lower figure.

In value terms, footwear imports fell modestly to $24.4B in 2024. The total import value increased at an average annual rate of +2.2% over the period from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when imports increased by 16% against the previous year. The level of import peaked at $25.3B in 2023, and then declined slightly in the following year.

Imports By Country

In 2024, Japan (569M pairs) represented the largest importer of footwear, constituting 27% of total imports. China (193M pairs) took the second position in the ranking, followed by South Korea (135M pairs), the United Arab Emirates (131M pairs), Thailand (123M pairs) and Iraq (102M pairs). All these countries together took near 32% share of total imports. The following importers - Malaysia (85M pairs), India (81M pairs), Hong Kong SAR (80M pairs) and Taiwan (Chinese) (79M pairs) - each recorded a 15% share of total imports.

From 2013 to 2024, average annual rates of growth with regard to footwear imports into Japan stood at +4.6%. At the same time, China (+12.6%), Thailand (+7.0%), Malaysia (+5.7%), Iraq (+3.9%), South Korea (+3.2%) and Taiwan (Chinese) (+2.4%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia, with a CAGR of +12.6% from 2013-2024. By contrast, India (-3.0%), the United Arab Emirates (-8.1%) and Hong Kong SAR (-12.0%) illustrated a downward trend over the same period. Japan (+9.5 p.p.), China (+6.4 p.p.), Thailand (+2.9 p.p.), Malaysia (+1.7 p.p.) and South Korea (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while India, the United Arab Emirates and Hong Kong SAR saw its share reduced by -1.8%, -10.1% and -12.3% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($5.6B), Japan ($3.9B) and South Korea ($2.8B) constituted the countries with the highest levels of imports in 2024, together comprising 50% of total imports.

Among the main importing countries, China, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Imports By Type

Footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap (940M pairs) and footwear with uppers of textile materials (886M pairs) represented the key types of footwear in 2024, amounting to near 44% and 41% of total imports, respectively. It was distantly followed by leather footwear (280M pairs), comprising a 13% share of total imports. Waterproof footwear (38M pairs) held a relatively small share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by footwear with uppers of textile materials (with a CAGR of +5.4%), while imports for the other products experienced a decline in the imports figures.

In value terms, leather footwear ($9.9B), footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap ($7.4B) and footwear with uppers of textile materials ($6.9B) appeared to be the products with the highest levels of imports in 2024, together accounting for 99% of total imports.

Among the main imported products, footwear with uppers of textile materials, with a CAGR of +6.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2024, the import price in Asia amounted to $11 per pair, which is down by -3.3% against the previous year. Over the last eleven-year period, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2018 when the import price increased by 20% against the previous year. Over the period under review, import prices reached the peak figure at $13 per pair in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was leather footwear ($36 per pair), while the price for waterproof footwear ($6 per pair) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by leather footwear (+4.1%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2024, the import price in Asia amounted to $11 per pair, shrinking by -3.3% against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2018 when the import price increased by 20% against the previous year. The level of import peaked at $13 per pair in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was China ($29 per pair), while Thailand ($4.2 per pair) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.9%), while the other leaders experienced more modest paces of growth.

Exports

Asia's Exports of Footwear

In 2024, the amount of footwear exported in Asia totaled 11B pairs, surging by 2.1% compared with the previous year's figure. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 98%. The volume of export peaked at 11B pairs in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

In value terms, footwear exports dropped modestly to $72.6B in 2024. The total export value increased at an average annual rate of +1.8% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 22%. The level of export peaked at $84.7B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

Exports By Country

China dominates exports structure, resulting at 8.8B pairs, which was approx. 83% of total exports in 2024. It was distantly followed by Vietnam (878M pairs), creating an 8.2% share of total exports. The following exporters - Turkey (228M pairs) and India (193M pairs) - each accounted for a 4% share of total exports.

Exports from China decreased at an average annual rate of -1.0% from 2013 to 2024. At the same time, Vietnam (+5.9%), India (+3.6%) and Turkey (+3.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +5.9% from 2013-2024. From 2013 to 2024, the share of Vietnam increased by +4.1 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($43.4B) remains the largest footwear supplier in Asia, comprising 60% of total exports. The second position in the ranking was taken by Vietnam ($18.4B), with a 25% share of total exports. It was followed by India, with a 2.3% share.

In China, footwear exports remained relatively stable over the period from 2013-2024. In the other countries, the average annual rates were as follows: Vietnam (+8.5% per year) and India (-1.1% per year).

Exports By Type

Footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap was the key type of footwear in Asia, with the volume of exports amounting to 6B pairs, which was near 56% of total exports in 2024. Footwear with uppers of textile materials (3.4B pairs) ranks second in terms of the total exports with a 32% share, followed by leather footwear (10%).

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the key exported products, was attained by footwear with uppers of textile materials (with a CAGR of +2.0%), while the other products experienced mixed trends in the exports figures.

In value terms, footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap ($29.4B), leather footwear ($22.7B) and footwear with uppers of textile materials ($19.7B) constituted the products with the highest levels of exports in 2024, together accounting for 99% of total exports.

Footwear with uppers of textile materials, with a CAGR of +4.4%, recorded the highest growth rate of the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced mixed trends in the exports figures.

Export Prices By Type

In 2024, the export price in Asia amounted to $6.8 per pair, reducing by -6.1% against the previous year. Overall, the export price, however, enjoyed notable growth. The pace of growth was the most pronounced in 2018 when the export price increased by 161% against the previous year. As a result, the export price reached the peak level of $15 per pair. From 2019 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was leather footwear ($21 per pair), while the average price for exports of footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap ($4.9 per pair) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by footwear of rubber or plastics, not waterproof, not sports, without a metal toe-cap (+3.2%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2024, the export price in Asia amounted to $6.8 per pair, which is down by -6.1% against the previous year. Over the period under review, the export price, however, posted a tangible expansion. The pace of growth was the most pronounced in 2018 an increase of 161% against the previous year. As a result, the export price reached the peak level of $15 per pair. From 2019 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Vietnam ($21 per pair), while Turkey ($4.1 per pair) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Vietnam (+2.4%), while the other leaders experienced more modest paces of growth.