Global Footwear Market to Grow $42 Billion in Next Two Years — And Its Biggest Players

By Jemima McEvoy Saturday, March 27, 2021

The global footwear market is set to grow by $42 billion in the next two years, according to a new report from market research company Technavio. Despite the negative impact from the COVID-19 pandemic, many businesses in the industry will go through “response, recovery, and renewal phases,” the report says, predicting a compound annual growth rate (CAGR) of 1% over the period from 2020 through 2024. The biggest contributors to growth are expected to be the Asia Pacific region, North America, Europe, South America, and the Middle East. A few companies stand to gain the most from this positive global footwear forecast.

Multiple hands holding up multiple shoes.


Adidas is a German clothing, shoes, and accessories company. Founded in 1949, the business has since grown to become a leading multinational household name and one of the biggest companies in the global footwear market.

Adidas saw its business suffer throughout the COVID-19 pandemic but reported a slight recovery in its Q4 earnings. The athletic apparel company saw its total sales fell by 5% to $6.6 million this past year. For reference, the company brought in over $7 million in 2019. A positive sign for Adidas, however, is the massive boost in online sales: the company saw its online business grow by around 43%. This shows that Adidas has a strong foundation for growth when commercial business bounces back post-pandemic.

New Balance Athletics

New Balance is a US-based company that also dominated the global footwear market. The business was launched in 1906, and New Balance now has a presence in the US, as well as the European market, accumulating billions in profit over the decades. The company is not public and has not released its 2020 earnings, but New Balance pulled in $4.5 billion in revenue in 2018, the last year it reported this number.


Nike is a US-based company that specializes in athletic footwear, apparel, and accessories. It has similarly morphed into one of the biggest players in the global footwear market since the business was founded in 1964.

Nike secured itself as the most valuable apparel brand in 2020 despite a hit from the COVID-19 pandemic, with the company valued at over $32 billion. Though the pandemic clearly had an impact on sales, Nike reported a revenue dip of just 4% in 2020 at $37.4 billion. This was primarily due to impacts on business operations, and is projected to bounce back.

About the Author

Headshot for author Jemima McEvoy

Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.

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