Loafers Market Size, Share & Trends, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

  • TBI570017
  • November 29, 2020
  • Global
  • 132 pages
  • Lucintel
                                              

Industry Insights, Market Size, CAGR, High-Level Analysis: Loafers Market

The global loafers market size was valued at USD 24.1 billion in 2018. Rising requirements of stylish and comfortable footwear among the middle-aged working population is promoting the utility of loafers. Loafers are considered to be a convenient and comfortable footwear among different age-groups with features including not overly fitted in the heel and easier to get on and off. Millennial population and Generation X prefer to purchase trendy, comfortable, and fancy shoes. Leather shoes are extensively taken into consideration as a premium product and it occupies a good-sized proportion in the market. It has been observed that men are the major customers of loafers. They wear this product as an alternative to formal shoes, along with as a stylish component. The companies are investing in branding and promotional activities to increase their customer reach. They are investing in fashion shows and uploading product videos on social media page to attract more consumers. Over the past few years, growing working class population, coupled with increasing spending on personal attire including footwear products in the developing economies including China and India, is expected to promote the loafers market size. The companies including Woodland and Hush Puppies are expanding their product portfolio, which is attracting the consumers to spend more on the footwear segment. Some of the popular loafers type available in the market are tassel, foot bed slip, black calf, suede leather, velvet slippers, no lace casual, and folded leather. Increasing number of fashion style videos on social media platforms and satellite television by fashion experts is expected to promote the awareness among the buyers. As a result, the buyers are expected to increase spending on the inclusion of premium products including canvas loafers and penny loafers as a part of their fashion style.

Product Insights of Loafers Market

Leather loafers generated a revenue of USD 16.1 billion in 2018. A large number of consumers prefer to purchase these products due to their long shelf life. Besides this, leather loafers come with features including breathable, water resistance, better fit, and easy to clean characteristics. These leather loafers are considered to be luxury goods as the raw material is sleek and shiny. Furthermore, the companies are shifting their raw material preference from natural leather to synthetic leather materials including leatherette, faux leather, vegan leather, PU leather, and pleather. Increasing number of consumer awareness initiatives by animal rights organizations including PETA is driving the footwear manufacturers to use synthetic leather as a raw material for the production of various footwear products. However, synthetic leather loafers are also economical and effective for the rainy session, which is expected to promote the products utility in the upcoming years. The fabric loafers are expected to expand at the fastest CAGR of 4.5% from 2019 to 2025. These products are made from hemp or cotton, which makes the footwear breathable enough to offer extra-comfort to the consumers in different temperatures. A large number of consumers purchase these fabric loafers due to their lightweight features. Furthermore, these products are hypoallergenic, which attracts the consumers with sensitive skin to purchase fabric made loafers. Availability of varieties of color and design of fabric loafer is driving consumers to purchase fabric loafers.

Distribution Channel Insights

Specialty stores generated a revenue of USD 13.5 billion in 2018. Due to the availability of different types of products under a single window, it becomes convenient for the consumers to select their preferred product. Furthermore, some footwear needs repair with special tools and training. These channels deploy trained professionals who provide the better repairing tools to the consumers. Online channels are expected to foresee the fastest growth in the coming years on account of easy product selection and doorstep product delivery services. Ease of product selection and availability of customer review are expected to increase the penetration of this segment in developed economies including U.S., Germany, U.K., and France. Furthermore, growing smartphone adoption at the global level is expected to propel the sales from online channels in the near future.

Regional Insights of Loafers Market

Asia Pacific held the largest share in 2018 and is expected to be the fastest growing region at a CAGR of 4.6% from 2019 to 2025. Rising spending power among middle-class population groups, who are investing in comfortable and stylish apparel and footwear products, in countries including China, India, Bangladesh, and South Korea is expected to remain a favorable factor for the industry growth. China is the largest footwear manufacturer and it exports its products in countries including U.S., Canada, U.K., and Germany. Furthermore, growing penetration of e-commerce companies including Flipkart, Alibaba, and Amazon in developing economies including China and India is expected to remain a favorable factor for the industry growth over the next few years. Europe was the second largest market, accounting for exceeding 25.0% share of the global revenue in 2018. Increasing importance of stylish footwear among the consumers of developed economies including Germany and U.K. is a major trend observed in this region. Furthermore, increasing awareness regarding personal grooming among the consumers of Europe is driving consumers to spend on apparel and footwear, which is generating the demand for convenient footwear, including loafers. Furthermore, consumer shift towards premium products in countries including Germany, France, Italy, and U.K. will continue to generate the demand for loafers in the upcoming years.

Market Share Insights of Loafers Market

Key industry participants include The Rockport Group, Wolf and Shepherd, Clark International, Lee Cooper, Hush Puppies, PUMA, WOODLAND, Relaxo Footwears Limited, BACCA BUCCI FASHIONS PVT. LTD., and Allen Edmonds Corporation. Companies are taking up strategies such as mergers and acquisitions to increase their market share. For instance, in December 2018, Landan based company Farfetch completed the acquisition of New York-based startup Stadium Goods in USD 250 million. Additionally, new product launches in terms of canvas loafers in developing economies including China and India, targeting growing millennial population, is expected to open new avenues over the next few years.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Loafers Market Research Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global loafers market report on the basis of product, distribution channel, and region:

Product Outlook (Revenue, USD Billion, 2019 - 2030)

  • Leather
  • Fabric
  • Others

Distribution Channel Outlook (Revenue, USD Billion, 2019 - 2030)

  • Supermarkets & Hypermarkets
  • Specialty Stores
  • Online

Table of Contents
Chapter 1. Methodology and Scope                    1.1. Market Segmentation & Scope                    1.2. Market Definition                    1.3. Information Procurement                        1.3.1. Purchased Database                        1.3.2. GVR’s Internal Database                        1.3.3. Secondary Sources & Third-Party Perspectives                        1.3.4. Primary Research                    1.4. Information Analysis                         1.4.1. Data Analysis Models                    1.5. Market Formulation & Data Visualization                    1.
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