The global loafers market size is expected to reach USD 31.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.8% over the forecast period. Increasing demand for stylish and convenient footwear among the consumers is a major factor contributing to the market growth. Additionally, growing working class population in developing countries including China, India, Brazil, and Mexico is expected to promote the utility of the loafers, which can go with formal and semi-formal dresses. It has been observed that the largest footwear manufacturers are located in Asia Pacific. The three largest footwear manufacturers such as China, India, and Vietnam accounted for around 72% of the footwear production in 2017.
The
fabric products are expected to expand at the fastest CAGR of 4.5% from 2019 to
2025. Shifting preference towards trendy lifestyles among millennials at the
global level, along with increased awareness of fashion styles through various
social media including Facebook, Pinterest, and Youtube is expected to play a
key role in expanding the market reach. The product is considered lightweight
and convenient to wear in workplace, gym, and parties. Kids and pregnant women
also prefer to wear fabric loafers due to the above-mentioned features.
Specialty
stores emerged as the largest channel with a revenue of USD 13.5 billion in
2018. The consumers prefer to purchase through these channels on account of the
availability of various types of product in a single platform. Moreover,
availability of different sizes and designs of loafers is driving the consumers
to prefer this channel. Furthermore, employees of these stores are trained
about product details and repair techniques that make consumers’ shopping
experience convenient.
Asia
Pacific led the market in 2018 and is expected to expand at the fastest CAGR of
4.6% from 2019 to 2025. Expansion in the middle-class working age groups in
developing countries including China, India, and Bangladesh is expected to
create demand for clots and footwear products. China was the largest loafer
producer and consumer of this region. Furthermore, increasing disposable income
in developing economies including China and India will lead to high spending on
personal grooming and apparel products.
Some
of the key players operating in this market are 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. Various manufacturers are working on new product launches as well
as collaborating with other companies to increase their product offerings.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/loafers-market
Loafers
Market Report Highlights
- Leather
products generated a revenue of USD 16.1 billion in 2018 owing to its
quality and long self life. Fabric loafers are expected to expand at the
fastest CAGR of 4.5% from 2019 to 2025 due to extra convenience offered to
the consumers
- Specialty
stores generated a revenue of USD 13.5 billion in 2018. Online channel is
projected to ascend at a CAGR of 4.9% from 2019 to 2025 due to growing
popularity of e-commerce channel as a purchasing medium among the
millennials
- Asia Pacific
dominated the loafers market in 2018 and is expected to expand at the
fastest CAGR of 4.6% over the forecast period.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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