The global sustainable footwear market is expected to expand by 5.8 per cent CAGR to reach $11.8 billion by 2027, according to a new report by market research and consulting firm Grand View Research. The Asia Pacific market is expected to maintain its lead over the forecast period.
Growing awareness among consumers, increasing education levels, social influences, and preference for sustainable products are anticipated to drive future growth of this market. Footwear brands and companies across the world are engaged in retaining their customers by practicing sustainable business practices across manufacturing and supply chain. Sixty eight per cent of consumers consider sustainability to be a driving factor, and hence a part of final purchase.
The sustainable footwear market is segmented into athletic and non-athletic footwear. Of these, the market for athletic footwear is gaining more importance with brands introducing new innovations and developments in this category. Nike recently launched sustainable sneakers made of Flyknit material, which is made from 50 per cent recycled fibre.
Some of the key players operating in this market are Tropicalfeel, Adidas, Nike, New Balance, Rothy's, Veja, Reformation, Nisolo, native shoes, Matisse footwear, Amour Vert, and Threads 4 thought.
Many of these leading global players such as New Balance, Adidas, Nike, and Reebok have changed their way of production to be eco-friendlier. The current practice involves tackling plastic pollution via recycling. For instance, Vivobarefoot designed a line of shoes that is made of recycled bottles and Converse Renew collection uses 100 per cent recycled plastic bottles for its shoes.