Market Forecast By Type (Athletic, Non-Athletic), By Material (Lather, Rubber, Plastic) And Competitive Landscape
Product Code: ETC037139 | Publication Date: Jul 2023 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Saudi Arabia Footwear market currently, in 2023, has witnessed an HHI of 3119, Which has decreased slightly as compared to the HHI of 3754 in 2017. The market is moving towards concentrated. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
Saudi Arabia Footwear Market Report thoroughly covers the market by type and by material. The outlook report provides an unbiased and detailed analysis of the ongoing Market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Saudi Arabia Footwear Market is expected to have a major share in the market on growing fashion industry in the Kingdom. The increasing youth population, rising disposable income, and changing consumer preferences are among some of the factors driving the development of the market. Moreover, technological advances have helped manufacturers develop premium quality products that feature a range of sizes and designs for different age groups and genders. Additionally, several initiatives taken by government authorities to encourage local production have also positively impacted the regional footwear industry in recent years.
According to 6Wresearch, Saudi Arabia Footwear Market size is projected to grow by 3.66% resulting in a market volume of US$2.90bn during 2023-2029. There are several factors that are driving the growth of the footwear market in Saudi Arabia. The country's young and growing population, characterized by a significant youth demographic, contributes to a significant demand for footwear. Young consumers often seek trendy and stylish shoes, driving the market's fashion-oriented segment. The economic diversification efforts, such as Vision 2030 which has promoted tourism, entertainment, and cultural events in Saudi Arabia have bolstered the growth of the market. These initiatives have spurred a demand for footwear suited to leisure activities, sports, and outdoor events, thereby expanding market opportunities. The increasing urbanization and changing lifestyles have led to a preference for more comfortable and casual footwear options, driving the sales of sneakers, sandals, and other casual styles in the country. There are certain challenges that exist in the market. Several international branded accessories are available easily across retail stores throughout the country providing competition against locally manufactured products implying that consumers often opt for imported brands due to price differences along with superior product quality offered comparatively. This factor has restricted regional manufacturers’ ability to expand their revenue streams significantly therefore affecting negatively the overall performance graph accordingly and this factor has led to a decrease in Saudi Arabia Footwear Market Growth.
The impact of COVID-19 on Saudi Arabia footwear industry has been severe due to government-imposed restrictions on movement coupled with disruption caused by supply chain disruptions which have resulted in decreased production output along with challenges faced by companies while operating their retail outlets amid the pandemic conditions creating an overall negative impact on businesses across all sectors including the footwear sector. However, there had been some relief provided through e-commerce expansion that allowed retailers to operate digitally amidst lockdown measures thus providing some cushioning effect.
The government of Saudi Arabia has implemented several policies and regulations to support the growth and development of the footwear market within the country and this factor has contributed to the rise In Saudi Arabia Footwear Market Share. These policies are aimed at enhancing the quality of the product, the safety of the consumers, and promoting domestic manufacturing and retailing. The government enforces strict quality standards for footwear products, including requirements for materials, durability, and comfort. These regulations are designed to safeguard consumers against substandard or unsafe footwear products. The Saudi government has encouraged the localization of manufacturing processes, including in the footwear sector. By promoting local production, the government seeks to reduce the country's reliance on imported footwear and boost domestic manufacturing capabilities. This effort aligns with broader economic diversification initiatives, aiming to create jobs and stimulate economic growth within the country. The government has also played a role in fostering the growth of retail infrastructure by facilitating the establishment of shopping malls and retail outlets.
The Footwear market In Saudi Arabia consists of domestic and international players. Some of the key domestic footwear brands include Redtag, Nayomi, and Femi9, which have established a strong presence in the market and cater to different segments of the region, these companies offer from casual to formal footwear. International brands like Nike, Adidas, Puma, and Skechers have a significant presence in Saudi Arabia, attracting consumers with their sports, athletic, and casual footwear collections. These global brands heavily benefit from their global recognition and reputation for quality and innovation.
Athletic footwear holds a considerable share in the Saudi Arabian market and has experienced impressive growth. The admiration of sports and fitness activities, including running, gym workouts, and outdoor sports, has driven the demand for athletic shoes. International brands such as Nike, Adidas, and Puma are prominent players in this segment, offering a wide range of sports-specific footwear.
According to Shivankar, Research Manager, 6Wresearch, Leather footwear holds a prominent position in the Saudi Arabian market, appreciated for its robustness, superiority, and elegance. Leather shoes are often preferred for formal occasions and are available in a range of designs, including dress shoes and boots.
The report offers a comprehensive study of the subsequent market segments
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Saudi Arabia Footwear Market Overview |
3.1 Saudi Arabia Country Macro Economic Indicators |
3.2 Saudi Arabia Footwear Market Revenues & Volume, 2023 & 2030F |
3.3 Saudi Arabia Footwear Market - Industry Life Cycle |
3.4 Saudi Arabia Footwear Market - Porter's Five Forces |
3.5 Saudi Arabia Footwear Market Revenues & Volume Share, By Type, 2020 & 2030F |
3.6 Saudi Arabia Footwear Market Revenues & Volume Share, By Material, 2020 & 2030F |
4 Saudi Arabia Footwear Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Saudi Arabia Footwear Market Trends |
6 Saudi Arabia Footwear Market, By Types |
6.1 Saudi Arabia Footwear Market, By Type |
6.1.1 Overview and Analysis |
6.1.2 Saudi Arabia Footwear Market Revenues & Volume, By Type, 2023 - 2030F |
6.1.3 Saudi Arabia Footwear Market Revenues & Volume, By Athletic, 2023 - 2030F |
6.1.4 Saudi Arabia Footwear Market Revenues & Volume, By Non-Athletic, 2023 - 2030F |
6.2 Saudi Arabia Footwear Market, By Material |
6.2.1 Overview and Analysis |
6.2.2 Saudi Arabia Footwear Market Revenues & Volume, By Lather, 2023 - 2030F |
6.2.3 Saudi Arabia Footwear Market Revenues & Volume, By Rubber, 2023 - 2030F |
6.2.4 Saudi Arabia Footwear Market Revenues & Volume, By Plastic, 2023 - 2030F |
7 Saudi Arabia Footwear Market Import-Export Trade Statistics |
7.1 Saudi Arabia Footwear Market Export to Major Countries |
7.2 Saudi Arabia Footwear Market Imports from Major Countries |
8 Saudi Arabia Footwear Market Key Performance Indicators |
9 Saudi Arabia Footwear Market - Opportunity Assessment |
9.1 Saudi Arabia Footwear Market Opportunity Assessment, By Type, 2020 & 2030F |
9.2 Saudi Arabia Footwear Market Opportunity Assessment, By Material, 2020 & 2030F |
10 Saudi Arabia Footwear Market - Competitive Landscape |
10.1 Saudi Arabia Footwear Market Revenue Share, By Companies, 2023 |
10.2 Saudi Arabia Footwear Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |