Footwear - Nigeria

Nigeria

Revenue in the Footwear market amounts to US$2.40bn in 2023. The market is expected to grow annually by 8.43% (CAGR 2023-2028).
The market's largest segment is the segment Textile & Other Footwear with a market volume of US$0.90bn in 2023.
In global comparison, most revenue is generated in the United States (US$88.47bn in 2023).
In relation to total population figures, per person revenues of US$10.80 are generated in 2023.
In the Footwear market, volume is expected to amount to 70.55m pairs by 2028. The Footwear market is expected to show a volume growth of -1.9% in 2024.
The average volume per person in the Footwear market is expected to amount to 0.35pairs in 2023.
By 2023, 100% of sales in the Footwear market will be attributable to Non-Luxury goods.

Definition:

The Footwear market comprises all kinds of shoes that are designed and intended for a variety of activities. This market includes athletic, casual, formal, and other town footwear but excludes work and safety shoes. Depending on their purpose and function, these shoes are made from leather, textile, plastic, rubber, and/or wood materials. The market covers women’s, men’s, and children’s footwear. Just like the Apparel market, the Footwear market is currently being shaped by a tremendous change in customer purchase habits. The upswing in e-commerce store concepts is putting significant pressure on stationary retail stores.

Structure:

The market is divided into Sneakers, Athletic Footwear, Leather Footwear, and Textile & Other Footwear. Sneakers are defined as everyday footwear with an athletic appearance. Athletic Footwear refers to shoes specifically designed for sports activities such as tennis, basketball, soccer, and running. Leather Footwear encompasses boots, sandals, town footwear, clogs, and similar shoes that are made of leather uppers. Textile & Other Footwear refers to town footwear with textile, rubber, and/or plastic uppers. Rubber boots, flip-flops, and wooden clogs are also included here.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (per pair), luxury revenue share, sustainable footwear share, and sales channels. The sales channel Online refers to the purchase of physical goods in online retail. In other words, the purchase is concluded via the internet, be it on a desktop PC, tablet, or smartphone. The distribution channel Offline covers all purchases in stationary stores, by telesales, or via mail order (e.g., print catalogs).

Key players in the market include companies that have the biggest share in the Footwear market such as Nike, Adidas, New Balance, Skechers, and Puma.

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