IMARC Group, a leading market research company, has recently released a report titled “Men Formal Shoe Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the men formal shoe market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Men Formal Shoe Market?
The global men formal shoe market size reached US$ 9.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
What is Men Formal Shoe?
Men formal shoe refers to a specific class of shoes that are customized to be worn in offices and on social occasions. They are available mostly in black or brown colors and can be categorized into several types, including oxford, derby, boots, etc. These men formal shoe products are majorly made of patent leather, artificial leather, grained leather, suede leather, etc. They are designed to be extremely comfortable for the feet, offer a distinctive formal appearance, have improved finishing, and ensure enhanced durability. Men formal shoe variants prove ideal for formal meetings, dress-coded parties, dance floors, etc. Consequently, they are in extensive demand across the globe.
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What are the growth prospects and trends in the men formal shoe industry?
The shifting preferences toward barded and premium footwear among the male population, owing to the elevating commercialization of numerous types of men formal apparel and the emerging fashion trends, are primarily driving the men formal shoe market. Additionally, the product innovations by leading market players in terms of design and features, such as waterproofing, fusion looks, and unique stitch and cut patterns on shoes, are acting as significant growth-inducing factors. Besides this, the growing corporate industry, the rising number of corporate employees across countries, and the expanding product availability through organized retail channels are also positively influencing the global market. Moreover, the escalating collaboration and partnerships and mergers and acquisitions (M&As) activities among various product manufacturers to enhance their geographical presence and the increasing development in warehousing and supply chain operations are expected to catalyze the men formal shoe market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Shoe Type Insights
- Oxford Shoe
- Derby Shoe
- Loafer Shoe
- Boots Shoe
Leather Type Insights
- Patent Leather
- Pebble and Full Grain Leather
- Top Grain Leather
- Suede Leather
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Alden Shoe Company
- Allen Edmonds Corporation (Caleres Inc.)
- Bruno Magli S.p.A. (Marquee Brands)
- Burberry Group Plc
- C. & J. Clark International Ltd. (C&J Clark (Holdings) Limited)
- Calvin Klein Inc. (PVH Corp.)
- Cole Haan
- Dolce & Gabbana S.r.l.
- Genesco Inc.
- Guccio Gucci S.p.A (Kering Holland NV)
- Hugo Boss AG
- LVMH Moët Hennessy Louis Vuitton
- Prada S.p.A.
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