Last Updated on December 28, 2023 by Ch David
This research article delves into the Sneaker Industry’s revenue, growth, customer demography, global presence and more.
The sneaker industry’s market value has been steadily increasing over the years. In 2023, it reached $86.58 billion, up from $48.12 billion in 2015, reflecting its strong and consistent growth.
| Year | Sneaker Market Value |
|---|---|
| 2023 | $86.58 billion |
| 2022 | $72.72 billion |
| 2021 | $65.61 billion |
| 2020 | $62.97 billion |
| 2019 | $69.82 billion |
| 2018 | $65.29 billion |
| 2017 | $59.16 billion |
| 2016 | $$53.66 billion |
| 2015 | $48.12 billion |
Source: Statista
The worldwide sneaker market was worth USD 8.4 billion in 2022 and is projected to grow at a CAGR of 5.06% over the forecast period. By 2028, it is expected to reach USD 113.57 billion.
Source: Market Research Guru
The Sneaker industry’s revenue reached an impressive $76 billion in 2023, showing strong growth from $65 billion in 2018.
| Year | Sneaker Industry Revenue |
|---|---|
| 2023 | $76 billion |
| 2022 | $73 billion |
| 2021 | $66 billion |
| 2020 | $63 billion |
| 2019 | $70 billion |
| 2018 | $65 billion |
Source: Statista
Sneaker revenues vary by country, with the United States leading at $22.27 billion in 2023, followed by China with $15.84 billion.
The United Kingdom contributes $3.80 billion, while other countries like Japan, Germany, India, and Mexico also play significant roles in the industry’s revenue landscape.
| Country | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| United States | $18.95 billion | $20.41 billion | $18.78 billion | $19.73 billion | $21.58 billion | $22.27 billion |
| China | $11.82 billion | $13.51 billion | $13.65 billion | $12.26 billion | $15.06 billion | $15.84 billion |
| United Kingdom | $3.69 billion | $3.74 billion | $3.29 billion | $3.65 billion | $3.66 billion | $3.80 billion |
| Japan | $3.00 billion | $3.15 billion | $3.14 billion | $3.20 billion | $3.14 billion | $3.17 billion |
| Germany | $2.78 billion | $2.78 billion | $2.65 billion | $2.55 billion | $2.60 billion | $2.66 billion |
| India | $2.02 billion | $2.25 billion | $1.50 billion | $1.37 billion | $2.47 billion | $2.63 billion |
| Mexico | $1.45 billion | $1.63 billion | $1.09 billion | $1.64 billion | $1.85 billion | $1.86 billion |
| Brazil | $1.62 billion | $1.58 billion | $1.34 billion | $1.34 billion | $1.59 billion | $1.67 billion |
| Italy | $1.75 billion | $1.74 billion | $1.46 billion | $1.59 billion | $1.61 billion | $1.62 billion |
| Canada | $1.32 billion | $1.39 billion | $1.25 billion | $1.29 billion | $1.38 billion | $1.42 billion |
| France | $1.47 billion | $1.45 billion | $1.25 billion | $1.31 billion | $1.31 billion | $1.31 billion |
| South Korea | $886 million | $863 million | $799 million | $962 million | $960 million | $960 million |
| Turkey | $834 million | $874 million | $671 million | $780 million | $815 million | $851 million |
| Spain | $923 million | $931 million | $770 million | $849 million | $826 million | $832 million |
Source: Statista
Sneaker prices have been steadily rising. In 2023, the average sneaker price was around $63.23, marking an ongoing increase from previous years.
| Year | Average Sneaker Price |
|---|---|
| 2023 | $63.23 |
| 2022 | $60.75 |
| 2021 | $57.56 |
| 2020 | $56.33 |
| 2019 | $54.25 |
| 2018 | $54.41 |
Source: Statista
The Sneaker Industry is projected to generate around $9.86 per person in revenue in 2023.
This figure reflects the spending on sneakers globally, with the previous years also showing consistent patterns in revenue per person, such as $9.55 in 2022 and $8.7 in 2021.
| Year | Sneaker Industry Revenue per Person |
|---|---|
| 2023 | $9.86 |
| 2022 | $9.55 |
| 2021 | $8.7 |
| 2020 | $8.43 |
| 2019 | $9.44 |
| 2018 | $8.92 |
Source: Statista
In the worldwide sneaker market, Nike takes the lead with 18% market share, followed by Jordan with 11%, and Adidas with 9%.
Other brands like Skechers, Vans, and Converse also have significant presence, making up the dynamic landscape.
| Top Sneaker Brands | Top Sneaker Brands Worldwide (2022 Market Share) |
|---|---|
| Nike | 18% |
| Jordan | 11% |
| Adidas | 9% |
| Skechers | 7% |
| Vans | 7% |
| Moonstar | 5% |
| Converse | 4% |
| New Balance | 4% |
| Superga | 3% |
| YEEZY | 3% |
| Other | 29% |
Source: Statista
In the United States sneaker market, Nike and Jordan take the lead with 17% and 16% market share respectively.
Skechers, Superga, and other notable brands also contribute to the diverse landscape, showcasing varied preferences among consumers.
| Brand | Market Share |
|---|---|
| Nike | 17% |
| Jordan | 16% |
| Skechers | 9% |
| Superga | 9% |
| Adidas | 6% |
| Converse | 5% |
| New Balance | 5% |
| YEEZY | 5% |
| Puma | 4% |
| Vans | 3% |
| Other | 21% |
Source: Statista
Nike takes the lead in the United Kingdom’s sneaker market with 18% market share, followed by Skechers at 16% and Adidas at 12%.
Other brands like Jordan, New Balance, and more contribute to the diverse landscape of preferences among consumers.
| Brand | Market Share |
|---|---|
| Nike | 18% |
| Skechers | 16% |
| Adidas | 12% |
| Jordan | 8% |
| New Balance | 6% |
| On | 6% |
| Vans | 6% |
| Moncler | 5% |
| Converse | 4% |
| Moonstar | 3% |
| Other | 16% |
Source: Statista
In 2021, China led as the world’s largest footwear producer, making around 12 billion pairs of shoes.
This trend was mirrored by India, Vietnam, and Indonesia, which together contributed over 75% of the global footwear production, emphasizing the influence of the Asia Pacific region in the industry.
| Country | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|
| China | 12.02 billion pairs | 11.12 billion pairs | 13.48 billion pairs | 13.48 billion pairs | 13.52 billion pairs | 13.10 billion pairs |
| India | 2.60 billion pairs | 2.08 billion pairs | 2.60 billion pairs | 2.58 billion pairs | 2.41 billion pairs | 2.26 billion pairs |
| Vietnam | 1.36 billion pairs | 1.32 billion pairs | 1.40 billion pairs | 1.30 billion pairs | 1.10 billion pairs | 1.19 billion pairs |
| Indonesia | 1.08 billion pairs | 1.04 billion pairs | 1.23 billion pairs | 1.27 billion pairs | 1.08 billion pairs | 1.11 billion pairs |
| Brazil | 806 million pairs | 764 million pairs | 908 million pairs | 944 million pairs | 909 million pairs | 954 million pairs |
| Turkey | 547 million pairs | 487 million pairs | 535 million pairs | 447 million pairs | 400 million pairs | 500 million pairs |
| Pakistan | 513 million pairs | 483 million pairs | 481 million pairs | 411 million pairs | 398 million pairs | 399 million pairs |
| Bangladesh | 401 million pairs | 423 million pairs | 407 million pairs | 461 million pairs | 428 million pairs | 378 million pairs |
| Mexico | 191 million pairs | 165 million pairs | 251 million pairs | 268 million pairs | 259 million pairs | 254 million pairs |
| Iran | – | 165 million pairs | – | – | – | – |
| Philippines | 188 million pairs | – | – | – | – | – |
| Italy | – | – | 179 million pairs | 184 million pairs | 191 million pairs | – |
| Thailand | – | – | – | – | – | 200 million pairs |
Source: Statista
The global demand for sneakers has remained consistent in recent years. In 2023, approximately 1.2 billion pairs of sneakers were demanded, following a similar trend from the previous years.
| Year | Total |
|---|---|
| 2023 | 1.2 billion pairs |
| 2022 | 1.2 billion pairs |
| 2021 | 1.1 billion pairs |
| 2020 | 1.1 billion pairs |
| 2019 | 1.3 billion pairs |
| 2018 | 1.2 billion pairs |
Source: Statista
In 2023, online sales channels accounted for 34.1% of total sales, while offline sales channels represented 65.9%. This trend has been evolving over the years, with online sales steadily increasing from 23.6% in 2017 to 34.1% in 2023.
| Year | Offline Sales Channels | Online Sales Channels |
|---|---|---|
| 2023 | 65.9% | 34.1% |
| 2022 | 67.0% | 33.0% |
| 2021 | 64.5% | 35.5% |
| 2020 | 68.5% | 31.5% |
| 2019 | 75.3% | 24.7% |
| 2018 | 76.1% | 23.9% |
| 2017 | 76.4% | 23.6% |
Source: Statista
On average, casual sneakers in the United States can range from around $50 to $150, while high-end or designer sneakers can go for several hundred dollars or even more.
Sneakers and shoes are both types of footwear, but the term “sneakers” typically refers to casual athletic shoes with a flexible sole and are often made of canvas or leather.
On the other hand, “shoes” is a broader term that encompasses all types of footwear, including formal shoes, boots, sandals, and yes, sneakers too.
So, while all sneakers are shoes, not all shoes are necessarily sneakers.
Fake sneakers are often referred to as “replicas,” “counterfeits,” or “knock-offs.” They are imitations of popular branded sneakers, designed to mimic the appearance of the original but without the genuine brand’s quality or authenticity.
Yes, sneakers have evolved beyond their athletic origins and can indeed be considered a luxury fashion item.
Luxury sneaker brands such as Balenciaga, Gucci, Louis Vuitton, Givenchy, Valentino, and Christian Louboutin offer examples of this trend.
These brands produce sneakers that go beyond functionality, incorporating fashion-forward designs and luxurious materials, making them sought-after items in the luxury industry.
