Global Shoe Care Products Market 2019-2023 | Use of Natural Ingredients to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
New market research study by Technavio on the global shoe care products market projects the market to grow at a CAGR of over 5% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the global shoe care products market from 2019-2023. (Graphic: Business Wire)
Rising awareness about foot health and shoe cleanliness
With the rising concern for foot health, hygiene, and odor, the demand for shoe care products is increasing. These shoe care products not only maintain the shoes but also offer high foot health and cleanliness. Currently, there are various shoe care products available in the market such as shoe deodorizers that offer good foot health, along with shoe cleanliness. Vendors are also introducing shoe deodorizer powders and sprays that can be applied on foot. These products nourish consumers’ foot and prevent bacterial and fungal infections, resulting in odor-free feet and shoes. Thus, the benefits offered by these products increase their adoption among consumers, thereby driving market growth.
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Increased introduction of shoe care products made of natural ingredients
Currently, there is a growing shift toward shoe care products, which are made up of raw and natural ingredients. These products do not contain chemicals and can be used every day, as they protect the skin from harmful side-effects. Several vendors are using natural ingredients such as natural pigments, water-based charcoal, and textile skin to develop products that are less harmful to the user and the environment. Thus, this shift toward natural and medicated ingredients will help open new avenues for the growth of the global shoe care products market.
According to a senior analyst at Technavio, “With increasing internet penetration and smartphone use, manufacturers have been able to expand their distribution networks by partnering with third-party e-retailers. This has helped to increase streamline their business activities, increase sales and expand their geographical presence. Thus, consumers’ shift towards the online channel is expected to drive market growth in the coming years.”
Availability of counterfeit products
The penetration of e-commerce is propelling the sale of counterfeit products by widening their geographical reach. Customers are also facing difficulties in distinguishing between genuine and counterfeit products as they appear similar. Moreover, the majority of counterfeit products come with me too branding that resembles the name, logo, and trademark of renowned brands. As counterfeit products are cheaper than their genuine counterparts, it hampers the sale and pricing strategies leading to increased inventory backlogs for international vendors. However, established players are trying to penetrate the market by increasing brand awareness and quality assurance.
Top players in the global shoe care products market:
- Caleres Inc.
- Grangers International Ltd.
- Implus Footcare LLC
- S. C. Johnson & Son Inc.
- Salzenbrodt GmbH & Co. KG
- The Clinkard Group Ltd.
Some of the key topics covered in the global shoe care products market include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. It provides detailed market research reports that provide clients with actionable insights to help them identify market opportunities and design effective strategies to optimize their market position.
With over 500 specialized analysts, Technavio boasts of an extensive report library comprising of over 10,000 reports, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than a hundred Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets. Technavio helps companies to assess their competitive position within changing market scenarios.
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INDUSTRY KEYWORD: HEALTH OTHER HEALTH ENVIRONMENT RETAIL COMMUNICATIONS MARKETING OTHER RETAIL
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 05/22/2019 10:25 AM/DISC: 05/22/2019 10:25 AM