According to the latest report by IMARC Group “Men Formal Shoe Market: Size, Industry Trends, Share, Size, Growth, Research Report, Opportunity and Forecast 2023-2028“. 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. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Formal shoes are specifically worn on various occasions, such as formal meetings, dress-coded parties, offices, and special occasions. They are made of cowhide, artificial leather, and grained leather. They are comfortable for the feet and offer various advantages, including a distinctive appearance, better finishing, and enhanced durability as compared to their casual counterparts.
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Men Formal Shoe Market Trends:
At present, the increasing working population, inflating disposable incomes, and the escalating demand for premium and branded footwear are among the key factors positively influencing the market worldwide. In addition, significant growth in the corporate sector and shifting consumer preferences toward online shopping due to the convenience and availability of foreign brands, discounts, and virtual trial rooms are resulting in higher product sales. This, in confluence with the increasing investments in social media promotion, celebrity endorsements, and banner advertising by key market players is propelling the market growth. Furthermore, manufacturers are focusing on product launches, collaboration and partnerships, and mergers and acquisitions (MAs), to enhance their geographical presence. Besides this, the introduction of fusion looks, waterproofing and unique stitch and cut patterns on shoes, rapid industrialization, and changing lifestyle patterns of consumers, are stimulating the growth of the market across the globe.
Report Segmentation:
The report has segmented the market into the following categories:
Shoe Type Insights
Leather Type Insights
Market Breakup by Region:
Competitive Landscape:
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