Global Shoe Polish Market Report, Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2020 – 2029
Shoe Polish Market Overview
"The Shoe Polish Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Shoe polish, also known as boot polish, is either a cream, a waxy paste, or liquid that is commonly used to produce a clean, shiny and protective surface on the applied shoes and extend shoe’s life by making it waterproof; and maintain, restore, and enhance shoe appearance, especially pure-leather shoes.
Shoe polish is one of the most used shoe care products that help to clean and maintain appearance and texture of the shoes. Shoe polish products include shoe creams, liquid, waxy paste, sprays, etc.
Global Shoe Care Market: Dynamics
Drivers: Increasing adoption of various types of shoes, increasing population, rising need for shoes to maintain a professional look in corporate offices are some of the major factors estimated to drive the global market growth. In 2013, for instance, as per the Trade Union Rights Center (TURC), the global shoe production was nearly 22 Bn.
Furthermore, certain shoes, including pure-leather shoes and sports or trekking shoes, are highly costly and need a lot of maintenance in order to restore its shine, appearance, and material from getting torn or damaged, especially in rainy season, is another major factor propelling market growth. Rising awareness regarding availability of shoes according to constantly changing fashion trends, strong marketing strategies, rising number of celebrity endorsements to target consumers are expected to result in higher adoption of shoes and shoe care products including polish.
These are additional major factors fueling market growth. Rising penetration of Internet and adoption of tablets, smartphones, personal computers and laptops, coupled with increasing purchases on e-commerce and m-commerce platforms are key factors estimated to augment demand for shoe polish products, thereby supporting target market growth over the 10-year forecast period.
Availability of shoe polish in various colors, textures, and packaging which are easy to use and carry and growing number of global working population, male and female, and rising adoption of shoes for infants and school-going students, etc. are resulting in higher demand for formal shoes among individuals or all ages and genders.
These are some additional key factors projected to propel target market growth. Moreover, certain industries such as construction and chemicals require the workforce to wear boots or shoes, which is also projected to continue to drive market growth. Furthermore, rising inclination towards purchasing a variety of shoes for different occasions, and locations, and to match with the clothing or attire is another key factor estimated to drive growth of the global market to significant extent.
For instance, according to a report, Imelda Marcos was listed as a woman with most number of pairs of shoes in the Guinness Book of World Records and she owned over 3,400 pairs, as recorded in the Guinness Book.
Restraints: Local players' easy availability of counterfeit products at cost-effective prices is a major factor that could limit global market growth to some extent. Additionally, shoe polishes are chemical-based products and can be harmful when inhaled or touched, and this could challenge market growth.
Global Shoe Care Market: Segment Analysis
By Product Type Insights:
Amid the segments based on the types of products, the cream polish and liquid polish segments are expected to record for higher revenue shares in the market This is due to availability of cream polish and liquid polish in various colors and packaging, easy to carry, easy to use on formal and casual shoes and other features such as water-resistance and shiny and matte finish of the polishes.
By Application Insights:
The household segment is estimated to record higher revenue share in the global market, due to high adoption of products from households, rising necessity to maintain footwear in order to extend product lifespan and increasing number of shoes per person in the households for different occasions. The wax segment is projected to record moderately high share in terms of value due to benefits offered by the product at cost-effective price.
By Sales Channel Insights:
The supermarkets/ hypermarkets segment is estimated to record the highest revenue share in the market owing to key feature of one-stop-shop offered by supermarkets and hypermarkets. The online retail channel segment is projected to grow at the highest CAGR due to immensely high usage of Internet and smartphones, advent of 5G enabling high-speed bandwidth, and various benefits of shopping online at customer’s convenience. The footwear showrooms/ specialty store segment is also projected to witness notable growth rate owing to credibility and convenience of buying shoe polish along with shoes at the same store.
Global Shoe Care Market: Region Analysis
The North America market and Europe market are estimated to record higher revenue shares in the global market as compared to that of the other regional market, due to early and higher adoption of formal as well casual shoes by individuals in the regions, and higher income levels, adoption of highest-quality shoes as a symbol of prestige, and inclination towards a variety of shoes for use at different places and occasions.
The Asia Pacific (APAC) shoe polish market is projected to witness the highest revenue growth in the next 10 years, due to increasing spending on purchasing clothing and footwear as one of the basic necessities and presence of prominent players in countries in the region. In addition, China is the largest producer of leather which is used for making various products including shoes. In accordance with this, Currently, China produces nearly 87% of global shoe production that is approximately 2 out of 3 pairs of shoes that are sold across the globe.
The MEA and Latin America markets are projected to record moderately steady and slow growth rates in the target owing to increasing number of manufacturing units set up by major international companies in Latin America and rising disposable income in MEA region.
Global Shoe Care Market Segmentation:
Segmentation by Product Type:
- Cream Polish
- Liquid Polish
- Wax Polish
Segmentation by Application:
Segmentation by Sales Channel:
- Supermarkets / Hypermarkets
- Convenience Stores
- Footwear Showrooms/ Specialty Stores
- Online Retail
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- C. Johnson & Son, Inc. (KIWI)
- Grangers International Ltd.
- A. Zoes Mfg Co
- Harry HoffmanCompany
- Cadillac Shoe Products Inc.
- Griffin Shoe Care
- Energizer Holdings, Inc.
- Tarrago Brands International
- TRG Shoe Cream
- Angelus Shoe Polish
- Cherry Blossom
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