Global Men Formal Shoes
Market Report
2024
The global men formal shoes market size will be USD 1351.2 million in 2024. The growing fashion consciousness among men is expected to boost sales to USD 2169.731931 million by 2031, with a Compound Annual Growth Rate (CAGR) of 7.0% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global men formal shoes market size will be USD 1351.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Men Formal Shoes Market Sales Revenue 2020 | $ 12.35 Million |
Global Men Formal Shoes Market Sales Revenue 2024 | $ 1351.2 Million |
Global Men Formal Shoes Market Sales Revenue 2030 | $ 18.62 Million |
Global Men Formal Shoes Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7% |
North America Men Formal Shoes Sales Revenue 2024 | $ 540.48 Million |
North America Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.2% |
United States Men Formal Shoes Sales Revenue 2024 | $ 426.44 Million |
United States Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5% |
Canada Men Formal Shoes Sales Revenue 2024 | $ 64.86 Million |
Canada Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6% |
Mexico Men Formal Shoes Sales Revenue 2024 | $ 49.18 Million |
Mexico Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.7% |
Europe Men Formal Shoes Sales Revenue 2024 | $ 405.36 Million |
Europe Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.5% |
United Kingdom Men Formal Shoes Sales Revenue 2024 | $ 68.1 Million |
United Kingdom Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.3% |
France Men Formal Shoes Sales Revenue 2024 | $ 37.29 Million |
France Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.7% |
Germany Men Formal Shoes Sales Revenue 2024 | $ 80.26 Million |
Germany Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.7% |
Italy Men Formal Shoes Sales Revenue 2024 | $ 34.86 Million |
Italy Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.9% |
Russia Men Formal Shoes Sales Revenue 2024 | $ 62.83 Million |
Russia Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.5% |
Spain Men Formal Shoes Sales Revenue 2024 | $ 33.24 Million |
Spain Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.6% |
Rest of Europe Men Formal Shoes Sales Revenue 2024 | $ 62.83 Million |
Rest of Europe Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.2% |
Asia Pacific Men Formal Shoes Sales Revenue 2024 | $ 310.78 Million |
Asia Pacific Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9% |
China Men Formal Shoes Sales Revenue 2024 | $ 139.85 Million |
China Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.5% |
Japan Men Formal Shoes Sales Revenue 2024 | $ 42.89 Million |
Japan Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.5% |
Korea Men Formal Shoes Sales Revenue 2024 | $ 31.08 Million |
Korea Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.1% |
India Men Formal Shoes Sales Revenue 2024 | $ 37.29 Million |
India Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.8% |
Australia Men Formal Shoes Sales Revenue 2024 | $ 16.16 Million |
Australia Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.7% |
Rest of APAC Men Formal Shoes Sales Revenue 2024 | $ 22.07 Million |
Rest of APAC Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.8% |
South America Men Formal Shoes Sales Revenue 2024 | $ 67.56 Million |
South America Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.4% |
Brazil Men Formal Shoes Sales Revenue 2024 | $ 28.92 Million |
Brazil Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7% |
Argentina Men Formal Shoes Sales Revenue 2024 | $ 11.35 Million |
Argentina Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.3% |
Colombia Men Formal Shoes Sales Revenue 2024 | $ 6.01 Million |
Colombia Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.2% |
Peru Men Formal Shoes Sales Revenue 2024 | $ 5.54 Million |
Peru Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.6% |
Chile Men Formal Shoes Sales Revenue 2024 | $ 4.86 Million |
Chile Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.7% |
Rest of South America Men Formal Shoes Sales Revenue 2024 | $ 10.88 Million |
Rest of South America Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.5% |
Middle East and Africa Men Formal Shoes Sales Revenue 2024 | $ 27.02 Million |
Middle East and Africa Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.7% |
Turkey Men Formal Shoes Sales Revenue 2024 | $ 2.32 Million |
Turkey Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.2% |
Nigeria Men Formal Shoes Sales Revenue 2024 | $ 2.84 Million |
Nigeria Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.8% |
Egypt Men Formal Shoes Sales Revenue 2024 | $ 2.84 Million |
Egypt Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7% |
South Africa Men Formal Shoes Sales Revenue 2024 | $ 4.27 Million |
South Africa Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.7% |
GCC Countries Men Formal Shoes Sales Revenue 2024 | $ 11.57 Million |
GCC Countries Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.5% |
Rest of MEA Men Formal Shoes Sales Revenue 2024 | $ 3.19 Million |
Rest of MEA Men Formal Shoes Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.7% |
Market Drivers:
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Market Restrains:
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Market Trends:
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Market Split by Material |
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Market Split by Product Type |
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Market Split by Price Range |
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Market Split by Distribution Channel |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Men Formal Shoes industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Men Formal Shoes Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Men's formal shoes are dress shoes designed for professional or formal occasions, characterized by their sleek, polished appearance, often made from leather or high-quality materials, and featuring classic styles like Oxfords or loafers. The men's formal shoes market has seen significant advancements in design and material technology, boosting product quality and consumer appeal. Innovations like ergonomic designs, lightweight materials, and sustainable fabrics have improved comfort, durability, and environmental friendliness. Advanced materials like memory foam, carbon fiber, and water-resistant leather provide added functionality without sacrificing style. These improvements address modern consumer demands for both aesthetics and comfort, positioning brands to cater to diverse needs, including professional and fashion-conscious markets, thus enhancing market competitiveness and growth potential.
The men's formal shoes market is experiencing growth driven by increasing awareness of fashion and personal branding. As individuals prioritize appearance for professional and social settings, formal shoes are viewed as essential elements of style and self-expression. The rise of social media and influencer culture further amplifies this trend, encouraging men to invest in premium, stylish footwear. Additionally, the expanding corporate sector and growing consumer demand for high-quality, comfortable shoes are pushing brands to innovate, offering diverse options that blend elegance with modern design.
The global expansion of corporate sectors is significantly driving the demand for men's formal shoes. As businesses grow and professional environments flourish, there is a rising need for formal footwear that complements corporate attire. In regions experiencing rapid economic development, such as Asia Pacific, Latin America, and parts of Africa, the corporate culture is fostering increased consumption of formal shoes. Furthermore, the growing focus on professional appearances, along with evolving fashion trends, is contributing to steady market growth in this segment globally.
The high cost of production significantly restrains the men's formal shoes market. Factors like rising raw material prices, especially leather and high-quality synthetic alternatives, as well as labor costs for skilled craftsmanship, increase overall production expenses. Additionally, the need for premium finishes and intricate designs further escalates costs. Manufacturers often face challenges balancing quality and affordability, leading to higher retail prices. This limits consumer access, especially in price-sensitive markets, slowing market growth and reducing competitive advantages for brands aiming at wider reach.
The men's formal shoes market faced significant challenges due to the COVID-19 pandemic. With lockdowns, remote working, and limited social gatherings, the demand for formal footwear sharply declined as casual and comfortable wear became the norm. Supply chain disruptions and factory shutdowns further exacerbated production delays. Retail outlets were closed, reducing in-store sales, and online sales only partially compensated for the loss. As economies recover and offices reopen, the market is expected to slowly regain traction, but consumer preferences for hybrid workwear may permanently affect demand.
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In the men formal shoes market's competitive landscape, numerous key competitors are driving innovation and growth. Key players in men formal shoes market adopt strategies such as innovative designs, premium materials, customization options, and digital marketing to attract diverse consumer segments and enhance brand loyalty.
Top Companies Market Share in Men Formal Shoes Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America currently dominates the men formal Shoes market, and the region is expected to have significant growth during the projected period. This is due to the region's increasing demand for high-quality, stylish footwear for professional settings. Growing business attire trends, higher disposable incomes, and a focus on premium materials and craftsmanship contribute to the market's expansion, catering to both fashion and function.
Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Increasing disposable incomes, growing urbanization, and a rising focus on professional appearance. Enhanced fashion consciousness and the demand for quality and comfort in formal wear also contribute to market growth. Additionally, expanding middle-class populations and business sectors further fuel demand for stylish and durable formal shoes.
The current report Scope analyzes Men Formal Shoes Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global men formal shoes market size was estimated at USD 1351.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 540.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
According to Cognitive Market Research, the global men formal shoes market size was estimated at USD 1351.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 405.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.
According to Cognitive Market Research, the global men formal shoes market size was estimated at USD 1351.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 310.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
According to Cognitive Market Research, the global men formal shoes market size was estimated at USD 1351.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 67.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
According to Cognitive Market Research, the global men formal shoes market size was estimated at USD 1351.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 27.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Global Men Formal Shoes Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Men Formal Shoes Industry growth. Men Formal Shoes market has been segmented with the help of its Material, Product Type Price Range, and others. Men Formal Shoes market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the leather segment holds the largest share of the market due to an increasing preference for high-quality leather. Leather offers durability, elegance, and a premium feel, which appeals to consumers seeking sophisticated, long-lasting footwear. Its ability to be easily polished and maintained further supports its popularity in formal settings.
In the Men Formal Shoes market, synthetic has been expanding at a rapid pace due to increasing demand for synthetic materials due to their affordability, durability, and versatility. Synthetic materials like PU and microfiber offer cost-effective alternatives to traditional leathers, providing similar aesthetic and functional benefits while catering to growing eco-conscious consumer preferences.
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According to Cognitive Market Research, the loafers segment holds the largest share of the market due to increasing fashion consciousness and the need for versatile footwear. Loafers offer comfort and style for both professional and casual settings, making them popular among consumers seeking both practicality and elegance in their formal shoe choices.
In the men formal shoes market, brogues has been expanding at a rapid pace due to the increasing fashion consciousness and professional dress codes. Brogues, with their distinctive perforated designs, offer both style and sophistication, appealing to consumers seeking classic elegance and versatility in formal footwear, thus driving market growth.
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According to Cognitive Market Research, the economy segment holds the largest share of the market due to increased workplace formal dress codes and social events drive demand, as professionals seek high-quality, fashionable options that enhance their appearance and comfort.
In the men's formal shoes market, the premium has been expanding at a rapid pace as consumers are willing to invest in superior materials, craftsmanship, and brand prestige, which enhances comfort, durability, and style, contributing to market growth.
According to Cognitive Market Research, the online segment holds the largest share of the market due to increasing online shopping trends. E-commerce platforms offer convenience, a wider range of options, and competitive pricing. Enhanced digital marketing strategies and virtual try-on technologies further attract consumers, fueling demand and expanding market reach.
In the men's formal shoes market, offline has been expanding at a rapid pace as it helps in making informed purchase decisions, fostering brand trust, and providing immediate product availability, thereby driving sales in traditional brick-and-mortar stores.
Research Analyst at Cognitive Market Research
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Sneha Mali is a research analyst working in various domains including the Consumer Goods, market research and transport & logistics and her primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. Her knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively.Sneha stay up-to-date with the latest research trends, methodologies, and technologies to ensure that her research is accurate, relevant, and impactful.
In her current role, Sneha is committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that her skills remain sharp and relevant. She have demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams.Sneha remains an invaluable asset in the dynamic landscape of market research.
Conclusion
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Disclaimer:
Material | Leather, Patent leather, Pebble & full grain leather, Top grain leather, Suede leather, Synthetic, Suede |
Product Type | Oxfords, Derbys, Loafers, Monk Straps, Brogues |
Price Range | Economy, Mid-Range, Premium |
Distribution Channel | Online, Offline |
List of Competitors | 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 |
This chapter will help you gain GLOBAL Market Analysis of Men Formal Shoes. Further deep in this chapter, you will be able to review Global Men Formal Shoes Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Men Formal Shoes Market Trends North America Men Formal Shoes Technological Road Map North America Men Formal Shoes Market Drivers North America Men Formal Shoes Market Restraints North America Men Formal Shoes Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Material Analysis 2019 -2031, will provide market size split by Material. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Material Analysis 2019 -2031
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Chapter 11 Market Split by Product Type Analysis 2019 -2031
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Chapter 12 Market Split by Price Range Analysis 2019 -2031
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Chapter 13 Market Split by Distribution Channel Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Men Formal Shoes market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Leather have a significant impact on Men Formal Shoes market? |
What are the key factors affecting the Leather and Patent leather of Men Formal Shoes Market? |
What is the CAGR/Growth Rate of Oxfords during the forecast period? |
By type, which segment accounted for largest share of the global Men Formal Shoes Market? |
Which region is expected to dominate the global Men Formal Shoes Market within the forecast period? |
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