The global footwear market is valued at $400 billion in 2023, up from $382 billion in 2022, according to data from Statista, a platform specializing in market and consumer data.

Among the most prominent segments are formal, sports, children’s, casual and luxury footwear.

Moreover, according to the same source, the global apparel market grew to $1.73 trillion in 2023 from $1.57 trillion in 2022.

The outlook? Statista estimates that the global footwear market will reach $2 trillion by 2028.

The a.k.a. Brands Holding Corp. believes that key factors driving growth within the global apparel, footwear and accessories industry include favorable demographic trends and the desire for constant novelty.

Global footwear market

In 2023, a.k.a. Brands achieved $546.3 million in net sales and adjusted EBITDA of $13.8 million.

Its current brands share a common focus on Millennial and Gen Z consumers who seek fashion inspiration on social media and primarily shop online. 

The company differentiates itself through its ability to attract and retain a broad range of Millennial and Gen Z consumers through authentic brand messaging and select fashion. 

Although this company ships its products worldwide, it operates primarily in two geographies: the United States and Australia. 

The United States has the largest apparel market of any country and is projected to grow to an estimated $357 billion by 2024 and will have a compound annual growth rate of 1.9% from 2023 to 2027. 

Online sales

At the same time, the Australian apparel market is expected to grow to an estimated $21.5 billion in 2024, with a compound annual growth rate of 2.4% from 2023 to 2027. 

According to Grand View Research, a market research and consulting firm, the global online apparel market was valued at approximately $583 billion in 2022, and was expected to grow at a compound annual growth rate of 8.6% from 2022 to 2030.