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The Flip Flops Market Size is estimated to grow at a CAGR of 4.97% between 2022 and 2027. The flip flops market size is forecast to increase by USD 6,479.73 million. The growth of the market depends on several factors, including a rise in rubber and a decrease in leather production, a growing e-commerce industry, and rising online spending and smartphone penetration.
This flip flops market report extensively covers market segmentation by distribution channel (online and offline), end-user (men/boys, women/girls, and children), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rise in rubber production and decrease in leather production are notably driving the market growth, although factors such as fluctuations in the prices of raw materials may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in rubber production and decrease in leather production are notably driving the market growth. Due to its high cost and growing concern for sustainability, non-leather materials like rubber are frequently replacing leather. Rubber flip flops, as opposed to leather ones, can withstand higher temperatures and are very useful on beaches, especially during vacations. People can now wear rubber flip flops both inside and outside owing to changes in fashion over the past 5–6 years.
In contrast to men, women are increasingly wearing rubber slip-ons and flip flops, which is driving the rubber market. The growth of the market is being driven by changes in consumer preference for fashionable footwear and an influx of young people, with an average age range of 18 to 40 years. In comparison to leather flip flops, the price is also incredibly low. Hence, these factors will have a favorable effect on the market's expansion during the forecast period.
The increase in the availability of customized flip flops footwear is an emerging trend in the market. Among target customers, customizing footwear is a growing trend. Numerous styles of footwear can be customized. In developed nations like North America and Europe, the demand for customized products has grown over the past five years. Developing nations like China and India are also seeing a rise in demand for specialized high-end products, such as upscale flip flops.
Leading suppliers in the premium market provide individualized goods that are aesthetically pleasing. The level of customization can range from a simple design, logo, color, or buckle, to adding names or embroidery. The emergence of customized footwear supports market expansion through new purchases. The customization of footwear, such as flip flops, is therefore anticipated to boost manufacturer profits, which will in turn spur the expansion of the global market during the forecast period.
Fluctuations in the prices of raw materials are major challenges impeding the market growth. The frequently used raw materials for the manufacture of flip flops are leather, polyester, nylon, synthetics, rubber, cotton fiber, coconut fiber, and foam. During the forecast period, fluctuations in the price of these raw materials are anticipated to have a negative impact on manufacturers' profit margins. A significant barrier to the expansion of the global market is the vendors' volatile profit margins. Additionally, over the past few years, there has been an increase in the number of local players active in the global flip-flops market. The emergence of local competitors has sparked price wars among rivals, forcing global footwear manufacturers to lower the prices of their goods and choose to lower the pricing of their flip flops.
Furthermore, transportation cost is another aspect of vendor ownership costs. The profit margins of vendors have suffered as a result of these cost fluctuations. Because of fluctuations in the price of raw materials, manufacturers are unable to plan their investments or keep costs under control. Hence, such factors will impede market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Flip Flops Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alpargatas SA - The company offers a wide range of footwear through its brands such as Havaianas, Dupe, and Osklen. The key offerings of the company are flip flops under the subsidiary Havaianas.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the online segment will be significant during the forecast period. Many consumers currently base their purchasing decisions on research they conduct online via websites, blogs, and social media, which is promoting the expansion of the online segment of the market. This shift is primarily driven by the extensive geographic reach and market penetration of e-retailers like Amazon.com Inc., Alibaba Group Holding Ltd., and JD.com Inc.
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The online segment was valued at USD 9,963.30 million in 2017 and continued to grow until 2021. The preference for online distribution channels is rising along with the adoption of smartphones and the internet. Manufacturers can broaden their distribution networks by collaborating with independent online retailers and expanding their geographic reach due to the rising internet adoption rate and the rise in smartphone users worldwide. For market vendors, efficient business operations can be ensured by convenient logistics facilities and access to well-known e-retailers. Customers in tier-1 and tier-2 cities can shop online (any time of the day or night) and take advantage of quick home delivery and secure e-transactions due to the extensive reach of vendors. Along with their offline retail presence, various retailers are also gradually growing their online operations. Furthermore, due to the increased demand for flip flops, market vendors are also seeing an increase in their online sales. Due to the increasing demand for flip flops on online marketplaces, brand-owned e-commerce platforms are also gaining ground. Hence, such factors are anticipated to drive the growth of the online segment, which, in turn, will propel the growth of the market during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Launches of new products, an increase in online shopping for apparel and footwear, and growing consumer awareness of the benefits of using eco-friendly raw materials to make flip flops are the main drivers of regional market growth. Additionally, the market in North America is expanding due to the rising demand for custom flip flops. Additionally, the market for flip flops in North America is seeing an increase in the use of celebrity-endorsed goods and designer collections. As these products are more expensive than typical ones, the market is anticipated to see an increase in revenues during the forecast period.
Flip-flop suppliers in North America compete primarily on the basis of price, quality, comfort, and style. Original equipment manufacturers (OEMs) produce a wide variety of footwear products, and new flip flop design companies can easily enter the North American flip flop market. Such factors will hasten the market's expansion during the forecast period.
In 2020, the outbreak of COVID-19 negatively affected the growth of the market in North America. However, the demand for flip flops increased with the initiation of COVID-19 vaccination drives and the resumption of business activities by vendors in the region. Additionally, vendors actively promote online sales of their goods, particularly through brand-owned e-commerce portals, and offer discounts on well-known footwear, including flip flops, which has boosted flip flop sales in the region. Therefore, the regional market is expected to grow during the forecast period.
The flip flops market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global flip flops market as a part of the global footwear market within the global textiles, apparel and luxury goods industry. The parent global footwear market covers products and companies engaged in the production of athletic and non-athletic footwear for various age groups and gender. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Flip Flops Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.97% |
Market growth 2023-2027 |
USD 6,479.73 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.54 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 30% |
Key countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adidas AG, Alpargatas SA, BasicNet Spa, Birkenstock digital GmbH, Boardriders Inc., Clarks Reliance Footwear Pvt. Ltd., Crocs Inc., Deckers Outdoor Corp., Duke Fashions India Ltd., FatFace Ltd., Flop Happy LLC, Nike Inc., OluKai LLC, Oofos Inc., Skechers USA Inc., Solethreads, SUPERDRY PLC, The Gap Inc., Tory Burch LLC, and VALENTINO Spa |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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