The Loafers Market is Predict to reach USD 83.9 Billion by 2031, at a CAGR of 13.1%

17-Oct-2024 | Report Format: Electronic (PDF)

Loafers Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Loafers Market size is expected to reach $83.9 billion by 2031, rising at a market growth of 13.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 751.29 million units, experiencing a growth of 14.5% (2020-2023).

The Supermarkets/Hypermarkets segment exhibits a CAGR of 12.8% during (2024 - 2031). These large retail chains offer convenience, affordability, and accessibility, appealing to consumers who prioritize value and ease of purchase. Supermarkets and hypermarkets typically stock a wide variety of loafers, ranging from budget-friendly to mid-range options, making them popular for price-sensitive shoppers.

Loafers Market Size - By Region

The Men segment is leading the Global Loafers Market by End Use in 2023; thereby, achieving a market value of $43.4 billion by 2031. Loafers are particularly favored in men’s fashion for their versatility, seamlessly transitioning from office settings to social events. Men’s loafers, available in many styles, from penny to tassel loafers, have become a staple in business-casual and semi-formal wardrobes. This broad appeal and the rise of smart-casual dress codes in workplaces contributed significantly to the dominance of the men’s segment in the market.

The Fabric/Suede segment is registering a CAGR of 13.3% during (2024 - 2031). Fabric and suede loafers appeal to individuals looking for a softer, more relaxed look and feel, often favored in warmer climates or for casual occasions. These materials are typically lighter and more breathable than leather, making them ideal for everyday wear. Furthermore, the rise in casual fashion trends and the demand for more affordable loafers have contributed to the increasing popularity of fabric and suede options, driving revenue growth in this segment.

Full Report: https://www.kbvresearch.com/loafers-market/

The Asia Pacific region dominated the Global Loafers Market by Region in 2023; thereby, achieving a market value of $32.7 billion by 2031. The Europe region would witness a CAGR of 12.3% during (2024 - 2031). Additionally, The North America region is experiencing a CAGR of 12.6% during (2024 - 2031).