Published Date: August, 2017
Global shoe polish market size is expected to exceed USD X.xx billion by 2023, growing at a CAGR between 2% and 3% over the period of 2017 – 2023. Shoe polish is a material used for polishing, shining, softening and waterproofing the shoes, so that shoes lasts longer and appears better. Shoe polish is available in paste, cream and liquid form. They are made from wax, mineral oils, collagen, and some other chemicals. Bull shine, high gloss shine and spit shine are popular shoe shine modes. Shoe polish contains certain oils which keep the leather fiber flexible and slows down the oxidation process of leather. Tallow, lanolin, mink oil and neats foot oil among others are major oils in shoe polish. Wax type of shoe polish is made from paraffin, plant based wax or bees wax. Naphtha, turpentine and mineral spirits are the major solvents used in shoe polish for softening the wax for easier application. Gum Arabic is a viscosity stabilizer utilized for coloring purpose. Shoe creams have higher oil content and lesser oil content. It is good for the conditioning of the shoe leather. Shoe paste is a wax based polish that has more wax content and lesser oil content. Liquid shoe polish is more suitable for shoes made from synthetic leather.
Figure 1: Global Shoe Polish Market by Value
Cherry Blossom and KIWI dominate the global shoe polish market with substantial market share. Increasing sales of liquid shoe polish, product innovation, expansions in more regions by companies, characterizes the global shoe polish market. Changing fashion trends and use of multiple shoes for different occasions is driving the increase in sales of shoes globally and it is driving the demand for the shoe polish. Increasing use of formal shoes by professionals is driving the growth of the global shoe polish market. Increasing demand for products such as moisturizers and conditioners for shining the non-leather based shoes are enhancing the growth of the global shoe polish market. Increasing demand for liquid spray shoe polish for both leather based and synthetic materials based shoes are driving the global shoe polish market. E-commerce is providing more shoe polish product options for customers, especially imported ones and it is driving the growth of the market. Increasing demand for boot polish is anticipated to enhance the growth of the market during the forecast period 2017-2023.
Higher price of raw materials and presence of counterfeit products are major restraints for the global shoe polish market. The government policies promoting production of shoe polish in Africa by utilizing local wax and raw materials are anticipated to provide growth opportunities for shoe polish manufacturers. As the growth of footwear markets in developed economies are becoming matured, there are opportunities to expand in the emerging economies. The development of new smart materials for shoes that is resistant to oil, water, chemicals, dirt and other materials is anticipated to provide a major challenge to shoe polish companies in near future.
The report covers the analysis of global as well as regional markets of shoe polish. Moreover, the global shoe polish market is segmented by product type and by application. The global shoe polish market by type covers cream polish, liquid polish and wax polish among others. Based on products, the market is segmented as shoe shine oil, shoe leather nourishing cream and shoe leather softener among others. Based on end user, the market is segmented as household and commercial.
The global shoe polish market covers the analysis of geographies such as North America, Europe, Asia-Pacific and RoW. In this section, the key trends and market size for each region is provided over the period of 2017 – 2023.
Figure 2: Global Shoe Polish Market by Region
Among geographies, North America and Europe are the major shoe polish markets. Asia-Pacific is the largest and the fastest growing shoe polish market in the world followed by Europe and North America. Presence of huge population, influence of western lifestyle, increasing number of professionals, and increasing demand for shoes are the major factors that drive the growth of Asia-Pacific shoe polish market. Moreover, Asia-Pacific region is the largest footwear manufacturing and consuming region and hence the demand for shoe polish is relative to the increasing sales of shoes. As traditional shoe using regions, Europe and North American markets have steady demand for shoe polish and it is expected to sustain the growth of those markets. African region is anticipated to grow significantly during the forecast period, as economic prosperity in many emerging countries are making shoes affordable for many people.
The companies covered in the report include manufacturers of global shoe polish market include Angelus, Cherry Blossom, C.A. Zoes Mfg Co, Cadillac Shoe Products Inc, Fiebing, Griffin Shoe Care, Harry Hoffman Company, KIWI, Lexol, Moneysworth & Best, Shinola, Tarrago Brands International, and TRG Shoe Cream.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of shoe polish globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the shoe polish market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the shoe polish market to understand the present and future trends in this market and formulate their strategies accordingly
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