Boots - Nigeria

Nigeria

In 2024, the revenue generated Nigeria's Boots market is estimated to reach US$0.7bn .
It is anticipated that the market will experience a compound annual growth rate (CAGR) of 3.66% from 2024 to 2029.
When compared to other countries globally, in China is the largest revenue generator in this segment, with an estimated revenue of US$48bn in 2024.
In terms of per capita revenue, in Nigeria is expected to generate US$3.10 per person in 2024.
Looking ahead, the volume of the Boots market is predicted to reach 41.2m pairs by 2029.
In 2025, the segment is likely to grow by 2.6% in volume.
Additionally, in 2024, the average volume per person Nigeria's Boots market is expected to be 0.17pairs.
Nigeria's Textile & Other Footwear market is experiencing a shift towards locally-sourced materials and traditional designs.

Key regions: United Kingdom, China, United States, India, India

Market

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Currency

Analyst Opinion

The overall outlook for the fashion industry remains positive as the share of the apparel and footwear portfolio is expected to decline only slightly, leading to enormous overall growth potential. The most important driver for the global footwear market is the increasing importance of emerging markets not only as production sites but also as consumer markets. This indicates a strong impetus for producers and retailers to diversify their geographical presence to enable further growth. Additionally, the athleisure trend that combines comfort with chic and has elevated functional sportswear to coveted fashion statements is bound to continue.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on the consumer spending on footwear which comprises Sneakers, Athletic Footwear, Leather Footwear, and Textile & Other Footwear segments that are produced for private end customers for both offline retail (department stores, traditional specialist shops) and online retail (e-commerce, ordering by catalog).

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use resources from the Statista platform, national statistics, industry research, market data from independent databases and third-party sources, historical developments, current trends, reported performance indicators from the key market players, and Statista interviews with market experts. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, consumer price index, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the exponential trend smoothing illustrates suited forecasting for the Footwear market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.