The global flip flops market size is expected to reach USD 23.8 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 4.2% from 2019 to 2025. The growth is driven by the rising demand for comfortable and fashionable flip flops across the globe due to their low prices and high durability.
Moreover, flip flops are extremely lightweight and can be carried easily, which is also boosting their demand across the globe. In addition, rising concerns about environmental pollution has driving the demand for eco-friendly products, thereby impelling manufacturers to develop sustainable products. This is also likely to have a positive impact on the market growth. For instance, in 2018, Allbirds, a startup company, launched new flip flops made from sugar cane.
Furthermore, companies in the flip flops market are focusing on increasing sustainability by donating some revenue share for environmental causes. For instance, Havaianas launched IPE collection and announced that it will be contributing 7% of the revenue generated from the collection to Environmental Research Institute that will develop projects to help reserve Atlantic Rainforest, Amazonia, and Pantanal. The online distribution channel is estimated to register the fastest CAGR from 2019 to 2025 on account of increasing usage of smartphone devices and internet.
Furthermore, availability of attractive designs and easy payment options and return policies offered by online portals are driving the segment growth. The offline distribution channel is estimated to account for the largest market share by 2025 owing to high product sales through these channels, particularly in low-income countries. Based on region, Asia Pacific is estimated to be the largest market. However, North America is projected to expand at the fastest CAGR during the forecast years.
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Further key findings from the study suggest:
- Female end user segment accounted for the largest market share in 2018 and is estimated to expand further at the fastest CAGR over the forecasted period
- Online distribution channel is estimated to be the fastest-growing segment with a CAGR of 5.1% owing to increasing usage of internet and smartphones, especially in emerging regions
- Some of the key companies in the global flip flops market include Havaianas; Skechers USA, Inc.; Crocs; Deckers Brands; Fat Face; Adidas AG, C. & J. Clark International Ltd.; Kappa; Nike, Inc.; and Tory Burch LLC