According to a new report published by Allied Market Research, titled,’Men formal shoe Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022, the global men formal shoe market is estimated to grow by a 6.2 per cent CAGR from 2016 to 2022 to reach $ 9,881 million by 2022.

The boots shoe type segment is anticipated to grow at a CAGR of 7.1 pre cent during the forecast period. The market in the developing economies is propelled by aggrandized production and sales of formal shoes in China and other Asian countries. There is also increased imports from many Asia-Pacific countries such as China, Indonesia, Vietnam and India to Europe and North America that enhanced the revenue on classic oxfords, stylish brogue, and loafers globally.

Increase in overall disposable income and consumer spending on footwear is expected to propel the market growth.

Europe is leading men formal shoe market, followed by the Asia-Pacific region. Asia-Pacific would witness the highest CAGR of 7.9 per cent mainly led by China, because of the large amount of footwear production and exports to European and North America nations. Other countries such as India, Japan, and Malaysia have also started to increase in market share.