The global shoe polish market size was evaluated at $10.1 billion in 2022 and is slated to hit $23.2 billion by the end of 2030 with a CAGR of nearly 8.1% between 2023 and 2030.
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➤ A growing demand for the improvement of the longevity of shoes and other footwear in order to expand the global market.
By replenishing lipids and oils, shoe polish prevents leather from becoming saturated with either liquid or water. Furthermore, it accelerates the global expansion of the shoe polish market by eliminating color abrasions, scratches, and coarse creases from leather shoes. The global market will expand in the years ahead due to the increase in demand for shoes from students and working individuals. In addition, shoe polish not only restores the natural appearance of leather but also provides an impermeable finish. Additionally, shoe varnish contributes to the enhancement of an individual’s personality. The shoe polish market will expand globally as a result of the aforementioned factors.
➤ The global industry’s development can be slowed by the availability of product substitutes at reasonable prices.
When left on the epidermis, chemicals such as naphtha, turpentine, petroleum, and dyes can cause damage. Additionally, it may be detrimental to the airways if a significant quantity of it is inhaled. The global shoe polish industry’s expansion may be adversely affected by the aforementioned factors. Furthermore, the shoe polish industry’s expansion may be hindered by the widespread availability of shoe polish alternatives, including cost-effective knockoffs.
➤ The global market will experience new growth opportunities as a result of the increase in product marketing activities and globalization.
The global shoe polish market may encounter new growth opportunities as a result of an increase in advertising and promotional activities across various media outlets. The global market will be presented with new opportunities for growth as a result of the increasing demand for shoe polish in urban areas and the ongoing urbanization trend.
➤ In the near future, the industry will face a formidable challenge due to the strict legislation that regulates the use of chemicals in product manufacturing.
A significant obstacle to the global shoe polish industry’s expansion has been the inconsistent supply of raw materials and the fluctuating costs of raw materials used in shoe polish production. The shoe polish manufacturing industry has encountered a significant challenge as a result of the strict regulations that regulate the use of chemicals in the production of shoe polishes, which are a result of the increasing concern regarding carbon emissions in the atmosphere.
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The Global Shoe Polish Market is segmented based on product, application and region
Global Shoe Polish Market: Product Segment Analysis
● Cream-Emulsion Shoe Polish
● Wax-Based Shoe Polish
● Liquid Shoe Polish
Global Shoe Polish Market: Application Segment Analysis
● Commercial
● Residential
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The global Shoe Polish market profiles key players such as:
● Cadillac Products
● Tacco Products
● Timpson Shoe Polish
● Moneysworth & Best
● Angelus Shoe Polish
● Kiwi Brands Limited
● Cadillac Shoe Products Inc.
● Fiebeng
● S.C. Johnson & Son
● Lexol Products
● Cherry Blossom
● Sof Sole Products
● C.P. Marketing Inc.
● AVEL
● TRG Shoe Cream
???? Recent Developments
• The “Polish to Shine” campaign was launched in May 2019 by Cherry Blossom Corporation, a UK-based shoe polish production company, and Tilt Brand Solutions, a branding and communications consultancy based in India. The campaign’s objective was to increase consumer awareness of the importance of regular shoe polishing. The shoe polish industry is anticipated to experience a global expansion as a result of the move.
• Shoe Park, a prominent footwear company headquartered in the Maldives, launched a new outlet in February 2023 that showcased 15 new footwear labels suitable for individuals of all ages. The initiative will increase the demand for shoe polish in the Maldives and throughout the Asia-Pacific region.
➤ The shoe polish market in the Asia-Pacific is expected to garner a significant revenue share of the global market between 2023 and 2030.
In the years ahead, the Asia-Pacific region will maintain its market dominance across the globe, as it contributed a significant revenue share to the global market in 2022. The market’s expansion in the subcontinent over the next few years may be attributed to the presence of major product manufacturers in countries such as India, Indonesia, Thailand, Bangladesh, and China, as well as an increase in spending on footwear and apparel.
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