African sneakers market to reach US$183.20m by 2029
By Oluwaseyi Lawal
The African sneakers market revenue is expected to show a compound annual growth (CAGR) of 7.09% from 2024 to 2029 resulting in a projected market volume of US$183.20m by 2029. In 2024, the revenue in the Sneakers Market is projected to reach the sum of US$130.10m.
This is according to market research platform, Statista. The Sneakers market in-scope here include those from Nike and are popular online purchases through their website and “Athleisure” footwear (everyday shoes with athletic design).
Low-cut sneakers dominate the market, especially in regions across Africa where warm to hot weather prevails for much of the year. This aligns well with the increasing popularity of streetwear fashion, presenting lucrative prospects for entrepreneurs in Africa to tap into the sneaker market and cater to consumer preferences for casual attire. With their ankle-exposing design, low-cut sneakers provide a more breathable and comfortable alternative compared to their high-top counterparts. Their lightweight and airy construction make them well-suited for the climate conditions in the region, driving up their demand steadily.
Major international brands like Nike, Adidas, Puma, Lacoste, and Asics are establishing strong footholds in the market through strategic collaborations and expansions. Nike’s entry into the West African market in collaboration with Hudson Group two years ago, marked by the opening of two flagship stores in Lagos, highlights the region’s significance in the global sneaker market.
Lacoste and Puma are extending their presence throughout Nigeria in collaboration with Persianas Retail, a domestic company that sells merchandise via brick-and-mortar outlets, wholesale channels, and its online platform called TheMix.
In South Africa, indigenous business owners are taking advantage of the growing sneaker market, leveraging the continent’s rich cultures and thriving streetwear culture. At the forefront of this trend, the sneaker industry is experiencing significant growth in South Africa, with brands like Bathu (a widely used slang term in townships across the country to refer to shoes), Hibacci, and RareStep leading the way. According to Statista, the sneakers segment is forecasted to generate $232 million in revenue this year, fueled by an increasing interest in limited edition releases and collaborative efforts.
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