How does global footwear market share change from 2022 to last year?

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Nike's Global Sports Footwear Market Share Declined From 2022 to Last Year

Nike's share of the global sports footwear market has experienced a notable decrease, falling from 29.2% in 2022 to 22.9% in the following year. This shift occurs as the company faces intensified competition and seeks to regain momentum, particularly amidst its significant investment in the World Cup brand battle.
Footwear Market Share Decline

The data from Euromonitor International, obtained by Reuters, clearly illustrates Nike's diminishing presence in the global sports footwear sector. The drop from 29.2% in 2022 to 22.9% last year signifies a substantial contraction in its market share over a single year. This decline comes at a time when Nike is heavily investing in visibility and sales opportunities presented by major sporting events like the World Cup.
Intensifying Competition and Product Resonance

This market share erosion coincides with broader industry challenges for Nike. Analysts suggest that the company has been slow to adapt to new styles, while newer players such as On and Deckers have intensified competition. The resonance of Nike's product offerings with consumers remains a critical factor, as highlighted by Mari Shor, senior equities analyst at Columbia Threadneedle, who stated that product appeal is paramount regardless of marketing efforts.
Broader Market Context and Nike's Position

Despite this decline, Nike remains the largest entity in the sportswear market by a considerable margin. Its footwear market share is still nearly double that of its closest competitor, Adidas. This substantial size led Sarah Henry, a portfolio manager at Logan Capital Management, to describe Nike as "the biggest dog in the fight," suggesting it possesses the capacity to significantly impact its rivals.
Strategic Realignments Under New Leadership

In response to these market dynamics, Nike CEO Elliott Hill, who assumed leadership in 2024, has articulated a commitment to refocus the company on core sports such as football and running. Hill acknowledged that the company had "lost its obsession with sport," indicating a strategic pivot aimed at re-emphasizing its athletic roots and product innovation.

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How does global footwear market share change from 2022 to last year?

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