4:09 PM The changing dynamics in Flip Flops Market with covid-19 impact assessment |
| The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Flip Flops Market.
It was estimated prior to this unanticipated outbreak Flip Flops Market will reach CAGR of 4.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Flip Flops Market Insights
Flip Flops market is likely to witness a CAGR of 4.2% during the forecast period. The prime factors that are contributing to the growth of the flip flops market are increasing consumer disposable income levels, product innovations, and the rising demand for flip flops as they are offer durability at low prices.
Market Share Analysis
Flip Flops Market Share: By End-User Type
Based on the end-user type, the market is segmented as male and female. The female segment held the larger share of the market in 2019, due to the high product demand and presence of wide variety of products. Also, the segment is likely to witness a higher CAGR during the forecast period.
Flip Flops Market Share: By Distribution Channel Type
Based on the distribution channel type, the flip flops market is segmented as online and offline. The offline distribution channel occupied the larger share of the pie in 2019 and is also likely to grow at a healthy rate due to rising number of hypermarkets and brand stores. However, the online segment is likely to grow at a higher CAGR during the forecast period, due to increasing use of internet and smart mobile phones, and ease in shopping through online medium.
Flip Flops Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market for flip flops, owing to increasing awareness regarding latest fashion trends.North America is estimated to grow at the highest CAGR during the forecast period, driven by a wide range of product availability and product innovations.
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