In 2018, the global footwear market was worth US$1.7 trillion, according to research firm Kantar Worldpanel.
In 2017, it was worth just under US$3 trillion, a jump of $130 billion, and the global market in 2018 was worth $3.6 trillion.
The global footwear industry was worth over $2 trillion in 2019.
In 2019, the US shoe market accounted for US$5.7 billion in global revenue, according the US Department of Commerce.
But that is only one part of the market.
The footwear industry in the UK, Ireland, Germany and Japan accounted for another US$2.3 trillion in revenue, and $1.6 billion in profit.
Kantar said in a statement that the growth in global footwear revenue is likely due to the rise in disposable incomes of the people living in these countries.
“The increase in disposable income has been a driver of increased demand for disposable footwear,” it said.
“The growing demand for footwear is one of the most important drivers of footwear growth and is one that is likely to continue.”