Waterproof Shoe Covers Market Synopsis:

Waterproof Shoe Covers Market Size Was Valued at USD 37.46 Billion in 2023, and is Projected to Reach USD 61.17 Billion by 2032, Growing at a CAGR of 5.6% from 2024-2032.

The waterproof shoe covers market relates to the manufacturing and selling of protective accessories that include footwear protector garments whose main function is to protect shoes from getting in contact with water, mud and other forms of precipitation. These covers are usually fabricated using natural rubbers, silicone or plastics which have water proof properties for usage in health facilities, construction site, the activities that require use of the high-end covers during outdoor activities, and the hospitality industries. Sturdier waterproof shoe covers needed to cover the shoes and keep them safe and clean besides providing safety in wet or dangerous conditions. Market has been growing due to developing sensitives about cleanliness, hygiene standards, and changing need for functional and protective products.

The global market for waterproof shoe covers is on the rise due to high interest for protective footwear in numerous lines of business and in different activities. These covers are manufactured to afford some measure of protection from water, mud and other things and for this reason find wide acceptance in construction sites, health care and food serving industries, and out door pursuits . The development of the market is driven by an increased focus on safety and hygiene, and the requirement to keep footwear in good condition in harsh conditions. With the development of consumers’ requirements for shoes, they also have become a disposable product for those who need a temporary shoe cover, thus enlarging the demand of the waterproof shoe covers.

Facilitating factors like technological innovation as well as technological progression also holds central position in market growth. In waterproof shoe covers there are the strategies of making them more durable, comfortable and more sustainable. For instance, the use of technologically superior fabrics like breathable ones and environmental friendly ones is shedding light on the comfort issue and the environment issue. Also, the rising popularity of sustainableness and intensification of consumer awareness of sustainable products is driving the growth of reusable and biodegradable waterproof shoe covers. The demand for these products is continuously on the rise in both industrial and consumer segments and the market is anticipated to have continuous growth with most of the leading players venturing into increasing production and customers reach.

Waterproof Shoe Covers Market

Waterproof Shoe Covers Market - Insights For Business Growth Report 2024-2032

Waterproof Shoe Covers Market Trend Analysis:

Growing Demand for Practical Footwear Protection

  • The public is growing more conscious about durability and utility in protecting their footwear from the elements concerning weather conditions that are unpredictable or sever. Foot boots are known nowadays as the very efficient tool to protect shoes from such a wet conditions as rain, mud, etc. The uses of these covers extend across many sectors of the economy such as in health sector, manufacturing industry and in other health recreational activities. The increasing number of outdoor activities, including hiking, running, cycling has created the need for waterproof shoe cover because people are interested in keeping their footwear dry in case of rain. The rising trend in outdoor activities and therefore increased cases of waterproof shoe covers with increased awareness of the harms of environmental pollution hence the importance and urge to use shoe covers that are made of waterproof material.
  • Other than the professionals in the outdoors, waterproof shoe covers are crucial in sectors such as healthcare where doctors and other technologists and technicians touching patient’s equipment need their hands to be very clean. These covers offer protection against contamination from hazardous substances, water and mud. It is also widely used in industries where workers are often in contact with water, or dirty conditions thus protecting shoes and feet from similar conditions. With more emphasis put on hygiene an protection, the market for waterproof shoe covers is gradually developing in various fields. These covers have seen a shift in design and material choice to transpose consumer demands of sustainability, durability and comfort hence the continuous growth of the market in the years to come.

Rising Demand for Protective Footwear in Key Industries

  • This is especially for the construction industry, health care facilities as well as marketers undertaking various outdoor practices which increases the demand for protective footwear thus needed waterproof shoe covers. As safety standards are being implemented and raised high, companies are in search of personal protective equipment that could effectively protect its workforce against water, chemicals, and weather elements. Construction sites, healthcare facilities and other outdoor work places require waterproof shoe covers in order to protect workers from harm, disease or even sp ... The demand is high for those locations where it rains often or where flooding is common, as waterproof protection is vital for business continuity and for avoiding accidents arising from wet environments.
  • In addition, the market is expanding due to the development of the e-commerce segment, because consumers can quickly purchase a diverse range of waterproof shoe covers. purchasing products they need, they have to choose from countless designs, sizes, and materials that can efficiently meet their needs. This has ensured that manufactures release their waterproof shoe covers to the market hence creating a wider market for the shoe covers, especially to industries that always call for such protective prevents. Due to the expansion of technology in the society, these products are available online and hence making it easier for both commercial and individual buyers through increasing the demand in different sectors like health, accommodation and construction among others.

Waterproof Shoe Covers Market Segment Analysis:

Waterproof Shoe Covers Market is Segmented on the basis of Product Type, Material, Industry, and Region

By Product Type, Disposable Shoe Cover segment is expected to dominate the market during the forecast period

  • Single-use footwear protections are one-time use non-slip products; used for preserving cleanliness on high-risk surfaces. Commonly manufactured with polythene or polypropylene material, they are secureimentary products which aim at shielding the footwear from corruption by extraneous elements such as dust, water and others. They are usually applied in manufacturing industries especially those dealing with products that deal with up and semi tangent food products like those corresponding to the pharmaceutical and food industries and the medical department where hygiene is of importance. Disposable shoe covers cost a lot less than reusable ones, they can easily be purchased and used and they do not need much washing, making them the ideal solution for different business organizations where hygiene needs to be accomplished with ease. These covers are most appreciated in such areas as clean rooms, labs, and food processing areas because the associated risks require compliance with health standard measures.
  • Fluctuations of economies up and down increases demand of disposable shoe covers in various businesses with a special focus given towards hygiene and sanitation. For facilities where cleanliness is of paramount importance, the production of these items assist in preventing particles of contamination from entering super sensitive surroundings including manufacturing of drugs and facilities that handle delicate medical equipment. Surely disposable shoe covers unclutter the issue of cross-contamination and require no washing or repainting or repair or any sort of maintenance after their use. Since cleanliness is the new theme of industries, reusable shoe cover is inevitable in relation to safe and hygienic working environment and in its view, disposable shoe covers are convenient shall be adopted by many organizations.

By Industry, Food & Beverages segment expected to held the largest share 

  • Food and beverages sector attach great importance to cleanliness and sanitation hence shoe cover becomes protective wearing item particularly in production and processing line. A type of protective garment frequently employed in the sector include disposable shoe cover because of their ability to provide a layer that separates employees’ footwear and food items, reducing exposure to physical and chemical hazards including dirt and germs. These covers are quite crucial in enhancing clean environment within the production lines, packing facilities for food products; meat processing plants among others; any little trace of germs can result to heinous epidemics. Disposable shoe covers make it possible for companies in the food industry to respect health and safety standards without compromising the quality of food produced.
  • However, the non-disposable shoe covers that are produced with the durable material such as rubber or polypropylene are also popular in using within the food and beverages industries. These covers and this protective gear is best and most suited for situations where there is need to make many usage and where durability is important in large manufacturing factories or warehouses. Reusable shoe covers are used when you require constant protection as they are made for durability and as such, they prove more economical for heavey users. With tighter standards in cleanliness especially in the food manufacturing business, high quality shoe covers are instrumental in meeting these challenges as well as mitigating the risk factors associated with cross-contamination by conveying cleanliness from floor to food handling and processing area.

Waterproof Shoe Covers Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

  • North America market for Waterproof Shoe Covers is still growing at a higher pace and this is triggered by increased consciousness on hygiene and safeness. In the climatic changes while hiking, camping, involving in sporting activities, there is increasing demand for protection from the rain, mud, shoes for snowy areas, etc. This trend is also observer in many industries such as constructions, health, food etc, where the use of waterproof shoe covers allows one to change shoes easily while also retaining cleanness and act as a barrier to contaminants. The growth is backed up by the increasing employments of waterproofing solutions in these sectors where safety measures and hygiene standards for employees is a major concern.
  • Moreover, with the increasing focus on getting more Earth friendly, the use of reusable waterproof shoe cover and shoes made of organic materials is gradually becoming popular among different people. People and businesses want to cut on their expenditure and eleminate waste products, this is applying pressure on the use of environmentally friendly substitutes. The American and Canadian market is expected to show high growth potential, accompanied by the increase in disposable income, the growing popularity of the healthy lifestyle, and the well-developed retail network that offers a wide choice. Such factors are anticipated to put a cumulative effect on the growth of Waterproof Shoe Covers market in the region in the future.

Active Key Players in the Waterproof Shoe Covers Market:

  • Cordova Safety Products
  • Royal Shoe Cover
  • Protexter Corporation
  • Nelson-Jameson Inc.
  • Safety Zone
  • Tian’s International
  • BlueMed
  • McKesson
  • CME Corp
  • Other Active Players

 Waterproof Shoe Covers Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 37.46 Billion

Forecast Period 2024-32 CAGR:

 5.6%

Market Size in 2032:

USD 61.17 Billion

 

By Product Type

  • Disposable Shoe Cover
  • Non-disposable Shoe Cover

By Material

  •  Polythene
  • Polypropylene
  • Rubber
  • Silicon
  • Others

By Industry

  • Food & Beverages
  • Pharmaceutical
  • Medical
  • Manufacturing
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Russia, Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, The Netherlands, Italy, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkiye, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Increasing Demand for Protective Footwear in Various Industries

Key Market Restraints:

  • High Production and Material Costs

Key Opportunities:

  • Growing Demand in the E-commerce Sector

Companies Covered in the report:

  • Cordova Safety Products, Royal Shoe Cover, Protexter Corporation, Nelson-Jameson Inc., Safety Zone, Tian’s International, BlueMed, McKesson CME Corp and Other Active Players.
Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Waterproof Shoe Covers Market by By Product Type (2018-2032)
 4.1 Waterproof Shoe Covers Market Snapshot and Growth Engine
 4.2 Market Overview
 4.3 Disposable Shoe Cover
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
  4.3.3 Key Market Trends, Growth Factors, and Opportunities
  4.3.4 Geographic Segmentation Analysis
 4.4 Non-disposable Shoe Cover

Chapter 5: Waterproof Shoe Covers Market by By Material (2018-2032)
 5.1 Waterproof Shoe Covers Market Snapshot and Growth Engine
 5.2 Market Overview
 5.3 Polythene
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
  5.3.3 Key Market Trends, Growth Factors, and Opportunities
  5.3.4 Geographic Segmentation Analysis
 5.4 Polypropylene
 5.5 Rubber
 5.6 Silicon
 5.7 Others

Chapter 6: Waterproof Shoe Covers Market by By Industry (2018-2032)
 6.1 Waterproof Shoe Covers Market Snapshot and Growth Engine
 6.2 Market Overview
 6.3 Food & Beverages
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
  6.3.3 Key Market Trends, Growth Factors, and Opportunities
  6.3.4 Geographic Segmentation Analysis
 6.4 Pharmaceutical
 6.5 Medical
 6.6 Manufacturing
 6.7 Others

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Waterproof Shoe Covers Market Share by Manufacturer (2024)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions  
 7.2 CORDOVA SAFETY PRODUCTS
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 ROYAL SHOE COVER
 7.4 PROTEXTER CORPORATION
 7.5 NELSON-JAMESON INC.
 7.6 SAFETY ZONE
 7.7 TIAN’S INTERNATIONAL
 7.8 BLUEMED
 7.9 MCKESSON CME CORP
 7.10 OTHER ACTIVE PLAYERS

Chapter 8: Global Waterproof Shoe Covers Market By Region
 8.1 Overview
8.2. North America Waterproof Shoe Covers Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By By Product Type
  8.2.4.1 Disposable Shoe Cover
  8.2.4.2 Non-disposable Shoe Cover
  8.2.5 Historic and Forecasted Market Size By By Material
  8.2.5.1 Polythene
  8.2.5.2 Polypropylene
  8.2.5.3 Rubber
  8.2.5.4 Silicon
  8.2.5.5 Others
  8.2.6 Historic and Forecasted Market Size By By Industry
  8.2.6.1 Food & Beverages
  8.2.6.2 Pharmaceutical
  8.2.6.3 Medical
  8.2.6.4 Manufacturing
  8.2.6.5 Others
  8.2.7 Historic and Forecast Market Size by Country
  8.2.7.1 US
  8.2.7.2 Canada
  8.2.7.3 Mexico
8.3. Eastern Europe Waterproof Shoe Covers Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By By Product Type
  8.3.4.1 Disposable Shoe Cover
  8.3.4.2 Non-disposable Shoe Cover
  8.3.5 Historic and Forecasted Market Size By By Material
  8.3.5.1 Polythene
  8.3.5.2 Polypropylene
  8.3.5.3 Rubber
  8.3.5.4 Silicon
  8.3.5.5 Others
  8.3.6 Historic and Forecasted Market Size By By Industry
  8.3.6.1 Food & Beverages
  8.3.6.2 Pharmaceutical
  8.3.6.3 Medical
  8.3.6.4 Manufacturing
  8.3.6.5 Others
  8.3.7 Historic and Forecast Market Size by Country
  8.3.7.1 Russia
  8.3.7.2 Bulgaria
  8.3.7.3 The Czech Republic
  8.3.7.4 Hungary
  8.3.7.5 Poland
  8.3.7.6 Romania
  8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Waterproof Shoe Covers Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By By Product Type
  8.4.4.1 Disposable Shoe Cover
  8.4.4.2 Non-disposable Shoe Cover
  8.4.5 Historic and Forecasted Market Size By By Material
  8.4.5.1 Polythene
  8.4.5.2 Polypropylene
  8.4.5.3 Rubber
  8.4.5.4 Silicon
  8.4.5.5 Others
  8.4.6 Historic and Forecasted Market Size By By Industry
  8.4.6.1 Food & Beverages
  8.4.6.2 Pharmaceutical
  8.4.6.3 Medical
  8.4.6.4 Manufacturing
  8.4.6.5 Others
  8.4.7 Historic and Forecast Market Size by Country
  8.4.7.1 Germany
  8.4.7.2 UK
  8.4.7.3 France
  8.4.7.4 The Netherlands
  8.4.7.5 Italy
  8.4.7.6 Spain
  8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Waterproof Shoe Covers Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By By Product Type
  8.5.4.1 Disposable Shoe Cover
  8.5.4.2 Non-disposable Shoe Cover
  8.5.5 Historic and Forecasted Market Size By By Material
  8.5.5.1 Polythene
  8.5.5.2 Polypropylene
  8.5.5.3 Rubber
  8.5.5.4 Silicon
  8.5.5.5 Others
  8.5.6 Historic and Forecasted Market Size By By Industry
  8.5.6.1 Food & Beverages
  8.5.6.2 Pharmaceutical
  8.5.6.3 Medical
  8.5.6.4 Manufacturing
  8.5.6.5 Others
  8.5.7 Historic and Forecast Market Size by Country
  8.5.7.1 China
  8.5.7.2 India
  8.5.7.3 Japan
  8.5.7.4 South Korea
  8.5.7.5 Malaysia
  8.5.7.6 Thailand
  8.5.7.7 Vietnam
  8.5.7.8 The Philippines
  8.5.7.9 Australia
  8.5.7.10 New Zealand
  8.5.7.11 Rest of APAC
8.6. Middle East & Africa Waterproof Shoe Covers Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By By Product Type
  8.6.4.1 Disposable Shoe Cover
  8.6.4.2 Non-disposable Shoe Cover
  8.6.5 Historic and Forecasted Market Size By By Material
  8.6.5.1 Polythene
  8.6.5.2 Polypropylene
  8.6.5.3 Rubber
  8.6.5.4 Silicon
  8.6.5.5 Others
  8.6.6 Historic and Forecasted Market Size By By Industry
  8.6.6.1 Food & Beverages
  8.6.6.2 Pharmaceutical
  8.6.6.3 Medical
  8.6.6.4 Manufacturing
  8.6.6.5 Others
  8.6.7 Historic and Forecast Market Size by Country
  8.6.7.1 Turkiye
  8.6.7.2 Bahrain
  8.6.7.3 Kuwait
  8.6.7.4 Saudi Arabia
  8.6.7.5 Qatar
  8.6.7.6 UAE
  8.6.7.7 Israel
  8.6.7.8 South Africa
8.7. South America Waterproof Shoe Covers Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By By Product Type
  8.7.4.1 Disposable Shoe Cover
  8.7.4.2 Non-disposable Shoe Cover
  8.7.5 Historic and Forecasted Market Size By By Material
  8.7.5.1 Polythene
  8.7.5.2 Polypropylene
  8.7.5.3 Rubber
  8.7.5.4 Silicon
  8.7.5.5 Others
  8.7.6 Historic and Forecasted Market Size By By Industry
  8.7.6.1 Food & Beverages
  8.7.6.2 Pharmaceutical
  8.7.6.3 Medical
  8.7.6.4 Manufacturing
  8.7.6.5 Others
  8.7.7 Historic and Forecast Market Size by Country
  8.7.7.1 Brazil
  8.7.7.2 Argentina
  8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research

 Waterproof Shoe Covers Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 37.46 Billion

Forecast Period 2024-32 CAGR:

 5.6%

Market Size in 2032:

USD 61.17 Billion

 

By Product Type

  • Disposable Shoe Cover
  • Non-disposable Shoe Cover

By Material

  •  Polythene
  • Polypropylene
  • Rubber
  • Silicon
  • Others

By Industry

  • Food & Beverages
  • Pharmaceutical
  • Medical
  • Manufacturing
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Russia, Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, The Netherlands, Italy, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkiye, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Increasing Demand for Protective Footwear in Various Industries

Key Market Restraints:

  • High Production and Material Costs

Key Opportunities:

  • Growing Demand in the E-commerce Sector

Companies Covered in the report:

  • Cordova Safety Products, Royal Shoe Cover, Protexter Corporation, Nelson-Jameson Inc., Safety Zone, Tian’s International, BlueMed, McKesson CME Corp and Other Active Players.

Frequently Asked Questions :

What would be the forecast period in the Waterproof Shoe Covers Market research report?

The forecast period in the Market research report is 2024-2032.

Who are the key players in the Waterproof Shoe Covers Market?

Cordova Safety Products, Royal Shoe Cover, Protexter Corporation, Nelson-Jameson Inc., Safety Zone, Tian’s International, BlueMed, McKesson, CME Corp, and Other Active Players.

What are the segments of the Waterproof Shoe Covers Market?

The Waterproof Shoe Covers Market is segmented into By Product Type, By Material, By Industry and region. By Product Type, the market is categorized into Disposable Shoe Cover and Non-disposable Shoe Cover. By Material, the market is categorized into Polythene, Polypropylene, Rubber, Silicon and Others. By Industry, the market is categorized into Food & Beverages, Pharmaceutical, Medical, Manufacturing and Others. By region, it is analyzed across North America (U.S., Canada, Mexico), Eastern Europe (Russia, Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe), Western Europe (Germany, UK, France, The Netherlands, Italy, Spain, Rest of Western Europe), Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC), Middle East & Africa (Turkiye, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa), South America (Brazil, Argentina, Rest of SA).

What is the Waterproof Shoe Covers Market?

The waterproof shoe covers market refers to the industry involved in the production and distribution of protective footwear coverings designed to shield shoes from water, mud, and other environmental elements. These covers are typically made from durable, water-resistant materials such as rubber, silicone, or plastic, and are used in various sectors, including healthcare, construction, outdoor activities, and hospitality. Waterproof shoe covers are essential for maintaining hygiene, protecting shoes from damage, and ensuring safety in wet or hazardous environments. The market has seen growth due to increasing awareness of cleanliness, hygiene regulations, and the rising demand for practical, protective solutions.

How big is the Waterproof Shoe Covers Market?

Waterproof Shoe Covers Market Size Was Valued at USD 37.46 Billion in 2023, and is Projected to Reach USD 61.17 Billion by 2032, Growing at a CAGR of 5.6% from 2024-2032.