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India is standing on the threshold of a retail revolution and witnessing fast changing retail scenario, with footwear market set to experience phenomenal growth in the coming years. The entry of numerous international players has also resulted in providing a significant boost to the Indian footwear market and the demand for Indian footwear will continue to grow in future as well, says our recent report, “Indian Footwear Market Forecast 2014”.
At present, Indian footwear industry rank second-largest footwear producer after China. Our study has effectively monitored the current and future trend of the Indian footwear market on the basis of which, it is considered to possess a significant potential with overall market anticipated to grow at a CAGR of around 14% during 2012-2014. The market is de-licensed, which further creates expansion opportunities for the production capacities in modern state-of-the-art units.
Our research highlights that, the success mantras for footwear market in India lies in the core set of privileges existing in the country itself, including low labor cost, skilled working professionals, etc. The footwear industry in India is presently witnessing various shift in the trends that are indicative of contributing in the future growth of the industry. For instance, many companies in the market are dealing in a range of stylish eco-friendly footwear to ensure that the buyers do not sacrifice on comfort or style, while opting for green shoes. Similarly, more and more people are now opting for custom-made or designer footwear providing opportunities for footwear designers.
Indian footwear industry is mainly driven by men’s footwear segment, which has been booming with the rise in the purchasing power and the growth of image consciousness among the youngsters. Furthermore, with the rising younger working class population, the demand for formal footwear has also seen significant increase. Whereas, the old-age group demand for medical footwear that offers comfort and health benefits together with high quality. The report also analyze that with the maximum population still living in rural areas, the demand for footwear is increasing in these regions. Rising income level of the people and brand awareness has further boosted the demand for premium footwear.
Our research also foresees immense opportunities for increasing trend of online footwear retail market. Shoe manufacturers have gained a sudden upsurge in the retailing of footwear with the rise of e-commerce and the growing trend of online shopping. Furthermore, there also exists huge demand for the traditional footwear market in India. Fashion freak youngsters now prefer ethnic footwear to give a touch of Indian glamor to their western outfits.
The report intends to facilitate clients with a clear understanding of the present and future outlook of the footwear market and developments in the country. A detailed analysis of the business trend of national and international competitors also tends to portray a clear picture of the business in India. A section on regulatory initiatives opted by the government has also been provided in the report to facilitate clients with a proper understanding of the Indian footwear market. Above all, the study also evaluates various strategies that will boost the footwear market in India.
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