Liberalization and globalization have given the much required impetus and fuelled the exponential growth in Indian footwear sector. At present, India is the second largest footwear producing country (after China) and is third largest consuming country (after China and the US).
There are several factors that distinct the Indian footwear industry from other countries, such as low cost, variety and abundance of raw material, quality consciousness and back up, and R&D facilities. These advantages make India an active participant in the world footwear market. Moreover, the restructuring and transformation of the footwear industry from unorganized sector to the professionally organized sector is working in favor of India.
By target segments, the Indian footwear industry is dominated by men’s footwear section. Women’s footwear accounts for very small share, around 30% of the Indian footwear retail market in 2017. But the consumption trend is expected to shift more towards women’s and children’s footwear market. These segments, particularly women segment (as the number of working women is increasing which simultaneously raising the demand) offer vast growth opportunities to new as well as existing players.
Product-wise, casual footwear dominates the Indian footwear market as consumers are becoming more fashion conscious. This segment will dominate the future trend as fashion is expected to remain the key driver for the Indian footwear market.
Speculating the growth prospects of Indian Footwear industry, Shushmul Maheshwari, Chief Executive, RNCOS with rising brand consciousness among Indian woman compared to the past state of being product-conscious, more and more internationally renowned players are expected to enter the Indian market. Further, given India’s young population, the market for children footwear is also attractive for new organized players to enter and earn supernormal profits.
To tap the growing market, numerous major players such as Bata, Reebok, Nike, Adidas, Puma, Paul & Shark etc are continuously innovating and developing their brands to best suit the Indian market. Indian footwear industry might exhaust its full potential and grow exponentially.
With over a decade of experience in providing business solutions/ market research and consultancy, RNCOS acts a growth partner to venture into and understand business environment better by providing solutions in all the business endeavors of our customers, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help the business prosper by providing our customers with actionable market intelligence and insights by studying the market dynamics, collating with the business and devising the right strategies.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.
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