INDIA: Footwear industry set for growth spurt
India’s footwear industry will be worth about INR387bn (US$7.85bn) by 2015, nearly doubling its current estimated value of INR220bn, according to industry body ASSOCHAM.
In its report, Indian Footwear Industry: An Analysis, ASSOCHAM – the Associated Chambers of Commerce and Industry of India – said the industry currently produces nearly 3bn pairs of shoes a year, exporting 10% of this and accounting for about 15% of global production.
“The domestic footwear market is driven by growing fashion consciousness together with increased disposable income among India’s urban middle class, which contributes about 45% of overall footwear market, making India the second largest global producer of footwear across varied segments after China,” said D S Rawat, ASSOCHAM secretary general.
“Low cost of production, abundant availability of raw material, ever-evolving retail ecosystem, buying patterns and a huge consumption market are certain basic features that sets apart the Indian footwear market.”
The report says that premium footwear brands are making inroads into India’s non-urban market, which has “huge potential” and accounts for about 55% of the total industry.
Meanwhile, the report estimates that the global footwear market will grow at a CAGR of about 5%, reaching about INR12.34trn by 2015.
- Software solutions enhance speed and visibility
- Supply chain weighs on Kering's green footprint
- Portugal footwear makers underpin industry growth
- Texprocess & Techtextil 2015: Material innovations
- What Marks & Spencer's numbers mean for clothing
- Q1 results in brief: Foot Locker, Hibbett
- Gap brand sales continue to fall short
- China to reduce apparel import taxes
- Call for probe into Philippines factory fire
- New black dye meets sustainability standards