USD 15.1 billion
Report ID:
SQMIG25L2018 |
Region:
Global |
Published Date: May, 2024
Pages:
219
|Tables:
64
|Figures:
73
Indian Footwear Market size was valued at USD 15.1 billion in 2022 and is poised to grow from USD 17.05 billion in 2023 to USD 45 billion by 2031, growing at a CAGR of 12.9% in the forecast period (2024-2031).
Footwear refers to any human-made piece of product that is designed to be worn on feet to protect it and offer other benefits such as mobility and stability to humans. The rapidly increasing population in India makes it a highly rewarding market for footwear suppliers. Increasing disposable income and growing availability of different footwear products from world-renowned brands are also slated to promote Indian footwear market growth in the future. availability of cheap raw materials and labor also makes India a highly opportune space for footwear manufacturers. Changing consumer preferences and evolving lifestyles of people in India are also slated to affect sales of footwear in the country across the forecast period and beyond. However, counterfeit and imitation products are slated to hurt Indian footwear market growth in the long run.
Global Market Size
USD 15.1 billion
Largest Segment
Offline
Fastest Growth
Online
Growth Rate
12.9% CAGR
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The Indian footwear market is segmented based on type, sales channel, and region. In terms of type, the market is segmented into casual, mass, active/sport, leather, and non-leather. Based on sales channel, the market is bifurcated into online and offline. Based on region, the market is segmented into South India, East India, West India, and North India.
Analysis by Sales Channel
Offline channels account for most sales of footwear in the Indian market at present. The presence of well-established retail infrastructure and preference of consumer to test the product for fit and feel before purchase is all contributing to the dominance of offline sales channels in the Indian footwear marketplace.
However, the sales of footwear in India via online channels are projected to increase at a robust pace over the coming years. Increasing penetration of smartphones and internet in India has led to a boom in the e-commerce space of the country and this is projected to boost growth of this segment in the future.
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South India is projected to account for a dominant share of the Indian footwear marketplace. The presence of key footwear production facilities in this region is what allows it to hold a dominant stance in the Indian footwear market. Rising awareness regarding fitness and changing consumer preferences of people in this region are also contributing to the growing sales of footwear. Tamil Nadu is the leading producer of footwear in this region with Chennai and Ambur being the top footwear-producing cities in this South Indian state.
North India is estimated to emerge as the fastest-growing region in the Indian footwear market over the coming years. Increasing population density and growing disposable income of people in this region are key factors driving market growth. Delhi is projected to be the most lucrative city in this region for Indian footwear providers. Presence of a good, developed retail infrastructure is what allows Delhi to be a prominent market for footwear in the North Indian region.
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Drivers
Rising Disposable Income
Rapid Urbanization
Restraints
Counterfeit Products
Price Sensitivity
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Leading Indian footwear providers can focus on the development and launch of new products with better designs that are also affordable for the Indian consumer base. Companies can also experiment with organic and inorganic marketing strategies to improve their sales and revenue generation potential in the future. Indian footwear brands can also partner and collaborate with international brands to create innovative new limited edition products that will help them stand out from the competition.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, increasing disposable income and changing consumer preferences are estimated to be key factors driving Indian footwear market development. However, the high availability of counterfeit products and price sensitivity are slated to be key restraints for Indian footwear market growth in the long run. Indian footwear brands should focus on maximizing their sales via online channels to amplify their revenue generation potential in the long run. South India is estimated to account for a majority share of the Indian footwear market owing to the presence of key footwear production facilities in this region.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 15.1 billion |
Market size value in 2031 | USD 45 billion |
Growth Rate | 12.9% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Indian Footwear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Indian Footwear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Indian Footwear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Indian Footwear Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
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Report ID: SQMIG25L2018