According to study, “Footwear Market in India (2018-2023)” some of the major companies that are currently working in the footwear market in India are Khadim India Limited, Sreeleather Limited, Liberty Shoes Limited, Nike Inc., Bata India Limited, Relaxo Footwear Limited, Paragon Footwear Private Limited, Action Shoes Private Limited, Puma Sports India Private Limited, Adidas India Private Limited, Reebok India Private Limited.These key players are progressively focusing on offering well-established products, producing strong brand names and exhibit long-term reliability. The vendors in footwearmarket are increasingly competing against each other, which are based on factors such as features, price and product quality. The market has been dominated by local and unorganized players. Unorganized players are liable to benefit from a much higher revenue margin as evaluated to their organized counterparts.
Footwear refers to garment or things, which is worn by people on their feet. It is used for adornment and fashion. It protects foot from rain, cold, dampness, heat and dirtiness. Foot wears are of many types such as slippers, boots, shoes, and sandals etc. On the basis of material, the footwear market is segmented into leather footwear and non leather footwear. On the basis of type, the market is segmented into athletic and non athletic. Athletic footwear includes running shoes, aerobics shoes, sports (cross training), soccer shoes, walking shoes, tennis shoes, seasonal boots, cricket footwear and others. Non-athletic footwear includes casual, formal, boots and waterproof footwear. On the basis of distribution channel, the market is segmented into supermarkets, online channels, independent retail stores and hypermarkets. The applications are split in the market as per on the basis of the demand for the footwear include women, men and children.
The footwear market is increasing its share due to easy availability of low cost of labour, comfortable availability of raw materials, tax incentives on machinery by government, presence of qualified leather technologies and exposure to export markets etc. Some of the weaknesses associated are environmental problems, less number of organized product manufacturers, horizontal growth of tanneries, low machine & material productivity, delayed deliveries and uneconomical size of manufacturing units etc. Some of the key opportunities include growing international & domestic markets, growing fashion consciousness, product diversification and exposure to newer markets.
Some foreign brands such as Hasley, Elefanten, Clarks, Florsheim, Salamander, Ecco, St Michaels, Stacy Adams, Nunn Bush, Colehaan and Deichmann are pretended under license in country.
The market of footwear is mainly driven by increasing disposable income. Rise in use of internet penetration, rapidly growing population, increasing fashion consciousness among the young generation,rising footwear manufacturers, increasing in technological innovations, rising popularity of the e-commerce market, having a presence over the e-commerce ecosystem and government initiatives are increasing significantly which led to the growth of the market.
India is the second leadingproducer of footwear after China, globally. Agra, Kanpur, Vaniyambadi, Ranipet and Ambur are some production cities in country. Textile, sandals and other footwear holds the highest segment of this market. It is estimated that footwear market will be grown increasingly and turn into a multibillion-dollar category, due to high order volumes and repeat purchases of footwear.
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Ankur Gupta, Head Marketing & Communications