India Footwear Market is Forecast to Grow at a CAGR of 11.70% until 2028
Published | 30 May 2022
India footwear market is growing at a high CAGR because of the demand for brand new varieties of convenient and cozy footwear, specifically among women and constantly changing fashion trends along with increasing launches of therapeutic footwear…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India footwear market was worth USD 11.7 billion in the year 2021. The India footwear market is projected to grow at a CAGR of 11.70%, earning revenue of around USD 25.5 billion by the end of 2028. The India footwear market is showing healthy growth over the past few years and is anticipated to maintain its pace in the forecast period as well. The demand for brand new varieties of convenient and cozy footwear, specifically among women and constantly changing fashion trends are one of the major factors driving the growth of the India footwear market. Furthermore, the increasing launches of therapeutic footwear that comforts the feet are anticipated to present lucrative growth opportunities to the market in the forecast period.
Constant Launches of New and Trendy Products is Propelling the India Footwear Market Growth
Fashion footwear has emerged as a crucial accessory for a specific look in both formal and informal attires. Almost all the footwear brands are continuously launching new products with diverse designs, patterns, and types due to the constantly converting style developments. One of the predominant elements driving the global footwear marketplace is the availability of footwear designs to fit any event or outfit. For instance, Bridal Sneaker Shoes are gaining huge popularity in the Indian market among brides who are looking for both beauty and comfort.
Increasing Popularity of Online Sales Channels is Driving the India Footwear Market
The India footwear market is segmented into online stores, supermarkets and hypermarkets, independent retail stores, and others, based on the distribution channel. The independent retail store's segment accounts for the largest market share because of the availability of a wide range of products and they allow the customers to try their products on before purchase. The online store segment is projected to register the highest CAGR during the forecast period owing to the rising popularity of consumer goods platforms such as Amazon.in, Flipkart.com, TataCliq, etc., among Indian buyers.
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India Footwear Market - By End-User
Based on end-user, the India footwear market is segmented into males and females. The female segment accounts for the largest market share. The wide variety of footwear types available for women such as pumps, loafers, wedges, canvas shoes, etc., acts as a major driving factor for the market growth. Footwear brands constantly launch new products keeping tempo with modern fashion trends to target this consumer base. The male segment also covers a substantial market share and has a high demand for sports shoes.
India Footwear Market - Regional Insights
Geographically, the India footwear market is segmented into North India, South India, East India, and West India. North India dominates the India footwear market owing to both high consumption and production of footwear in states like Uttar Pradesh. Agra is emerging as the largest footwear production center in the country, contributing to around 65% of the total domestic consumption as well as a whopping 28% of the total footwear export from India, as reported by the Times Of India.
Impact of COVID-19 on India Footwear Market
The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the global footwear market. The Indian government imposed a complete lockdown in the country, restricting all the manufacturing, production, and distribution activities of non-essential goods including footwear. This resulted in a significant decline in the demand for footwear. Furthermore, the COVID-19 restrictions such as the closure of gyms, and work from home culture also directly influenced the footwear demand in the Indian market.
The leading market players of the India footwear market are Adidas India Marketing Pvt Ltd., Bata India Ltd., Khadim India Ltd., Liberty Shoes Ltd., Lakhani Footwear Pvt. Ltd., Mirza International Ltd. (Red Tape), Puma Sports India Pvt. Ltd., Superhouse Ltd., Relaxo Footwears Ltd., Veekesy Rubber Industries Pvt. Ltd. (VKC), and other prominent players.
The market is highly fragmented and competitive with the presence of several global and domestic footwear manufacturers and distributors. The companies offer a wide range of products in different styles and for different target consumers to boost their sales. They also focus on improving their distribution channels and are launching their products on online platforms to expand their consumer base. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
Don’t miss the business opportunity of the India footwear market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India footwear market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India footwear market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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- India Footwear Market, By Type (Athletic And Non-Athletic), By Material (Rubber, Leather, And Plastic), By End-User (Male, Female), By Distribution Channel (Online Stores, Supermarkets And Hypermarkets, Independent Retail Stores And Others), By Region (North India, South India, East India, West India) Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: May 2022
The India footwear market is gaining significant traction owing to the increasing popularity of footwear as a fashion accessory rather than a necessity and the increasing availability of a huge variety of shoes with various designs, events, and comfort...
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