The Indian footwear industry has been witnessing significant growth in recent years, driven by increasing disposable incomes, urbanization, and changing consumer preferences.
The footwear market analysis was valued at USD 15.22 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.83% through 2023 to 2029, reaching nearly USD 35.43 billion by 2029.
By 2030, the market is projected to reach USD 90 billion, driven by fiscal incentives, more design centers, and Taiwanese contract manufacturers setting up shops in the country.
Key players and their market share in footwear manufacturing industry
The key players in the footwear market in India are:
Bata India Ltd.: With a market share of around 15%.
Metro Brands Ltd.: With a market share of around 12%.
Liberty Shoes Ltd.: With a market share of around 8%.
Ajanta Shoes: With a market share of around 6%.
Khadims: With a market share of around 5%.
Paragon: With a market share of around 4%.
Adidas India Marketing Pvt. Ltd.: With a market share of around 3%.
Puma Sports India Pvt. Ltd.: With a market share of around 2%.
Reliance Brands Limited: With a market share of around 2%.
ASICS India Pvt. Ltd.: With a market share of around 1%.
These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.
What are the market segments in the Indian footwear market?
The Indian footwear market is segmented into several categories based on product type, material, mode of sale, and geography. Here are the key market segments in the Indian footwear market:
Casual Footwear: This segment includes casual shoes, sandals, and flip-flops that are designed for everyday wear.
Mass Footwear: This segment includes affordable and mass-produced footwear that is widely available in the market.
Active/Sport Footwear: This segment includes athletic shoes and sports footwear designed for specific activities like running, basketball, or tennis.
Leather Footwear: This segment includes footwear made from leather, which is considered a premium material.
Non-Leather Footwear: This segment includes footwear made from materials other than leather, such as synthetic materials or fabric.
Leather: This segment includes footwear made from leather, which is considered a premium material.
Non-Leather: This segment includes footwear made from materials other than leather, such as synthetic materials or fabric.
Retail Sales: This segment includes footwear sold through physical retail stores.
Online Sales: This segment includes footwear sold through e-commerce platforms and online marketplaces.
North America: This segment includes footwear sales in the United States and Canada.
Europe: This segment includes footwear sales in the European Union and other European countries.
Asia-Pacific: This segment includes footwear sales in countries such as China, Japan, and South Korea.
Latin America: This segment includes footwear sales in countries such as Brazil, Mexico, and Argentina.
Women: This segment includes footwear designed for women, including high heels, flats, and sandals.
Men: This segment includes footwear designed for men, including dress shoes, casual shoes, and athletic shoes.
Kids: This segment includes footwear designed for children, including character-licensed shoes and casual shoes.
These market segments help to understand the diverse preferences and needs of consumers in the Indian footwear market.
How are the Indian Footwear market trends shaping and Growth Opportunities?
Here are the key trends shaping the market and growth opportunities:
Sustainability: The Indian footwear industry is focusing on sustainability, with brands using eco-friendly materials, reducing waste, and implementing green manufacturing processes.
E-commerce: The rise of e-commerce has made footwear more accessible, providing consumers with a wide range of options to choose from.
Health and Fitness: The growing focus on health and fitness has boosted the demand for athletic and sports footwear.
Premium and Luxury: The demand for premium and luxury footwear is increasing among affluent consumers who seek high-quality and fashionable products.
Ethnic and Traditional: The demand for ethnic and traditional footwear remains strong, reflecting India's rich cultural heritage.
Sports and Athleisure: The sports and athleisure segment is expanding rapidly due to the rising popularity of fitness and wellness activities.
Children's Footwear: The children's footwear segment is growing, driven by increased awareness of proper foot health and a wide range of designs.
Online Sales: The growth of e-commerce platforms is making it easier for consumers to access a diverse range of footwear, further driving market expansion.
International Brands: The entry of international brands is contributing to market growth, offering consumers a wider range of options.
Government Initiatives: Government initiatives like Make in India and the Leather and Footwear Policy are expected to boost production and exports, driving market growth.
Competition from International Brands: The presence of international brands poses a challenge to domestic players, as they offer high-quality products at competitive prices.
Counterfeit Products: Counterfeit and low-quality products flooding the market pose a challenge to the growth of genuine brands.
Infrastructure Limitations: Inadequate logistics and distribution networks, particularly in rural areas, can impede the reach of footwear brands.
The Indian footwear market is experiencing rapid growth, driven by rising disposable incomes, urbanization, and e-commerce. Key trends include sustainability, health and fitness, and the demand for premium and ethnic footwear. To stay competitive, brands should adapt to these trends and leverage growth opportunities in sports, children's, and online footwear. For more detailed insights, readers are encouraged to refer to comprehensive market research reports on the Indian footwear industry.
Which segment is expected to grow the fastest in the Indian footwear market?
Based on the sources provided, the sports and athleisure segment is expected to grow the fastest in the Indian footwear market. This segment is expanding rapidly due to the rising popularity of fitness and wellness activities, with consumers seeking comfortable yet stylish footwear that can be worn for exercise and casual outings.
What factors are driving the popularity of leather footwear in India?
The popularity of leather footwear in India is driven by:
Increasing leather production.
Benefits of leather footwear.
Growing demand for fashionable footwear.
Government initiatives.
Growing demand for premium footwear.
Increased focus on sustainability.
These factors contribute to the growth of the leather footwear segment in India.