India is one of the largest footwear markets in the world. As per the industry data, the current size of shoes industry is around Rs.40,000 crore, and the market is poised to cross Rs.40,000 crore over next few years.
As per Bata India FY17 Annual report, India is the second largest footwear producer in the world, with footwear production accounting for approximately 9% of the global annual production of ~22 bn pairs, as compared to China, which produces over 60% of the global production. Moreover, India exports over US$ 2.7 billion worth of footwear products to the global market in 2016.
Footwear is the industry which accounts to generate maximum number of employment especially for the weaker section; therefore, it holds a very special place in the Indian economy. As per the industry figure, footwear industry employs over 1.1 million workers making it one of the top employment sources in the country. Moreover, the growth in this market is further pushed by gradual rise of fashion and lifestyle market in India. From a basic need based industry to an indispensable part of overall fashion market, footwear industry has come a long way.
Following are few emerging trends which are catapulting the growth of this segment.
ATHLEISURE FOOTWEAR Gaining Momemtum
Athleisure footwear is picking up very fast because of aspirational consumers. Athleisure trend is just not confined to metropolitan cities. In fact, small cities and towns are generating equal traction. However, options are scanty when it comes to affordable options in this segment especially in tier 2 cities.
Sharp focus on women’s footwear
There has been incremental rise in women’s per capita expenditure; therefore, manufactures and retailers are increasingly focusing on women’s footwear. Moreover, there is a growing number of women at workplaces and high disposable incomes
FAVOURABLE GOVERNMENT INITIATIVES
As per the information available on government website, Ministry of MSME in India has introduced clustering across footwear sector to establish co-operation and joint strategy among the firms and also from the government for the subsistence and growth of the SME sector. Cluster development activities in footwear industry has given major boost to private capital flow in the organized segment and enhance capacity to keep pace with future growth prospects.
Bata India continues to be a leader in this segment. The brand has successfully managed to establish a deeper connection by successfully revamping the brand image. Thereby, the brand is extremely popular among the young audience. The brand has understood the changing dynamics of fashion industry well and has inrooted well among the fashion-conscious consumers by introducing more modern footwear designs.
There is a growing trend among big companies including Bata, Liberty amongst others to expand their existing ranges by introducing new ranges to cater diverse demands of different consumer groups. The consumption landscape of India is highly influenced by social media and increased number of millennial population who drives maximum consumption. Therefore, big brands are leaving no stone unturned to resonate well with young India.