Indian domestic footwear market to grow 9% by 2014
According to a report by India-based market research analysis company RNCOS, the domestic footwear retail market in India is anticipated to grow at a compound annual growth rate (CAGR) of nearly 9% between 2011 and 2014.
The report, titled “Indian Footwear Market Forecast 2014”, states that the Indian footwear sector has witnessed tremendous growth during the past few years because of liberalised framework and the globalisation of the industry.
The Indian footwear industry is dominated by men’s footwear, according to the report, followed by women’s footwear. Children’s footwear accounted for a share of nearly 11% of the Indian footwear retail market in 2010, the report claims. However, RNCOS expects the consumption trend to shift more towards women’s and children’s footwear market.
“Our research highlights that, the success mantras for footwear market in India lies in the advantages offered by the country, such as low labour cost and skilled working professionals,” a statement from RNCOS reads. “The footwear industry in the country ranked second around the globe after China in terms of production. Additionally, it is the main growth driver of the overall leather export from the country, with majority of the share held by footwear components and leather and non-leather footwear.”
The report claims that the 2010 market size of Indian footwear was $10.3 billion. With an anticipated growth of around 9% during 2011 to 2014, RNCOS predicts that the market will surpass $14.9 billion.
