How Bright Is The Future Of India's Footwear Industry
The major driver of growth in the industry is the rising disposable income of consumers in India, writes Tabby Bhatia, Director Brune & Bareskin
The footwear industry in India is poised for significant growth in the coming years. The country has a strong tradition of handcrafted leather footwear, and with increasing demand for premium and luxury footwear, the industry is expected to expand rapidly. The Indian footwear market is segmented into four categories - leather, non-leather, sports, and slippers and sandals. The leather segment is expected to dominate the market during the forecast period.
The major driver of growth in the industry is the rising disposable income of consumers in India. As more and more people in the country become financially stable, they are turning to high-quality, branded footwear. This is especially true in urban areas, where people are looking for fashionable, comfortable, and durable footwear. The country is a leading exporter of footwear to countries such as the United States, the United Kingdom, and Germany, and this trend is expected to continue in the coming years. The government of India has also been implementing policies and initiatives to promote the export of footwear, such as the Make in India campaign, which aims to increase the competitiveness of Indian manufacturers in the global market.
Another factor that is contributing to the growth of the footwear industry in India is the increasing popularity of e-commerce. Online retailers are making it easier for consumers to purchase footwear from the comfort of their own homes, and this is expected to drive sales in the coming years. Additionally, many international brands are entering the Indian market through e-commerce, which is providing consumers with more choices and options. The Indian footwear industry is also focusing on sustainable manufacturing practices and incorporating eco-friendly materials in their products.
The footwear industry in India is experiencing significant growth and is expected to continue on this trajectory in the coming years. According to a report by the India Brand Equity Foundation, the Indian footwear market is projected to reach $26 billion by 2020, driven by factors such as increasing disposable incomes, a growing population, and a rise in e-commerce.
One major factor contributing to the growth of the Indian footwear industry is the increasing demand for footwear in the domestic market. The increasing population and rising disposable incomes of consumers are leading to greater consumption of footwear, and this trend is expected to continue in the coming years. Additionally, the growth of e-commerce in India has made it easier for consumers to purchase footwear online, further driving the growth of the industry.
The Indian footwear industry is also characterized by a large number of small and medium-sized enterprises (SMEs), which play a significant role in the industry's growth. These SMEs are able to compete with larger companies by focusing on niche markets and offering unique products. The government of India has also been providing support to SMEs through initiatives such as the Pradhan Mantri Mudra Yojana, which provides loans to small businesses.
In terms of technology, the Indian footwear industry has been quick to adopt new technologies such as 3D printing and automation, which have helped manufacturers to improve efficiency and reduce costs. Additionally, the industry has been focusing on sustainability and eco-friendliness, with many companies now using eco-friendly materials and production methods.
In conclusion, the future of the Indian footwear industry looks bright, with projected growth in the domestic market and increasing exports, supported by initiatives and policies from the government and the adoption of new technologies. A large number of SMEs in the industry also adds to the diversity and competitiveness of the Indian footwear market.
The Indian government is also playing a key role in the development of the footwear industry. The government has implemented various policies to support the growth of the industry, including subsidies for modernizing production facilities and training programs for workers. These initiatives are helping to improve the quality and efficiency of the industry, which is attracting more investment and driving growth.
In conclusion, the future of India's footwear industry is bright. With increasing consumer demand, the rise of e-commerce, and supportive government policies, the industry is expected to experience significant growth in the coming years. This presents a great opportunity for companies operating in the industry to expand and capitalize on this growth.
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