Report Overview

India Footwear Market- Industry Trends & Forecast Report 2028

The India footwear market was worth USD 11.7 billion in 2021 and is further projected to reach USD 25.5 billion by the year 2028, growing at the CAGR of 11.70% during the forecast period 2022 - 2028. The market is growing at a high rate 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. Furthermore, increasing health issues amongst consumers, indoor and outdoor sports, increasing style-aware population, and rising retail culture are expected to force the marketplace within the forecast period.

India Footwear - Overview

Footwear is a part of the clothing & apparel industry and includes shoes, stilettos, sneakers, luxury footwear, and sporting shoes. When worn in an open environment, footwears protect the feet from injuries and provide support and stability. Footwear also has a direct influence on a person's personality. As footwear has evolved into a fashionable item, they have transcended their basic nature. Shoes, flats, heels, and slippers are generally worn according to the occasion and location to compliment an attire.

India Footwear Market Forecast and Trends

Growth Drivers

Growing Sustainability in Footwear Industry

With the increasing consciousness among consumers towards environment and sustainability, footwear manufacturers are increasingly launching products to target this demographic. The brands are launching eco-friendly footwear made of recycled materials such as discarded plastic bottles, etc. Several companies are also offering services such as recycling and refurbishing old shoes into comfortable eco-friendly vegan shoes. These factors are anticipated to drive the India footwear market growth in the forecast period.

Favorable Government Initiatives And Regulations

The government of India takes various initiatives to boost the production and exports of the countries for economic growth. For instance, the Government has approved the continuation of the Indian Footwear and Leather Development Programme (IFLDP) with the financial outlay of Rs. 1,700 crore, which is aimed towards the development of infrastructure for the leather sector, addressing environmental concerns specific to the leather sector, facilitating additional investments, employment generation, and increase in production, as reported by Mint.

Restraints

High Penetration Of Fake And Counterfeit Footwear Products

India is one of the biggest markets for fake and counterfeit products including footwear. India is a highly price-sensitive market due to which consumers are highly inclined towards low-cost and low-quality footwear products. The lack of stringent government laws to regulate the fake and counterfeit products of popular brands. Even if unlawful products are discovered, it is difficult to track down the illegal manufacturing, distribution, and sales because of the false documentation. This acts as a major restraining factor for market growth.

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.

India Footwear Market - By Type

Based on type, the India footwear market is segmented into athletic and non-athletic. The non-athletic segment accounts for the largest market share owing to the prominent demand for regular wear and daily use footwear for wearing mainly in the world. The demand for casual footwear such as slippers, flip-flops, and casual shoes also have significant demand in the market since they provide comfort and are easy to wear. However, the demand for the athletic segment is anticipated to witness the highest CAGR during the forecast period.

India Footwear Market - By Material

Based on material, the India footwear market is segmented into rubber, leather, and plastic. The leather segment accounts for the largest market share owing to the increasing leather production in the country. India is among the top five leather producers in the world. It is also the second-largest producer of footwear, due to which the supply of leather for footwear manufacturing is easily made. Leather footwear provides many benefits such as abrasion resistance, heat insulation, elasticity, etc. All these factors are significantly driving the market growth.

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.

Competitive Landscape

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.

Recent Development

• In February 2022, Bazar India, a premium lifestyle company, announced its partnership with Columbus Shoes for the manufacture and wholesale distribution of its sports shoes in India.

Scope of the Report

By Type

• Athletic
• Non-Athletic

By Material

• Leather
• Rubber
• Plastic

By Distribution Channel

• Independent Retail Stores
• Supermarkets/Hypermarkets
• Online Stores

By End-User

• Male
• Female
• Others

By Region

• North India
• South India
• East India
• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Footwear Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Footwear Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Athletic
         2. Non-Athletic
      2. By Material
         1. Leather
         2. Rubber
         3. Plastic
      3. By Distribution Channel
         1. Independent Retail Stores
         2. Supermarkets/Hypermarkets
         3. Online Stores
      4. By End-User
         1. Male
         2. Female
         3. Others
      5. By Region
         1. Northern India
         2. Eastern India
         3. Western India
         4. Southern India
6. Northern India Mobile Wallet Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Material
      3. By Distribution Channel
      4. By End-User
7. Eastern India Mobile Wallet Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Material
      3. By Distribution Channel
      4. By End-User
8. Western India Mobile Wallet Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Material
      3. By Distribution Channel
      4. By End-User
9. Southern India Mobile Wallet Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Material
      3. By Distribution Channel
      4. By End-User
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. List of Buyers in Footwear
    3. Market Share Analysis, 2021
    4. Competitive Benchmarking, By Operating Parameters
    5. Key Strategic Development (Merger, Acquisition, Partnership)
11. Impact of Covid-19 on India Footwear Market Industry
12. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Bata
    2.  Metro
    3.  Liberty
    4.  Ajanta
    5.  Khadims
    6.  Paragon
    7.  Action
    8.  Sreeleather
    9.  Catwalk
    10.  Mochi
    11.  Relaxo
    12.  MACRO FOOTWEAR
    13.  Lallan Shoes
    14. Other prominent players

13. Key Strategic Recommendations

List of Figures

Figure 1        India Footwear Market Segmentation

Figure 2        India Footwear Market Value Chain Analysis

Figure 3        Porter’s Five Forces Analysis

Figure 4        Company Market Share Analysis, 2021

Figure 5        India Footwear Market Size, By Value (USD Million), 2018-2028

Figure 6        India Footwear Market Share, By Type, By Value, 2018-2028

Figure 7        India Footwear Market Share, By Material, By Value, 2018-2028

Figure 8        India Footwear Market Share, By Distribution Channel, By Value, 2018-2028

Figure 9        India Footwear Market Share, By End User, By Value, 2018-2028

Figure 10       India Footwear Market Share, By Region, By Value, 2018-2028

List of Tables

Table 1  India Footwear Market Size, By Type, By Value, 2018-2028

Table 2  India Footwear Market Size, By Material, By Value, 2018-2028

Table 3  India Footwear Market Size, By Distribution Channel, By Value, 2018-2028

Table 4  India Footwear Market Size, By End User, By Value, 2018-2028

Table 5  India Footwear Market Size, By Region, By Value, 2018-2028

Table 6  Key Players and Their Offerings

Table 7  Competitive Benchmarking, By Operating Parameters

Table 8  Merger Acquisition, Partnership, Joint-Ventures etc

Table 9  Bata Company Overview

Table 10               Metro Company Overview

Table 11               Liberty Company Overview

Table 12               Ajanta Company Overview

Table 13               Khadims Company Overview

Table 14               Paragon Company Overview

Table 15               Action Company Overview

Table 16               Sreeleather Company Overview

Table 17               Catwalk Company Overview

Table 18               Mochi Company Overview

Table 19               Relaxo Company Overview

Table 20               MACRO FOOTWEAR Company Overview

Table 21               Lallan Shoes Company Overview

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable