The shoe manufacturing market in India is now dominated by men’s footwear which contributes close to 58% of the total Indian footwear retail market and is expected grow at a CAGR of 10% by 2020. The shoe market in India has long been one of the most important components in the country’s prestigious textile and garment market, contributing significantly to not just the employment inside the nation but also the export earnings and overall economic growth in India as well. In 2018, India has evolved to become the second largest Indian shoe manufacturers (behind China), and one of the top footwear exporters in the world.
RISING DEMAND OF INDIAN SHOE MANUFACTURERS
India is the another chief shoe manufacturer in the world, with footwear production accounting for approximately 9 per cent of the global annual production – 22 billion pairs as compared to China, which produces over 60 per cent of the global production. Indian shoe manufacturing company annually produces 2.1 billion pairs of which 90 per cent are consumed internally while remaining are exported primarily to European nations which include United Kingdom, Italy, France, Germany and France, as per market analysts. Shoe manufacturing company from India have grown at a CAGR of 20 per cent in Indian Rupee terms during the last five year backed by growing demand from European countries and growing emphasis of main importing countries to shift sourcing from China to other low cost producing countries. India is the third largest footwear consuming country in the world after China and USA, but with very little separating the three, India is very soon expected to be the second largest consumer as well.
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