Kids’ footwear holds a 15% market share in footwear industry
Footwear is a commodity highly valued as it is a product which only holds value when present in pair, a single piece of a shoe or a slipper is of no use at all. The global footwear industry was valued at around $185.2 billion by the end of 2011, there is an increasing growth in demand for both fancy party wears as well as the routine daily use footwear models. Most of popular brands are working round the year for brining in innovation, newness and style in the models. Comfort is a big factor for most of the customers and it varies according to different regions of the globe as the climate also plays an important role in it.
Footwear Industry walking the success path
The success pattern of global footwear industry depends on various aspects such as the comfort levels, styling and pricing factor which is the most important one. The sector is estimated a CAGR growth 1.9% for the period from 2011-2018. It is projected to reach a whopping value of $211.5 billion by the end of the year 2018 with countries from the Asia Pacific region to lead the market demands. Countries like China and India along with some others are forecasted to maintain the leading positions and top in revenues at least until the year 2018. The continent (Asia) is likely to hold above 30% of the market share of the global industry, it will be followed by the European region which will have the second largest demand.
Footwear Styles and their focused growth
As per a market research, the situation in the industry is ought to be favorable as the fashion, styling in the market is constantly changing, increasing demands due to raised disposable incomes and growing awareness of health issues and active lifestyle. The industry experts are finding the wide spreading retail culture to be a fueling factor for the increase in the segment.
Talking about the regional markets for footwear industry; India stands largest as it produces as much as 300 crores pairs per annum, the men category rules the industry with a thumping 52% followed by women footwear share of 30% and kids segment that holds 15% business; however the kids footwear segment is growing hugely and is expected to emerge as the front running category in the years to follow with a CAGR growth of 3.9%.
Similarly, the athletic footwear segment is another attractive category that is expected to grow healthy. The category is estimated a CAGR of 1.8% from 2011-2018 to reach a value of $84.4 billion by the end of 2018. However, major increase in the global footwear industry is projected to come from the non-athletic segment which is said to grow at an unpredictable CAGR and is forecasted to register a faster and a wider market share in compared to the athletic footwear.