When the Union cabinet approved a set of proposals aimed at creating more jobs, improving ease of doing business, the leather and footwear sector was not overlooked. It announced a ` 2,600-crore-special package for industry that the government believes has the potential to generate over 300,000 new jobs in the next three years and assist in the formalization of 200,000 jobs.
This significant measure has come at a time when the global Men Formal Shoes Market is expected to attain a market size of $9.5 billion by 2022, growing at a CAGR of 7% during the forecast period. The segment witnessed prominent growth in the recent years. The finding highlights that Oxfords and Monk shoes have gained popularity due to its style and comfort. In addition to this, Brogues are also in trend, especially among younger population.
Meanwhile in India, men’s footwear market has always been the center of attraction for global players during the last few years. But the trend has inspired homegrown brands to compete the established global players.
In another similar development, it has been reported that Shoe Care Market is expected to touch $ 6,097million by 2025. Increasing internet retailing along with growing demand of sports footwear due to growing health concerns among consumers globally are believed to be the key driving factors. Increasing technological advancement in shoes and increasing preference of casual shoes are also the major drivers.
What does this mean for the second largest footwear producer? Today India’s footwear production accounts for approximately 9 per cent of the global annual production of 22 billion pairs, and the slew of measures means its production capacity along with employment generation are sure to rise. A parallel development is the rising penetration of the internet in urban, rural and sub-urban cities across India, and how ecommerce companies have translated this to another retail revolution. This apparently means that the demand-supply equilibrium will be maintained, creating a conducive ecosystem for all.
AMITABH TANEJA Editor-in-chief