‘Asia-pacific Footwear Market to be $39.4 bn by 2020’
A report published by Transparency Market Research (TMR) digs into the trends and opportunities floating in the Asia Pacific market for footwear. The report predicts that the Asia Pacific market would expand at a steady CAGR of 2.0% over the period between 2014 and 2020.
The growth of the market for footwear in Asia Pacific largely relies on the popularity of fashion trends and pop culture in the region. Since the dispelling of fashion trends through social media, magazines, and other channels has become popular across India, China, Japan, and Malaysia, the demand within the Asia Pacific footwear market has escalated. Furthermore, the sports industry has also played a key role in driving demand within the Asia Pacific market for footwear. The availability of shoes customized for different sports has created growth spaces within the regional market. On an extrinsic front, the rising population in China and India coupled with an increase in the disposable income of the masses has also created demand within the Asia Pacific footwear market.
Despite the swift growth of the market for footwear in Asia Pacific, several impeding factors exist in the regional market. India has a wide market of duplicate goods which covers the footwear segment as well. The cajoling of the public by the sellers of duplicate goods affects the overall growth of the market for footwear. Besides this, the trends in the fashion industry keep changing, and this makes it difficult for market players to cater to the preferences of the people. Nevertheless, the indispensable need for footwear across all the population demographics is expected to maintain a regular inflow of demand within the Asia Pacific footwear market.