‘Asia-pa­cific Footwear Mar­ket to be $39.4 bn by 2020’

Shoes & Accessories - - The Month That Was | Updates I International -

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.

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