STEPPING INTO THE FUTURE: GROWTH OUTLOOK OF THE INDIAN FOOTWEAR INDUSTRY
- Credit Rating Agency in India
- Industry Report
- STEPPING INTO THE FUTURE: GROWTH OUTLOOK OF THE INDIAN FOOTWEAR INDUSTRY
The footwear industry is one of India's most important fashion segments in the retail industry, second only to apparel. India is the world's second-largest producer and consumer of footwear after China. India contributes 10.7 per cent to global footwear production and consumes 11.7 per cent of global footwear consumption. The industry includes leather, footwear, and accessories, and it contributes 2 per cent to the national GDP.
The Indian footwear market is expected to generate revenue of USD 24.86 billion by 2023, with a 4.84 per cent annual growth rate (CAGR 2023-2028). The market's biggest segment is leather footwear, which is estimated to be worth USD 17.28 billion in 2023. In contrast, the US is predicted to have the highest global revenue in the footwear market, amounting to USD 88.47 billion in 2023. The per capita revenue of the Indian footwear industry is projected to be USD 17.51 in 2023. Further, the volume of the Indian footwear market is predicted to increase to 2,226.00 million pairs by 2028, with a growth rate of 0.4 per cent in 2024. The average volume of footwear per person in India is expected to be 1.52 pairs in 2023. By the end of 2023, it is anticipated that non-luxury footwear will account for 98 per cent of the total sales in the market.