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Netscribes’ latest market research report titled Footwear Market in India 2014 places its focus on India, which is the world’s second largest exporter and the third largest consumer of footwear. It analyzes the different types of footwear, such as leather footwear, rubber footwear, polymer footwear, canvas footwear and textile footwear. Major footwear production centers are located in Chennai, Mumbai, Kanpur, Jalandhar, Delhi, Ludhiana and Kolkata. Unorganized sector dominates the footwear market, but the organized sector is growing rapidly and is fast narrowing the gap. Presently, casual footwear commands the largest market share, followed by mass footwear, premium footwear and sports footwear.
Since the opening of Foreign Direct Investment (FDI) in retail, the footwear market has seen the entry of several international players. On the other hand, domestic players have expanded their presence throughout the country. Several players have also made India their sourcing and manufacturing hub for global operations. Boom in online retail has enabled footwear companies to showcase their entire collection at one place and target consumers from all over the country at minimum cost. The growth in Indian footwear market has been fuelled by the increase in disposable income, growing consumption in rural segment, growing export of leather footwear, rise in organized retail, changing lifestyle of consumers, increasing availability of credit, rise in awareness about health and fitness, and increasing penetration of mass media. However, players are also facing challenges such as competition from unorganized segment, price sensitivity of buyers, depreciation of Rupee and rise in energy costs.
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