New Entrants Create A Strong Foothold In The Footwear Industry
29 Jul 2015
Footwear industry is a weighty division of the leather business worldwide; rather it works as a key driver of growth for the global leather trade. China is the largest producer of both leather and non-leather footwear in the world, followed by India. According to the “Council For Leather Export” China accounts for approximately 13 percent of the footwear manufactured worldwide and up to 16 million pairs. The same source also revealed that India manufacture over 2065 million pairs in various categories. Bangladesh is believed to become a winning destination for many leather traders as China, the largest footwear producer in the world, turns away its focus from this industry.
Leather entrepreneurs in Bangladesh are now confident that international companies are shifting their attention to the nation’s footwear due to the growing supply of raw hides. Moreover, the processing industry, low manpower cost and several government initiatives such as no duty fee on machinery imports have fuelled many joint-ventures in Bangladesh’s footwear industry. By May 2014, the leather business in Bangladesh crossed over $ 1 billion in export. The country now manufactures footwear including fabric-based products for popular brands such as Puma, Kappa, Decathlon, Skechers plus many others.
People all over the globe also wear footwear manufactured in Viet Nam. In 2015 Viet Nam became the third largest nation to export footwear and has plans to expand its export by accessing opportunities such as free trade arrangements. Footwear manufactured in this country has been shipped to over 50 international locations. Viet Nam is considered to be the second largest country to ship footwear to Japan, United States as well as the European Union. Also, the footwear export market in Viet Nam rose by $5.84 billion (US Dollar) through January –May 2015 reported General Department of Customs. The association also indicated that the export value of the footwear industry would increase by 18% and $5.7 billion through January – June 2015.
At present United States is one of the largest importers of fashion products manufactured in Italy, that includes clothes and footwear. Besides this, countries climbing the footwear ladder consists of Brazil, Kenya, Turkey, Sri Lanka plus many others. Allied Market Research has published a report titled “World Footwear - Market Opportunities and Forecasts, 2014 – 2020.” As per the report the footwear industry would observe growth in regions including LAMEA, North America, Asia –Pacific and Europe.
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.