India Quietly Makes Strides into a Billion-Dollar Shoe Box Industry
The footwear market is segmented into athletic and non-athletic categories. The athletic category includes sneakers, running shoes, and other sports shoes. Sneakers are characterized by their rubber soles, which make them suitable for running, jumping, and other physical activities. Sneakers are also popular for their versatility and are often worn as a fashion statement.
According to projections, the Sneakers segment in India is poised to generate a revenue of US$2.63 billion in 2023, displaying an annual growth rate of 6.18% (CAGR 2023-2028). On a global scale, the Sneakers segment is already commanding an impressive revenue of US$75.77 billion, with expectations of a consistent annual growth of 5.31% (CAGR 2023-2028).
The Sneaker market in India is propelled by a confluence of factors, including the surge in disposable income and purchasing power. The dynamic shift in consumer preferences and heightened fashion consciousness aligns with evolving urban lifestyles, driving a growing demand for comfortable and durable footwear. Furthermore, the expanding reach of e-commerce platforms and the prevalence of online shopping contribute significantly to the market’s momentum.
Challenges persist in the Indian sneaker industry, marked by the presence of counterfeit products and unorganized players. Additionally, intense competition from both domestic and international brands, coupled with fluctuating raw material prices and a lack of awareness about sustainable options, poses hurdles affecting profit margins and sustainable growth.
While the manufacturing and retail segment boasts notable players like Vegnon Veg and Supekicks, the reselling sector is experiencing a remarkable surge. Previously considered a niche market, sneaker reselling is now a thriving business both online and offline in India.
Startups like solesearch, mainstreet, and superkicks are achieving seven-figure revenues by actively participating in the reselling business. According to reports, the sneaker resale market was valued at around $6 billion globally in 2019, and projections estimate it to reach $30 billion by 2030.
In India, reselling sneakers is evolving from a hobby into a lucrative business model. The market is expected to jump to USD 5 billion by 2025, signaling a significant opportunity for entrepreneurs and enthusiasts alike.
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