Beyond Footwear: India's Sneaker Market Targets $2.8 Billion In 2024
Sneakers are becoming increasingly popular in India, with a revenue forecast of USD 2.80 billion for the fiscal year of 2024. This is according to a recent report by Statista, which highlights the growing trend of sneakers being seen as more than just footwear.
This revelation underscores the expanding allure of sneakers, which have transcended their traditional role as footwear to become a cultural phenomenon deeply embedded in people's lives.
Additionally, the meteoric ascent of sneakers has surpassed age boundaries, seamlessly integrating into diverse lifestyles worldwide. What was once perceived as mere footwear has evolved into a symbol of style, self-expression and cultural significance.
Last year witnessed an unprecedented surge in the sneaker industry, propelled by the pervasive influence of the internet. Online platforms served as catalysts, heightening awareness within the sneaker community and contributing to the remarkable growth observed today.
Further, the global sneakers market, valued at USD 78.59 billion in 2021, is expected to register a compound annual growth rate (CAGR) of 5.2 per cent from 2022 to 2030. The proliferation of online platforms acts as one of the major factors driving the industry's growth.
The growing inclination toward fashionable, branded and high-fashion sneakers among all age groups, coupled with a rise in disposable income, is boosting demand. However, the easy availability of counterfeit products by local manufacturers poses a challenge to the growth of the industry.
Moreover, sneakers, once primarily associated with sports and athleticism, now permeate every aspect of daily life. They no longer cater to a specific age group; individuals from various backgrounds actively engage in discussions, adornment and pursuit of the latest and most iconic sneaker releases.
Additionally, the appeal of sneakers transcends mere fashion trends; they serve as statements, conversation starters and reflections of personal identity. From high-profile collaborations to limited-edition launches, the sneaker culture continues to captivate enthusiasts, propelling the industry's exponential growth.
Aryan Bajaj, a sneaker enthusiast, expressed his perspective, saying, "As a sneaker enthusiast, observing the rise of the sneaker sector has been nothing short of amazing. What began as basic footwear has evolved into a cultural phenomenon, with each sneaker telling a unique story."
He continued further stating, "It's no longer just about what covers our feet; it's about the statement we make with each step." The expansion of the sneaker business reflects our own path of self-expression and individuality, connecting."
Additionally, in future the sneaker industry is expected to grow even more, constantly reinventing the intersection of fashion, lifestyle and culture. Its continued relevance and steadfast appeal are demonstrated by the estimated income for FY2024.
Mandeep Chopra, Founder of Limited Edt, expressed optimism about the future of sneaker culture in India, highlighting the country's global influence. "The future is bright, and it's only a matter of time before brands realise the significance of India. Indian culture has pervaded the world for a long time now and it's time for the sneaker and streetwear industry to take notice," Chopra remarked.
Further, Utkarsh Gupta, Co-Founder of Comet, addressed the challenges faced by brands in India's manufacturing sector. "The Indian government's initiatives promote domestic manufacturing, but the sector is still nascent compared to established markets. Brands encounter hurdles in delivering high-quality products at competitive prices, necessitating efforts to ensure innovation and product quality," Gupta stated.
Additionally, the evolution of footwear into a cultural emblem signals a shift in consumer behaviour and preferences, marking a new era where sneakers transcend their role as clothing items to serve as canvases for self-expression and bridges across generations.
In a nutshell, the rise in shoe sales in India highlights how the fashion industry is changing and how important sneakers are becoming as a symbol of culture. Stakeholders in the industry must overcome obstacles and adapt to satisfy changing consumer needs as it continues to grow.
