It’s time for India’s footwear component industry to go global | Chennai News
Chennai: As India increasingly becomes a major hub for the supply of leather and non-leather footwear, it is time for the Indian footwear component industry to prepare and expand its capabilities to meet growing global demand, leather industry players said. As more and more global companies look to India for sourcing footwear, as an alternative to China, the components industry is already under pressure to increase capacity.
Indian footwear industry revenue is expected to grow from $10 billion in 2021-22 to $18 billion by 2025-26. Indian industry recorded a 19.24% increase in exports of leather, leather products and footwear in the last quarter of 2021-22, according to a statement from Footwear Federation of India (ISF) said. “Overall, the footwear industry, which suffered a setback due to Covid, has since rebounded. India’s leather industry will fetch $30 billion, including $10 billion in exports and $20 billion in domestic sales. If the industry is to make a quick turnaround, component manufacturing is a key area and will be worth four billion dollars,” Habib HussainPresident, ISF told the media here on Wednesday.
The industry is hosting a two-day exhibition – ‘ShoeTech 2022’ to showcase India’s leading leather and footwear components – at Vellore on July 22-23. The exhibition is organized with the Indian Footwear Components Manufacturers Association (IFCOMA) to harness the emerging potential and showcase the capabilities of the industry to the global market.
“Among the main challenges India faces are its lack of component manufacturing infrastructure to meet global demand, a shortage of sole molding shops and the need for a larger pool of competent talent. Addressing these issues quickly would raise India’s profile at this unprecedented time for the supply market,” said J Suresh KumarDirector, Country Manager – Clarks India Services Pvt Ltd.
“The lack of larger capacities and the ability to deliver consistent quality has been a problem faced by large sourcing companies, which are forced to continue to consider China as a sourcing option,” he said. he declares.