Shoe Making Business :
Shoes or more commonly Footwears are now a daily necessity of a person’s life. You need shoes and footwear while walking out of your house, or while attending any party, any occasion, or while going for your job, children who are going to their schools, teenagers going to their college, and so on. This alone explains the scope of marketing your shoes on a larger scale. Instead of Footwears, by just manufacturing shoes, you would come across various types and designs as an option to go for.
An Industry’s potential depends on the stats that it provides us. If we talk about Shoes or the Footwear industry, a global report claims that the Footwear industry has generated a value of 208 Billion dollars in the year 2014. The report also says that the revenue of the Footwear industry is expected to reach around 260 Billion dollars by the year 2023. In Footwear, the major contribution of the revenue belongs to the sector of Shoes, and hence we can calculate the potential it holds.
The Growth rate of the Footwear Industry on a global scale goes with a CAGR of 2.5% from 2014 to the year 2023. If we take into account the volume of the Global Footwear market it goes around 10 billion units in the year 2014, and once again taking the same above example, with a CAGR of 2.3% the same volume is expected to reach around 12.11 billion units in the year 2023. This number is derived by also considering the population level at that point of time in the future.
With attractive designs and a wide range of variety of shoes available in the market, it makes the customer prompt the idea of buying the product. Shoes are a type of product that is available easily at various places and regions, thereby never facing an issue of scarcity in the market. With various types such as Sneakers, sports shoes, office shoes, etc, you can easily select a segment or even multiple segments and make your business profitable.
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19 фев 2024
