China has emerged as the world’s largest shoe-producing and -exporting country, according to market-research provider ChinaCCM. The country produces more than 10 billion pairs of shoes annually, representing nearly 70 percent of the world’s total footwear production as of 2008. With such high production volume, China not only boasts the world’s largest footwear-manufacturing base but has also evolved into the world’s biggest footwear exporter.
China became the world’s largest consumer of footwear in 2008, having surpassed the US. ChinaCCM projects a compound annual growth rate of more than seven percent over the next few years. This growth is highly supported by the fact that an average Chinese person consumes just two pairs of shoes annually – a rate significantly lower than in the Western world.
However, Chinese shoe makers have also been feeling the pinch of the economic downturn, which has put the brakes on demand from many of its biggest export destinations, including the US and EU. Another significant challenge is the continuous appreciation of the domestic currency (RMB), coupled with relative increases in production costs including labour and raw materials.
ChinaCCM’s China Footwear Market Analysis contains detailed data plus qualitative analysis designed to help clients evaluate opportunities in the footwear market. The report covers the market outlook in terms of production, consumption and exports, with a breakdown into segments such as leather, rubber and plastic shoes. ChinaCCM’s forecasts and estimations are not based on a complex economic model, but are intended as a rough guide to the direction in which the market is likely to move. The report also presents information about leading players in the footwear market, including their business strategies and areas of specialisation.
To purchase ChinaCCM’s report, visit ChinaCCM.com