Los Angeles, CA (PRWEB) July 13, 2013
Despite global economic weakness during much of the five-year period to 2013, revenue for the Global Footwear Manufacturing industry has grown at an average rate of 4.2% per year to $ 113.6 billion. Global per capita income has trended upward, supporting consumer purchases of shoes in the long term, IBISWorld industry analyst Nikoleta Panteva says. Moreover, demand from emerging nations propped the industry up even when spending in the United States and Europe waned. The increasing purchasing power and the expanding number of affluent shoppers in the BRIC nations (Brazil, Russia, India and China) have underpinned industry growth during the past five years. This, coupled with recovering demand in the United States will push industry revenue to grow 7.3% in 2013.
Trade is a significant portion of the Global Footwear Manufacturing industry. China is the single-largest exporter of footwear, specializing in low-cost, low-value options. Operators in developed regions of the world, such as the United States and Europe, are primarily engaged in the design and marketing processes of shoe production due to the high-wage standards in these areas, Panteva says. Asia, however, presents a source of cost savings for operators because many companies outsource physical-manufacturing activities to offshore factories.
The Global Footwear Manufacturing Industry is considered to have a low concentration level. The four largest companies in this industry include Yue Yuen Industrial Holdings Limited, Belle International Holdings Limited, Li Ning Company Limited and Feng Tay Enterprises Co., Ltd. While large-scale Chinese manufactures operate in the industry, emerging countries also have a large number of micro-enterprises that manufacture footwear.
In the five years to 2018, the Global Footwear Manufacturing industry is forecast to perform even better than it did during the past five years. Rebounding developed economies will generate more demand for footwear, pushing revenue up in the five years to 2018. As both Europe and the United States slowly recover from their recessions, revenue will also strengthen to show growth in the next two years. Profit will also expand as consumers increasingly seek out luxury footwear, which carries a high price tag. For more information, visit IBISWorlds Global Footwear Manufacturing industry report page.
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IBISWorld industry Report Key Topics
Industry operators manufacture a wide range of footwear for men, women and children. These firms manufacture rubber and plastic footwear, plastic or fabric uppers, and rubber and plastic protective footwear. Firms in this industry also manufacture house slippers and slipper socks. Operators may manufacture men’s or women’s footwear designed for dress, street or work.
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