31 October 2023, Mumbai

Growing Environmental Concerns Driving Market Growth

The vegan footwear market is projected to grow from US$30,072.1 million in 2023 to US$60,992.6 million by 2033, expanding at a CAGR of 7.3%. 

One of the key factors driving this growth is the increasing environmental concern among consumers. 

According to a 2022 survey by GlobalWebIndex, 67% of global internet users are willing to pay a premium for sustainable products.

Vegan Footwear as an Eco-Friendly Alternative

Vegan footwear is a more sustainable alternative to traditional leather footwear, which requires harmful chemicals and produces a large carbon footprint. 

The production of vegan footwear uses sustainable materials such as recycled plastics, organic cotton, and mushroom leather.

Government Regulations and Growing Vegan Population Bolstering Market Growth

Government regulations on leather products and the growing vegan population are also contributing to the growth of the vegan footwear market. 

For example, in 2022, the Indian government banned the export of leather and fur products from the country. This ban is expected to boost the demand for vegan footwear in India.

Increasing Need for Industrial Carbon Footprint Reduction to Fuel Market Growth

The footwear industry is one of the major contributors to carbon emissions. However, with the growing demand for sustainable products, several footwear companies are taking steps to reduce their environmental impact. 

For example, Nike has committed to reducing its carbon footprint by 50% by 2030.

Commerce Platforms Fueling Market Revenue

The availability of vegan footwear products on e-commerce platforms such as Amazon, Flipkart, and eBay is also contributing to the market's growth. 

These platforms provide a convenient and easy way for consumers to purchase vegan footwear.

Country-wise Insights

Germany is leading the European Vegan Footwear Market

Germany is the leading market for vegan footwear in Europe, with a market size of US$ 26.14 billion in 2030. This is due to the growing demand for vegan products and the high number of vegans in the country.

India: A Favorable Market for Vegan Footwear Products

India is a favorable market for vegan footwear products due to the growing demand for plant-based products and the high percentage of the vegan population. 

The country also has a high demand for shoes and handicrafts.

Competitive Landscape

The vegan footwear market is highly competitive, with several players operating in the space. Some of the key players include Nike, Adidas, VF Corporation, and PAIO.

These companies are investing in innovation and design to differentiate themselves in the market.

Outlook

The vegan footwear market is expected to grow in the coming years, driven by increasing environmental concerns, government regulations, and the growing vegan population.

Growing Environmental Concerns Driving Market Growth

The vegan footwear market is projected to grow from US$30,072.1 million in 2023 to US$60,992.6 million by 2033, expanding at a CAGR of 7.3%. 

One of the key factors driving this growth is the increasing environmental concern among consumers. According to a 2022 survey by GlobalWebIndex, 67% of global internet users are willing to pay a premium for sustainable products.

Vegan Footwear as an Eco-Friendly Alternative

Vegan footwear is a more sustainable alternative to traditional leather footwear, which requires harmful chemicals and produces a large carbon footprint. 

The production of vegan footwear uses sustainable materials such as recycled plastics, organic cotton, and mushroom leather.

Government Regulations and Growing Vegan Population Bolstering Market Growth

Government regulations on leather products and the growing vegan population are also contributing to the growth of the vegan footwear market. 

For example, in 2022, the Indian government banned the export of leather and fur products from the country. This ban is expected to boost the demand for vegan footwear in India.

Increasing Need for Industrial Carbon Footprint Reduction to Fuel Market Growth

The footwear industry is one of the major contributors to carbon emissions. However, with the growing demand for sustainable products, several footwear companies are taking steps to reduce their environmental impact. 

For example, Nike has committed to reducing its carbon footprint by 50% by 2030.

Commerce Platforms Fueling Market Revenue

The availability of vegan footwear products on e-commerce platforms such as Amazon, Flipkart, and eBay is also contributing to the market's growth. These platforms provide a convenient and easy way for consumers to purchase vegan footwear.

Country-wise Insights

Germany is leading the European Vegan Footwear Market

Germany is the leading market for vegan footwear in Europe, with a market size of US$ 26.14 billion in 2030. This is due to the growing demand for vegan products and the high number of vegans in the country.

India: A Favorable Market for Vegan Footwear Products

India is a favorable market for vegan footwear products due to the growing demand for plant-based products and the high percentage of the vegan population. 

The country also has a high demand for shoes and handicrafts.

Competitive Landscape

The vegan footwear market is highly competitive, with a number of players operating in the space. 

Some of the key players include Nike, Adidas, VF Corporation, and PAIO. These companies are investing in innovation and design to differentiate themselves in the market.

Outlook

Vegan Footwear Market to Reach US$ 60.99 Billion by 2033, Expanding at a CAGR of 7.3%

The vegan footwear market is expected to grow in the coming years, driven by increasing environmental concerns, government regulations, and the growing vegan population.

Key points:

• The vegan footwear market is projected to grow from US$ 30,072.1 million in 2023 to US$ 60,992.6 million by 2033, expanding at a CAGR of 7.3%.
• One of the key factors driving this growth is the increasing environmental concern among consumers.
• Vegan footwear is a more sustainable alternative to traditional leather footwear, which requires harmful chemicals and produces a large carbon footprint.
• Government regulations on leather products and the growing vegan population are also contributing to the growth of the vegan footwear market.
• The footwear industry is one of the major contributors to carbon emissions, but several footwear companies are taking steps to reduce their environmental impact.
• The availability of vegan footwear products on e-commerce platforms is also contributing to the market's growth.
• Germany is the leading market for vegan footwear in Europe, with a market size of US$ 26.14 billion in 2030.
• India is a favorable market for vegan footwear products due to the growing demand for plant-based products and the high percentage of the vegan population.
• The vegan footwear market is highly competitive, with several players operating in the space. Some of the key players include Nike, Adidas, VF Corporation, and PAIO.

CREDITS: Future Market Insights report

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26 October 2023, Mumbai

World Economic Outlook:

• Global growth is expected to plummet from 6.0% in 2021 to 2.7% in 2023. The World Economic Outlook predicts a sharp slowdown in global growth, from 6.0% in 2021 to 2.7% in 2023.
• The global economy is poised for a significant slowdown, with growth projected to decelerate from 6.0% in 2021 to 2.7% in 2023.

State of affairs

Garments imports decelerated in all key markets in August 2023, compared to the same month in 2022. The largest drop was seen in the US (25%), the EU (23%), and the UK (10%). 

China's market share fell in all four markets, while Bangladesh gained market share in the US, UK, and Japan.

Salient features:

• Global apparel imports are expected to decline by 10-15% in 2023, due to a combination of factors including inflation, the war in Ukraine, and rising labor costs in major exporting countries.
• China's share of the global apparel market is expected to decline from 39% in 2022 to 35% by 2025 as buyers diversify their supply chains and shift to more sustainable sourcing practices.
• Bangladesh, Vietnam, and India are expected to benefit from China's declining market share as they offer buyers competitive pricing, a large and growing workforce, and a commitment to sustainability.

Inference:

Key Insights

1. Manage supply chains
2. Access to products
3. Competitive prices
4. Meet sustainability
5. Consumer demands

Apparel brands and importers will need to carefully manage their supply chains in the coming years to ensure that they have access to the products they need at a competitive price. 

They will also need to focus on sustainability to meet the growing demands of consumers and regulators.

CREDITS: Wazir monthly apparel report

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21 October 2023, Mumbai

Personalized clothing is a growing trend in the fashion industry, as it helps brands reduce waste and excess inventory. It also allows consumers to express their style and have clothes that fit them perfectly.

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Here are a few examples of how different brands are offering customized garments to their customers:

• Using 3D Configurator Technology: Laneri, an Italian menswear brand, uses a 3D configurator to design its suits, blazers, shirts, polo shirts, and trousers. Customers can choose from various fabrics and styles to create their unique garments.
• Highlighting the Beauty of Women: Max Mara, a well-known brand, offers a customized clothing collection called the ‘Tailored Suit’ project collection. This collection includes seven jackets with single or double-breasted styles that fit the female form perfectly. Customers can customize the jackets, including the color, fabric, and fit.
• Collaborating with Trusted Partners: JTB Custom, a brand that offers made-to-order blazers, often collaborates with other brands, such as Rowing Blazers. The Rowing Blazer is famous for its quality and authenticity. Together with JTB Custom, they provide custom dress shirts, blazers, and sweaters with a fast delivery time of two weeks.
• Creating Unique Jackets for Women: Blazer Bar, an Italian company, offers a made-to-order and made-to-measure service for women’s blazers. Customers can choose from various styles and fabrics to create their unique jackets. Blazer Bar also offers a variety of customization options, such as embroidery and monogramming.
• Producing Eco-Friendly Activewear from Fabric Scraps: So What, an Indian activewear brand, is committed to sustainability. They produce their garments from fabric scraps, used plastic bottles, and water-based vegan and Oeko-Tex-certified dyes. Their latest collection offers customized leggings and high-support sports bras in vibrant prints and contemporary shades. Customers can choose the size, style, and fabric of their garments when they order.

These are just a few examples of how fashion brands are offering customized garments to their customers. As the demand for sustainable and personalized clothing continues to grow, we can expect to see even more brands embrace this trend.

Here are some of the benefits of personalized clothing:

• It allows consumers to express their personal style. Personalized clothing gives consumers the freedom to choose the colors, fabrics, and styles that they love. This allows them to create a unique look that reflects their personality.
• It ensures a perfect fit. Personalized clothing is made to the customer's exact measurements. This guarantees a perfect fit, which can be difficult to find with mass-produced clothing.
• It reduces waste. Personalized clothing helps to reduce waste by eliminating the need for brands to produce large quantities of clothing in different sizes and styles.
• It is more sustainable. Personalized clothing is often made from sustainable materials and processes. This is because brands are more likely to use high-quality materials and ethical manufacturing practices when producing made-to-order garments.

Overall, personalized clothing is a growing trend that offers several benefits for both consumers and brands. 

As the demand for sustainable and personalized fashion continues to grow, we can expect to see even more brands embrace this trend.

Key Insights

• Personalized clothing is on the rise.
• Benefits: Express style, perfect fit, reduce waste, and more sustainable.
• Examples of brands: Laneri, Max Mara, JTB Custom, Blazer Bar, So What.
• Trends: 3D configurator technology, collaborations with trusted partners, and eco-friendly materials.

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30 October 2023, Mumbai

India's Fashion Industry: A Growing Magnet for Global Brands

India is rapidly becoming a global center for fashion, attracting global brands with its unique blend of tradition and innovation, young and dynamic population, and growing middle class.

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Five Reasons Why Global Brands are Flocking to India

• Large and growing population: India has a population of over 1.4 billion, with a middle class expected to reach 547 million by 2025. This represents a huge and growing market for global fashion brands.
• Positive spending patterns and high brand awareness: Indian consumers are known for their positive spending patterns and high brand awareness. They are increasingly opting for quality and branded products, creating a fertile landscape for global fashion brands.
• Growing e-commerce market: India's e-commerce market is booming, creating new opportunities for fashion retailers and manufacturers to reach a wider audience. This is particularly beneficial for global brands, which can leverage their online presence to tap into India's growing e-commerce market.
• Rising incomes: Rising incomes, increasing brand awareness, and internet access are motivating Indian consumers to buy quality brands. This trend is fueling the growth of India's fashion industry and making it a lucrative market for global brands.
• Global issues: Global issues, such as de-globalization, have encouraged the international clothing and fashion industry to explore India's growth story, thus extending its global reach. 

This is providing global fashion brands with new opportunities to expand their operations into India.

Optimistic Outlook for India's Fashion Industry

The outlook for India's fashion industry is optimistic, as evidenced by the entry of numerous international brands into the market. 

While some brands have faced challenges adapting to the local context, India remains a prominent growth opportunity for the global luxury market.

Conclusion

A Lucrative Market for Global Fashion Brands: India's vibrant and diverse fashion culture, combined with its status as one of the world's fastest-growing and most competitive fashion markets, is making it a magnet for global brands. 

Global fashion brands are increasingly recognizing India's potential and are investing in the country to tap into its growing market.

5 key insights:

• Young and dynamic population
• Growing middle class
• Rising incomes
• Global brands attracted
• Lucrative market

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24 October 2023, Mumbai

Bangladesh's garment industry is diversifying its export markets and reducing its dependence on Europe and the United States, the traditional primary markets. This strategy has paid off, with positive results.

Video Insights

The share of apparel exports to non-traditional markets, such as Asia, Latin America, Africa, and Australia, is growing and becoming more significant. 

Data points

Data from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) shows that non-traditional markets accounted for 19.3% of the $11.6 billion garment exports in the first quarter of the current fiscal year 2023–24, up from 17.4% in the same quarter last year.

Moreover, garment exports to these non-traditional markets grew by a remarkable 25% year-on-year, while growth in Europe, Bangladesh's biggest market, was only 11.4%. 

In contrast, growth in the United States, the second-biggest market, was much lower, at about 3%.

Bangladeshi garment workers inspect clothes

One key reason for this shift is that exporters are looking for new opportunities as Europe's market is saturated. He also said that buyers in non-traditional markets are shifting away from Chinese suppliers.

The diversification of Bangladesh's garment export markets is a positive development for the industry and the country as a whole. 

It reduces Bangladesh's reliance on a few key markets, making the industry more resilient to shocks. It also opens up new opportunities for exporters to grow their businesses.

The government is supporting the diversification of export markets through initiatives such as export promotion campaigns and trade shows. 

It is also working to improve the infrastructure and business environment to make Bangladesh more attractive to foreign investors.

Set to consolidate its leadership

With its strong track record and the government's support, Bangladesh's garment industry is well-positioned to continue to grow and diversify in the coming years.

Short Point:

Bangladesh's garment industry is diversifying its export markets and reducing its dependence on Europe and the United States. This strategy is paying off, with strong growth in exports to non-traditional markets. 

The government is supporting this diversification through initiatives such as export promotion campaigns and trade shows. 

With its strong track record and the government's support, 

Bangladesh's garment industry is well-positioned to continue to grow and diversify in the coming years.

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21 October 2023, Mumbai

Advanced Production Capabilities

China has established itself as a global leader in manufacturing, thanks to its advanced production capabilities. 

Video Insights

This is supported by several factors, including:

• Resilience and ingenuity: China has overcome technological challenges with its resilience and ingenuity. For example, despite the West's attempts to limit China's access to critical technologies, China has not slowed down its progress in areas such as AI, quantum computing, and advanced semiconductors.
• Large-scale and well-developed industrial sector: China has a large-scale and well-developed industrial sector that enables it to produce a wide range of products, from simple components to complex systems.
• Focus on innovation and high-end manufacturing: China is moving up the value chain, focusing on innovation and high-end manufacturing. This is evident in its growing investments in research and development, as well as its focus on emerging technologies such as electric vehicles, telecommunications, bioengineering, and artificial intelligence.

Heavy Reliance on China

The report shows that many multinational companies depend on China's supply chains and consumer market and cannot afford to cut ties with it. China is also expanding into new and strategic fields, which makes it even more difficult for the West to reduce its reliance on China.

The moral of the story

Despite the Western world's efforts to challenge China's manufacturing dominance, China remains the world's leading manufacturer. Its advanced production capabilities, large-scale industrial sector, and focus on innovation and high-end manufacturing make it difficult for other countries to compete. Additionally, the heavy reliance of multinational companies on China's supply chains and consumer market makes it even more difficult for the West to reduce its reliance on China.

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28 October 2023, Mumbai

Why India

The Dior Fall 2023 collection, unveiled in Mumbai, India, marked a watershed moment in the country's fashion scene. 

This event celebrated the exceptional craftsmanship and creativity of Indian artisans, who have played a pivotal role in the success of the esteemed French haute couture brand. 

The global fashion community was equally mesmerized by the collections, which eloquently showcased India's rich and diverse cultural heritage.

India's Rising Star in the Luxury Fashion World

India's influence on the world of luxury fashion is finally receiving the recognition it deserves. 

Leading brands like Bvlgari, Hermès, and Balenciaga have incorporated "Made in India" elements into their iconic pieces, although such occurrences remain relatively infrequent.

A Call for Transparency and Ethical Practices

The high-end fashion industry frequently shrouds its practices in secrecy, opting for inexpensive labor and lax labor rights in pursuit of higher profits. 

However, it is time for these brands to embrace transparency and candidly disclose their sourcing practices. 

It is also imperative to give due recognition to Indian artisans and foster a more ethical and sustainable fashion industry.

5 key insights:

• Dior's Mumbai show marks watershed moment in Indian fashion
• Celebrates craftsmanship and creativity of Indian artisans
• India's rising star in the luxury fashion world
• High-end fashion industry should embrace transparency
• Foster a more ethical and sustainable fashion industry

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23 October 2023, Mumbai

Why India

India and the UK are close to finalizing a free trade deal that could boost trade between the two countries by $5 billion, according to a research group. 

The deal is expected to be finalized by the end of this year and will cover most of the goods and services traded between the two countries.

Video Insights

Nuanced deal

The new deal is expected to be particularly beneficial for sectors like textiles, leather, and footwear, as it will lower tariffs on these goods. India currently exports more than $11 billion worth of goods to the UK every year, and more than half of them are already duty-free.

Historic Moments

The new deal is also expected to boost India's total trade, which crossed $800 billion in the first six months of 2023. Exports grew by 1.5 percent to $385.4 billion during this period.

The free trade deal is a significant development for both India and the UK. 

Boosting Trade & Creating Jobs; It will help to strengthen the economic ties between the two countries and create new jobs and opportunities.

5 key insights:

• Deal boost trade ($5 billion)
• Textiles, leather, footwear (sectors to benefit)
• $11 billion worth of goods (exported to UK annually)
• $800 billion trade (first six months of 2023)
• Stronger ties, new jobs (for both countries)

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19 October 2023, Mumbai

The metaverse, a virtual world that offers endless possibilities for social media users and fashion enthusiasts, is fashion's new horizon.

The internet and fashion are constantly evolving, and the metaverse is the latest frontier. 

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A close look

This virtual world offers designers and customers new ways to experiment with fabrics, designs, garments, and accessories. 

It also enables more than just fashion purchases, facilitating brand management, supply chains, recruitment strategies, career and education prospects, and customer experience.

The metaverse is still developing, but it promises to change the fashion industry in amazing ways.

Key Points

• The Metaverse: Fashion's New Horizon: The metaverse is a virtual world that offers new opportunities for fashion designers and consumers.
• How the Internet is Changing: The Internet is constantly evolving and expanding, and the metaverse is its newest domain.
• How Fashion is Changing: The fashion industry is also changing dramatically, moving away from fast fashion towards more sustainable practices and adopting advanced technologies like augmented reality (AR) and virtual reality (VR).
• How the Metaverse and Fashion are Compatible: The metaverse is ready to transform the fashion scene, giving a new platform for designers, brands, and consumers to experiment with.
• How Designers Can Express Themselves: In the metaverse, designers can unleash their imagination, without any physical constraints, and display a variety of fabrics, designs, garments, and accessories.
• Customers can choose functionality over aesthetics: Customers can also choose functionality over aesthetics through easy-to-use interfaces designed for different purposes, such as 3D experiences, gaming, virtual worlds, NFTs, AR, and VR.
• How the Gulf Region is Leading the Way: The Gulf countries are well-placed to lead the metaverse fashion movement, thanks to their young, tech-savvy population and favorable regulatory environment.
• How the Metaverse is More than Fashion: In the metaverse, fashion goes beyond just buying clothes. It enables innovative brand management, efficient supply chains, novel recruitment methods, improved career and education opportunities, and the creation of a unique and immersive customer experience.
• How the Future Looks Bright: The metaverse is still in its early stages, but it has the potential to revolutionize the fashion industry in ways that are hard to imagine. With its unlimited possibilities and immersive experiences, the metaverse is set to be fashion’s new horizon. 

  5 key insights :

  • Metaverse: Fashion's new frontier
  • Virtual world, endless possibilities
  • Designers and customers experiment
  • More than fashion purchases
  • Revolutionizing the fashion industry

In Summary

The metaverse is a virtual world that offers new opportunities for social media users and fashion enthusiasts. It allows designers and customers to experiment with different fabrics, designs, garments, and accessories. It also enables more than just fashion purchases. 

It facilitates brand management, supply chains, recruitment strategies, career and education prospects, and customer experience. 

The metaverse is still developing, but it promises to change the fashion industry in amazing ways. The metaverse is fashion’s new horizon.

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