New report says India’s sportswear sector is growing
According to a new report from research firm RNCOS, India’s sportswear market is anticipated to grow at a CAGR (compound annual growth rate) of more than 45% between 2010 and 2012.
The company claims the growth comes down to the “tremendous growth” the Indian economy has experienced over the past decade, which has led to greater consumption of goods and a more pronounced emphasis on lifestyle and wellbeing. It says Indian consumers have traditionally been known as “price sensitive” but are now becoming more brand-conscious. As s result, demand for sports apparel and footwear has increased dramatically in recent years.
The new report, entitled ‘Sportswear market in India’, estimates that the sports footwear and apparel industry in India is currently worth more than Rs355 billion ($7.6 billion). It points out that, while the Indian sportswear market is currently dominated by the sports apparel sector, future growth is expected to be driven by sports footwear.
