Protective footwear market boosted by Asia’s manufacturing hubs
08/10/2012
Analysis from consultancy Frost & Sullivan suggests the market earned revenues of $331.2 million in 2011 and could reach $435.5 million by 2016, representing significant opportunities for protective shoe makers.
"Countries such as Indonesia, the Philippines and Thailand, with expanding industrial sectors like manufacturing, construction and mining are fertile markets for protective footwear," said Frost & Sullivan research analyst Anita Pamu. "As Southeast Asian end users accord lower priority to style than their western counterparts, manufacturers need to supply competitively priced, basic footwear with more support and protection than style."
The majority of the market demand is met by domestic participants that dominate the Asian markets and are currently focused on producing low-priced goods. The import of Chinese products is further driving down prices, restraining the sale of higher priced products.
Promoting awareness among end users about the right product for the right task is important, according to Ms Pamu.
"To compete against the domestic participants, international companies must price their products competitively or identify niche market segments," she said. "Global suppliers need to acknowledge the physiological differences between the populations of the east and west and create customised models to expand their footprint in this promising market."
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