Vietnam leather footwear market encompasses companies engaged in producing footwear made of leather material. Leather is one of the most usually traded commodities. It is durable, soft, breathable and anti-bacterial. It is made from various materials, colors and shapes. The shape & appearance of a shoe depends especially to protect the foot against injuries and climate. In modern times, the style of footwear has been heavily influenced by fashion and used to show the status of the wearer. It provides an elegant look making it popular among various customers.
The key benefits are included extra protection, comfort, durability, breathability, water resistance, better fit, easy to clean, eco-friendly, style, smells good and others.
According to study, “Vietnam Leather and Footwear Comprehensive Report Q4/2019” the key companies operating in the Vietnam leather and footwear market is Pou Yuen Vietnam Co., Ltd (HCMC), Chang Shin Vietnam Co., Ltd (Dong Nai), TaeKwangVina Industrial JSC (Dong Nai), Dona Standard Vietnam Footwear Co., Ltd (Dong Nai), Pou Sung Vietnam Co., Ltd (Dong Nai), Thai Binh Footwear Investment and Production JSC (Binh Duong), Pou Chen Vietnam Co., Ltd (Dong Nai), Phuong Dong DongNai Co., Ltd, Ty Xuan Co., Ltd., MocBai. Key manufacturers are investing heavily in product enhancement & innovation as well as setting up a new trend to gain greater market share.
Based on the type, Vietnam leather and footwear market is segmented into casual leather footwear, formal leather footwear, and outdoor leather footwear. Based on product type, the market is segmented into ankle boots, dress boots, knee-high boots, hiking boots, slippers, sneakers, sandals, and others. Based on the price range, the market is segmented into the high range, mid-range, and low-range. Based on the distribution channel, the market is segmented into online platforms, brick & mortar stores and others (individual retailers, large format stores and branded stores).In addition, based on end-use, the market is segmented into men, women, and children. Men segment holds a major share in the market owing to the rise in awareness regarding physical appearance among men along with a change in fashion trends. The women segment is anticipated to witness a higher growth rate due to the rise in the number of working women during the forecast period.
Vietnam leather and footwear market is driven by growth in the retail e-commerce sector, followed by an increase in working-class population, growth in the fashion trend in business wear, increase in demand for flexible & lightweight products, rise in income among consumers and increase in focus on product development & design features through institutional support for instance schools, colleges, government training centers, research & development (R&D) centers. However, high the cost of products may impact the market. Moreover, the introduction of new products by numerous brands is a key opportunity for the market. Furthermore, growth in alternatives like synthetic & vegan leather is a major challenge for the market.
In upcoming years it is estimated that the future of the Vietnam Leather and footwear market will be bright as a result of growth in government support for the leather industry, numerous innovations & technological advancements coupled with a rise in demand for fancy, trendy, and comfortable footwear during the forecast period.
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Ankur Gupta, Head Marketing & Communications