LATAM Footwear Market, By Type (Loafer, Shoes, Sandals/Flip-Flops, Boots, Wedges, Athletic and Others), Material (Leather, Rubber, Textile, Plastic and Others), Distribution Channel (E-Commerce, Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores and Others), End User (Men, Women and Children), Country (Mexico, Chile, Ecuador, Colombia, Paraguay, Peru, Argentina, Uruguay, Brazil, Bolivia, Venezuela, Panama, Guatemala, El Salvador, Honduras, Costa Rica, Nicaragua, Rep Dominican, Trinidad and Tobago, Jamaica, Rest of LATAM) Industry Trends and Forecast to 2028
Market Analysis and Insights: LATAM Footwear Market
Footwear market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with the CAGR of 4.3% in the forecast period of 2021 to 2028 and is expected to reach USD 23,472.86 million by 2028. The increasing growth in urbanization in the region is boosting the growth of the market.
Footwear is garments or apparel used to cover feet, such as shoes, sandals, and boots. The purpose of footwear is to protect against the adversities of the environment. The footwear is made for men, women, and children end-users. Footwear is of various types, including shoes, sandals, loafers, sneakers, slippers, and boots. Footwear is now a basic need for human life. Footwear should be comfortable to the feet, as ill-fitted footwear can cause injury and sprain to feet and legs. Athletic shoes are running shoes used majorly to play sports, including basketball, golf, tennis, boxing, and many others, running, walking, and exercising. Sandals are an open type of footwear having straps that wrap-around legs. Various materials are also used for making footwear, such as leather, rubber, cotton, polyester and plastic, among others.
Key players of the footwear market majorly target the population lives in urban areas. So the rapid pace of urbanization is a significant opportunity for the footwear market. But the market also has few challenges, including low supply chain and inventory management, which affects product delivery. Customers are the foundation of any market, so always knowing and updating customers' tastes and preferences are crucial for companies to compete. And today, consumer preferences change rapidly. Therefore it is also one of the significant challenges for the market to know about consumer preferences. Market players innovates their products regularly to bring new variants in the market or add new features. Then it depends on customers if they accepted that product or not and to overcome this challenge, companies often conduct researches or surveys to improve their offerings.
This footwear market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Footwear market is segmented into four notable segments which are based on type, material, distribution channel and end-user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of type, LATAM footwear market is segmented into loafer, shoes, sandals/flip-flops, boots, wedges, athletic and others. In 2021, athletic accounted largest market share as the growing awareness & enthusiasm concerning the health benefits of sports & fitness activities, flourishing retail e-commerce sector worldwide.
- On the basis of material, LATAM footwear market is segmented into leather, rubber, textile, plastic and others. In 2021, leather accounted for the largest market share as these materials highly durable and provides an elegant look making it popular among various consumers.
- On the basis of distribution channel, LATAM footwear market is segmented into e-commerce, specialty stores, supermarkets/hypermarkets, convenience stores and others. In 2021, e-commerce accounted largest share growing concern for convenient and hassle-free shopping attribute the growth of the market.
- On the basis of end user, LATAM footwear market is segmented into men, women and children. In 2021, male accounted largest market share as growing population among the countries and rising disposable income has raise demand for the footwear among men.
Footwear market is analysed and market size information is provided by country, type, material, distribution channel and end-user as referenced above.
The countries covered in footwear market report are Mexico, Chile, Ecuador, Colombia, Paraguay, Peru, Argentina, Uruguay, Brazil, Bolivia, Venezuela, Panama, Guatemala, El Salvador, Honduras, Costa Rica, Nicaragua, Rep Dominican, Trinidad and Tobago, Jamaica and Rest of LATAM.
Brazil is dominating the market in LATAM region due to increasing population and urbanization which have given growth to increasing need of efficient water distribution system leading to increase in demand of footwear. Similarly, Mexico accounted largest market share due to the rising concern of consumers towards health. Moreover, Argentina accounted largest market share due to the growing demand of athletic footwear has raise production of footwear.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Domestic Booster Pump
Footwear market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in Footwear and changes in regulatory scenarios with their support for the Footwear market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Footwear Market Share Analysis
Footwear market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to LATAM footwear market.
The major players covered in the report are Crocs Retail, LLC, ADIDAS AG, SKECHERS USA, Inc., Nike, Inc., Bata Corporation, Geox S.p.a, PUMA SE, Relaxo Footwears Limited, VF Corporation and Under Armour, Inc. among others. Ltd., among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of footwear market.
- In August 2020, Adidas AG has designed and introduced new range of sport shoes for football X Ghosted for all new Adidas material technology, and translucent mirage skin. This new shoes will provide lightweight stability and support. With this new launch of football shoes will help company in offering broader options to their customers and will increase their business.
- In July 2019, Crocs Retail, LLC and Vera Bradley, the iconic women’s fashion and lifestyle brand announced about their partnership to create exclusive footwear by combining Crocs’ world-renowned comfort with Vera Bradley’s signature bright florals and paisley designs. This partnership will help companies to expand and innovate their product portfolio.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for footwear through expanded range of size.