LATAM Footwear Market – Industry Trends and Forecast to 2030

LATAM Footwear Market Analysis and Size

The essential factors contributing to the growth of the Footwear market in the forecast period of 2023 to 2020 include fast changing fashion and style trends, growing population and disposable income. Furthermore, rise in involvement in sports and fitness activities.

Data Bridge Market Research analyses that the Footwear market, which was USD 18,177.32 million in 2022, is expected to reach USD 26,422.63 million by 2030, growing at a CAGR of 4.7% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

LATAM Footwear Market Scope and Segmentation

Market Definition

Footwear refers to garments worn on the feet, typically consisting of a sole and an upper part that covers the foot. Footwear serves various purposes, including protection, comfort, support, and fashion. It comes in a wide range of styles, materials, and designs to cater to different activities, occasions, and personal preferences.

LATAM Footwear Market Dynamics

Drivers

• Fast changing fashion and style trends

Fashion and style trends heavily influence the footwear market. Consumers seek stylish and trendy footwear options to complement their outfits and express their personal style. The demand for fashionable footwear, including sneakers, dress shoes, boots, and sandals, drives market growth as consumers regularly update their footwear collections to stay in line with the latest fashion trends.

• Growing population and disposable income

As the population is continuously increasing, which directly impacts the footwear market. As the population expands, so does the potential consumer base for footwear products. Additionally, rising disposable incomes, particularly in emerging economies, enable consumers to spend more on discretionary items like footwear, leading to increased demand.

Opportunities

• Changing lifestyles and casualization

Modern lifestyles are becoming increasingly casual, with more people opting for comfortable and versatile footwear options. The casualization trend, driven by the preference for athleisure and comfortable footwear choices, has led to a surge in demand for sneakers, slip-ons, and other casual footwear styles.

• Rising popularity of e-commerce and Omnichannel retail

The rise of e-commerce platforms and Omnichannel retail strategies has revolutionized the way consumers shop for footwear. Online shopping offers convenience, a wide range of options, and the ability to compare prices and read customer reviews. E-Commerce has opened up new markets, increased accessibility to footwear products, and fuelled market growth.

Restraints/Challenges

• Intense competition among various manufacturers

The footwear market is highly competitive, with numerous brands and manufacturers vying for market share. Established brands, emerging players, and private label offerings create a crowded market environment. To stand out and attract consumers, manufacturers need to invest in branding, product differentiation, innovation, and effective marketing strategies.

• Counterfeiting and Intellectual Property Infringement

The footwear market faces the challenge of counterfeit products and intellectual property infringement. Counterfeit footwear not only affects the revenue of legitimate manufacturers but also poses risks to consumer safety and brand reputation. Manufacturers need to invest in anti-counterfeiting measures, intellectual property protection, and consumer education to address this issue.

This footwear market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Footwear market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In August 2020, Adidas AG designed and introduced a new range of sport shoes for football X Ghosted with all new Adidas material technology and translucent mirage skin. These new shoes will provide lightweight stability and support. With this new launch of football shoes will help the 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 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.

LATAM Footwear Market Scope

The Footwear market is segmented on the basis of type, material, distribution channel and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Loafer
• Shoes
• Sandals/Flip-Flops
• Boots
• Wedges
• Athletic
• Others

Material

• Leather
• Rubber
• Textile
• Plastic
• Others

Distribution Channel

• E-Commerce
• Specialty Stores
• Supermarkets/Hypermarkets
• Convenience Stores
• Others

End User

• Men
• Women
• Children

LATAM Footwear Market Regional Analysis/Insights

The footwear market is analyzed, and market size insights and trends are provided by country, type, material, distribution channel and end user, as referenced above.

The countries covered in the 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, Rest of LATAM.

Brazil is dominating the market in LATAM region due to increasing population and urbanization coupled with increased consumer disposable income, which has increased the demand of footwear in this country. Similarly, Mexico accounts the largest market share due to the rising concern of consumers towards their health.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data. 

Competitive Landscape and LATAM Footwear Market Share Analysis

The footwear market competitive landscape provides details of competitors. 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, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the footwear market.

Some of the major players operating in the footwear market are:

• Nike (U.S.)
• Adidas (Germany)
• Puma (Germany)
• New Balance (U.S.)
• ASICS (Japan), Reebok (U.S)
• Under Armour (U.S.)
• Skechers (U.S.)
• Vans (U.S.)
• Converse (U.S.)
• Timberland (U.S.)
• Crocs (U.S.)
• Birkenstock (Germany)
• ECCO (Denmark)
• Clarks (U.K.)

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