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Report Overview

The Latin America footwear market reached around USD 20.71 Billion in 2023. The market is projected to grow at a CAGR of 3.70% between 2024 and 2032 to reach nearly USD 28.72 Billion by 2032.

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

  • The demand for footwear in Latin America is projected to increase by over 4% in the upcoming years.
  • In 2022, Latin America achieved a significant milestone in its footwear sector by manufacturing a remarkable total of 1.5 billion pairs of shoes.
  • In 2022, consumer spending in Latin America and the Caribbean experienced an increase of 16.69% in comparison to the year 2021.
Latin America Footwear Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 20.71
Market Size 2032 USD Billion 28.72
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 3.7%
CAGR 2024-2032 - Market by Country Mexico 4.4%
CAGR 2024-2032 - Market by End User Children 4.2%
CAGR 2024-2032 - Market by Distribution Channel Online 9.2%
2023 Market Share by Country Argentina 10.4%

Latin America Footwear Market Growth

The Latin American e-commerce sector is projected to experience a 25% increase in volume across key markets, including Argentina, Brazil, Chile, Colombia, Mexico, and Peru, by the year 2027. This region is recognised as one of the fastest-growing e-commerce markets globally. Notably, Brazil and Mexico are expected to lead the Latin American e-commerce landscape, with anticipated compound annual growth rates of 77.2% and 68.2%, respectively, by 2027.

E-commerce platforms have significantly broadened the reach of footwear brands, enabling them to connect with a global audience beyond the confines of traditional retail outlets. This development has resulted in a marked rise in footwear demand, as consumers can now purchase products irrespective of their location. The convenience of online shopping, available at any time from the comfort of home, has made e-commerce the preferred option for numerous consumers.

The market in Latin America is well-established and thriving. Mexico ranks as the second largest footwear producer in the region, having manufactured 203 million pairs of footwear in 2022, reflecting a growth rate of 7.9% compared to 2021. Argentina, with an estimated production of 130 million pairs in 2022, has the third-largest footwear sector in Latin America, marking a significant growth of 22% from the previous year.

Compound Annual Growth Rate

Value in USD Billion

3.7%

2024-2032


Latin America Footwear Market Outlook

*this image is indicative*

Key Trends and Development

Rising disposable income, evolving fashion trends, expansion of the e-commerce sector, and increased fitness and sports participation are the major trends impacting the Latin America footwear market expansion

February 2023

The footwear sectors of Mexico, Argentina, and Spain convened at Brazil's Inspiramais leather exhibition to deliberate on the present condition of their sectors, focusing on sustainability and objectives for the post-pandemic era.

November 2023

Asics, a Japanese multinational corporation specialising in sportswear, decided to quadruple its number of stores in Latin America.

June 2024

Brazil hosted the 26th edition of the Latin American Footwear Forum, which took place in São Paulo.

Rising Disposable Income

As the middle class expands in Latin America, consumers have more disposable income to spend on footwear. This has resulted in higher demand for premium and branded footwear as consumers prioritise quality, style, and brand reputation.

Evolving Fashion Trends

The increasing impact of international fashion trends, coupled with the expansion of social media, has significantly elevated fashion awareness among consumers in Latin America. As a result, there is a growing demand for fashionable and contemporary footwear, especially among the younger population.

Expansion of the E-commerce Sector

The expansion of e-commerce platforms in Latin America has facilitated consumer access to a diverse array of footwear products, encompassing international brands. The convenience of online shopping, along with competitive pricing and a wider selection, is propelling the overall growth of the footwear market.

Increasing Young Population in the Region

A considerable segment of the population in Latin America consists of young individuals, who are more inclined to adopt fashion trends and frequently acquire new footwear. This expanding youth demographic serves as a crucial catalyst for the demand for stylish and budget-friendly footwear options.

Growing Sports and Fitness Participation

There has been a notable increase in engagement in sports and fitness activities across Latin America, resulting in a heightened demand for sports and performance footwear. In response to this trend, brands are taking advantage by providing specialised athletic footwear tailored for different sports.

Latin America Footwear Market Trends

The expansion of e-commerce has significantly altered the market, enhancing consumer demand by providing increased convenience, a wider selection, and better value. E-commerce platforms enable consumers to shop for footwear from the comfort of their homes at any time, which has resulted in a notable rise in online footwear purchases, particularly among busy individuals who may lack the time to visit brick-and-mortar stores. These online platforms present an extensive array of footwear options, encompassing numerous brands, styles, sizes, and price points that may not be accessible in local retail outlets.

Latin America Footwear Industry Segmentation

Latin America Footwear Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

  • Athletic
    • Sports Shoes
    • Trekking/Hiking Shoes
    • Running Shoes
    • Others
  • Non-Athletic
    • Flip-Flops/Slippers
    • Boots
    • Sneakers
    • Others

Market Breakup by End User

  • Men
  • Women
  • Children

Market Breakup by Distribution Channel

  • Online
  • Offline

Market Breakup by Country

  • Brazil
  • Mexico
  • Argentina
  • Others
CAGR 2024-2032 - Market by Country
Mexico 4.4%
Brazil XX%
Argentina XX%
Others XX%

Latin America Footwear Market Share

Based on the distribution channel, the market is segmented into online and offline. The online segment is projected to grow at a CAGR of 9.2% during the forecast period of 2024-2032. Online channels offer enhanced convenience, accessibility, and attractive discounts, boosting their appeal among customers.

Leading Companies in the Latin America Footwear Market

Major players are focusing on the application of 3D printing and sustainable production materials, to gain a competitive edge in the market.

  • Nike, Inc.
  • Adidas AG
  • Skechers U.S.A., Inc
  • VF Corporation
  • Crocs, Inc.
  • PUMA SE
  • Asics Corp.
  • Under Armour®, Inc.
  • Burberry Limited
  • LVMH Moet Hennessy Louis Vuitton SE
  • Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the market attained a value of nearly USD 20.71 Billion.

The market is assessed to grow at a CAGR of 3.70% between 2024 and 2032.

The market is estimated to reach around USD 28.72 Billion by 2032.

The market is being driven by the growth of the e-commerce sector and the rising disposable income of the people.

The key trends aiding the market expansion include the growing youth population in the region and rising sports and fitness participation.

The major distribution channels of footwear include online and offline.

The major countries considered in the market are Brazil, Mexico, and Argentina, among others.

The major players in the market are Nike, Inc., Adidas AG, Skechers U.S.A., Inc, VF Corporation, Crocs, Inc., PUMA SE, Asics Corp., Under Armour®, Inc., Burberry Limited, and LVMH Moet Hennessy Louis Vuitton SE, among others.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • End User
  • Distribution Channel
  • Region
Breakup by Type
  • Athletic
  • Non-Athletic
Breakup by End User
  • Men
  • Women
  • Children
Breakup by Distribution Channel
  • Offline
  • Online
Breakup by Region
  • Brazil
  • Mexico
  • Argentina
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Nike, Inc.
  • Adidas AG
  • Skechers U.S.A., Inc
  • VF Corporation
  • Crocs, Inc.
  • PUMA SE
  • Asics Corp.
  • Under Armour®, Inc.
  • Burberry Limited
  • LVMH Moet Hennessy Louis Vuitton SE
  • Others

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40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

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6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124