The footwear segment is one of the most popular product categories in the retail industry. The footwear segment offers a variety of products according to demographic patterns, including men’s, women’s, and children’s shoes.
The South and Central America footwear segment reached $11.3 billion in 2021, growing 29% over that in the previous year. This was mainly because of growth in the retail product categories as the world saw a recovery in the overall demand post-pandemic COVID-19 as both brick & mortar and online businesses resumed their operations after being under restrictions for almost two years. Alongside this, it is seen that there is an increase in consumer spending on lifestyle products. Thus, the footwear segment is expected to witness more growth in demand going further on the back of recovery from the pandemic.
The footwear segment in the region grew at a negative CAGR of 11.5% during 2017–2021.
Retail footwear in the South and Central America region had a negative growth mainly because of the multiple outbreaks of the pandemic as the world came to a standstill for almost two years. South and Central America were one of the badly hit regions in the footwear segment.
Brazil, Argentina, Chile, Colombia, and Peru are the top markets in the region. The footwear segment accounts for 17% of the retail market size for the clothing and footwear segment in the South and Central America region.
The major footwear companies that have a strong presence in the South and Central America region include Nike, Under Armour, and Adidas.
China
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