Latin America and the Caribbean: Leather Footwear Market 2024

Leather Footwear Market Size in Latin America and the Caribbean

After three years of decline, the Latin American leather footwear market increased by 8% to $X in 2021. Over the period under review, consumption, however, continues to indicate a pronounced shrinkage. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Leather Footwear Production in Latin America and the Caribbean

In value terms, leather footwear production totaled $X in 2021 estimated in export price. In general, production, however, saw a pronounced downturn. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Leather Footwear Exports

Exports in Latin America and the Caribbean

In 2021, the amount of leather footwear exported in Latin America and the Caribbean rose modestly to X tons, with an increase of 4.7% on the year before. Over the period under review, exports, however, saw a abrupt slump. The pace of growth was the most pronounced in 2019 with an increase of 6.4%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, leather footwear exports soared to $X in 2021. Overall, exports, however, recorded a noticeable reduction. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil represented the key exporting country with an export of around X tons, which recorded 48% of total exports. Mexico (X tons) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by the Dominican Republic (19%) and Guatemala (5.2%). The following exporters - El Salvador (X tons) and Colombia (X tons) - each amounted to a 4.4% share of total exports.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of leather footwear. At the same time, Guatemala (+2.1%) and Colombia (+1.9%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +2.1% from 2012-2021. By contrast, Mexico (-2.3%), El Salvador (-10.8%) and the Dominican Republic (-11.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil, Mexico and Guatemala increased by +21, +7 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest leather footwear supplying countries in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and the Dominican Republic ($X), together accounting for 93% of total exports.

Among the main exporting countries, Mexico, with a CAGR of +1.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per kg in 2021, with an increase of 14% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per kg), while Guatemala ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+4.4%), while the other leaders experienced more modest paces of growth.

Leather Footwear Imports

Imports in Latin America and the Caribbean

Leather footwear imports surged to X tons in 2021, rising by 23% compared with 2020. Over the period under review, imports, however, showed a deep contraction. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, leather footwear imports soared to $X in 2021. In general, imports, however, showed a noticeable downturn. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Chile (X tons) and Mexico (X tons) represented the largest importers of leather footwear in 2021, finishing at approx. 19% and 17% of total imports, respectively. Nicaragua (X tons) ranks next in terms of the total imports with a 7.3% share, followed by Belize (5.4%), Guatemala (5.1%), Brazil (4.7%), Peru (4.7%) and Argentina (4.7%). Colombia (X tons), Uruguay (X tons), Panama (X tons), Costa Rica (X tons) and El Salvador (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Belize (with a CAGR of +24.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Mexico ($X) and Brazil ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 61% share of total imports. These countries were followed by Colombia, Peru, Argentina, Uruguay, Guatemala, Costa Rica, Panama, El Salvador, Nicaragua and Belize, which together accounted for a further 28%.

Belize, with a CAGR of +22.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per kg, reducing by -1.8% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 7.6%. The level of import peaked at $X per kg in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per kg), while Belize ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform