Latin America and the Caribbean: Footwear Treatments Market 2024

Footwear Treatments Market Size in Latin America and the Caribbean

In 2022, the Latin American footwear treatments market increased by 3.8% to $X, rising for the second year in a row after three years of decline. Overall, consumption, however, saw a noticeable decrease. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Footwear Treatments Production in Latin America and the Caribbean

In value terms, footwear treatments production shrank modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2017 with an increase of 14% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Footwear Treatments Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of polishes and creams for footwear or leather were exported in Latin America and the Caribbean; shrinking by -31.9% on 2021. Over the period under review, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2021 with an increase of 40%. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, footwear treatments exports shrank sharply to $X in 2022. Overall, exports recorded a mild curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 32%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico (X tons) and Honduras (X tons) represented roughly 68% of total exports in 2022. Colombia (X tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Guatemala (7.7%) and Peru (5.7%). The following exporters - Costa Rica (X tons) and Chile (X tons) - each reached a 4.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Costa Rica (with a CAGR of +12.7%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Mexico ($X), Honduras ($X) and Colombia ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 83% share of total exports. Guatemala, Chile, Peru and Costa Rica lagged somewhat behind, together accounting for a further 12%.

Costa Rica, with a CAGR of +17.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 24% against the previous year. Export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the export price increased by 25% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+14.7%), while the other leaders experienced more modest paces of growth.

Footwear Treatments Imports

Imports in Latin America and the Caribbean

In 2022, the amount of polishes and creams for footwear or leather imported in Latin America and the Caribbean expanded notably to X tons, growing by 9.9% on the previous year. Over the period under review, imports, however, saw a perceptible descent. The pace of growth was the most pronounced in 2021 with an increase of 25% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, footwear treatments imports rose modestly to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 55%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Mexico was the key importing country with an import of around X tons, which amounted to 27% of total imports. Brazil (X tons) ranks second in terms of the total imports with a 12% share, followed by Chile (9.3%), Haiti (6.4%), El Salvador (6.1%), Costa Rica (5.5%) and Nicaragua (4.5%). The following importers - Jamaica (X tons), the Dominican Republic (X tons), Colombia (X tons), Argentina (X tons), Panama (X tons) and Honduras (X tons) - together made up 17% of total imports.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of polishes and creams for footwear or leather. At the same time, Haiti (+16.2%), Honduras (+6.1%) and Jamaica (+3.1%) displayed positive paces of growth. Moreover, Haiti emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +16.2% from 2012-2022. Chile experienced a relatively flat trend pattern. By contrast, Costa Rica (-1.0%), Panama (-1.9%), Argentina (-2.6%), the Dominican Republic (-4.0%), El Salvador (-4.4%), Nicaragua (-5.1%), Colombia (-6.4%) and Brazil (-7.3%) illustrated a downward trend over the same period. Mexico (+7.9 p.p.), Haiti (+5.5 p.p.), Chile (+3.7 p.p.) and Jamaica (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Brazil saw its share reduced by -5.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported polishes and creams for footwear or leather in Latin America and the Caribbean, comprising 40% of total imports. The second position in the ranking was held by Brazil ($X), with a 12% share of total imports. It was followed by Chile, with an 8.8% share.

In Mexico, footwear treatments imports expanded at an average annual rate of +7.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-3.7% per year) and Chile (+2.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, waning by -6.6% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2021 an increase of 24%. As a result, import price reached the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+8.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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