South America Athletic Footwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South America Athletic Footwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South America athletic footwear market is projected to register a CAGR of 5.25% during the forecast period, 2022-2027.

Evolving lifestyles with increasing consumer awareness regarding the health benefits of sports and fitness activities and growth in the retail e-commerce sector are driving the market growth in South America. Further, an increase in awareness about the importance of using the right type of shoes to prevent leg injuries, muscle injuries, and a variety of other injuries is leading to increased sales of branded athletic footwear.

Moreover, the increased participation in athletic activities is driven by the opening of affordable fitness clubs throughout the region, which, in turn, is driving the athletic footwear market in the region. According to International Health, Racquet & Sportsclub Association (IHRSA), in Brazil, 29,125 fitness and health clubs were in operation in 2020. In addition, the increasing number of females participating in various sports such as football, volleyball, etc., is further increasing the sales of athletic footwear across the region.

Key Market TrendsExpanding Sports Sector with Strong Support from Governing Bodies

There are various sports event organizers, government authorities, and associations that are investing in sports facilities and tournaments to encourage participation. They are promoting all these sports at the international level and encouraging young players to participate. This, in turn, has increased the demand for athletic footwear across the region. Some of the governing bodies that uplift more consumers to get indulge in different types of sports are the Ministry of Sports (Brazil), Brazilian Football Confederation, Chilean Athletics Federation, Argentine Football Association, Brazilian Athletics Confederation, and Colombian Athletics Federation, among others.

Apart from this, various grassroots programs are being organized to improve sports infrastructure and facilities, which, in turn, increases the participation rate, especially among youth and females. For example, in 2021, The Ministry of Sports introduced a development plan for Brazil's sports program, setting goals and regulations that will be implemented across the board, reaching federal, state, and municipal governments, Olympic and Paralympic committees, and local sports clubs. Thus, such initiatives are accelerating the sales of athletic footwear in South America.

Prevalence of Diverse Sport Culture

Sports are not only widely played and popular among large segments of the population, but they are also diverse. For example, Football is the most popular sport in the region. Other than football, sports like volleyball, mixed martial arts, basketball, tennis, and motorsports, especially Formula One, enjoy high levels of popularity. As a result, Brazil is one of the largest athletic footwear markets in the world.

The rising health awareness, changing lifestyles, and increasing demand for comfortable footwear, coupled with the growing need for innovative footwear designs have driven the consumer preference for athletic footwear in recent years. Thus, it is expected that international brands will further expand their presence in the region as countries like Brazil offer exciting investment opportunities for athletic footwear. For instance, in April 2022, U.S. Polo Assn., the brand specializing in sport-inspired accessories, footwear, and apparel announced its expansion in Brazil through a partnership with Alpar do Brasil, a Brazilian retail operator.

Competitive Landscape

The market is highly competitive with the presence of key players operating in the market, such as Adidas AG, Skechers USA, Inc, Puma SE, Mizuno Corporation, ASICS Corporation, and Nike Inc. Moreover, Athletic footwear manufacturers are investing in product development and launching innovative products with unique designs, and vibrant colors, using sustainable materials, to reduce plastic, and technological advancements to gain a competitive edge over their industry rivals. Additionally, key players are now focussing on a social media platform and online distribution channels for their online marketing and branding of their service offerings to attract more customers.

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• The market estimate (ME) sheet in Excel format
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