The Latin America, Middle East and Africa Belts And Wallets Market would witness market growth of 9.8% CAGR during the forecast period (2022-2028).
Belts made of leather are timeless and unique. Many people wish to own a leather belt since it symbolizes formal attire. However, over time, belts have evolved into more casual materials. Regarding casual aesthetics, polyester, and cotton belts are excellent and even preferred alternatives to leather belts. They are available in many hues and can make a statement when worn with all-one-color clothing.
Furthermore, developments like distressed leather are proving to be better alternatives if the user wishes to have a belt that is formal but more on the informal side. An otherwise traditional business belt is given some character and individuality by the distressed leather. Apart from men and women, demand for belts is also emerging from the children's accessories industries.
Children's custom belts are typically made to fit their weight and height so they can wear them more comfortably. Children's belts are typically smaller than adult belts because they need to fit comfortably with the shorts or pants that they wear below them. This prevents the shorts or pants from riding up when worn by youngsters. Children's belts are available in various patterns, including basic colors, animal prints, elastic straps, etc., which appeal to kids more due to their variation and vibrant appearance.
The region has been experiencing a rise in per capita expenditure on apparel products and improving economic conditions, leading to more individuals wearing formal clothing as they become wealthier. The demand for belts and wallets is projected to show a substantial growth rate due to a spike in disposable income, growing urbanization, and increasing literacy rates, particularly among the middle-class population. In addition, the market is seeing an increase in demand for men's and women's belts due to increased awareness about fashion trends. The recent economic climate and rising demand for belts and wallets across all income levels are expected to lead to a major expansion of the market in the LAMEA region.
The Brazil market dominated the LAMEA Belts And Wallets Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $638.8 Million by 2028. The Argentina market is experiencing a CAGR of 10.4% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 9.5% during (2022 - 2028).
Based on Material, the market is segmented into Leather and Non-Leather. Based on End User, the market is segmented into Men and Women. Based on Distribution Channel, the market is segmented into Offline and Online. Based on Product, the market is segmented into Belts and Wallets. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Belts and Wallets Market is Projected to reach USD 32.7 Billion by 2028, at a CAGR of 7.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PUMA SE (Groupe Artémis S.A.), Levi Strauss and Co., Guccio Gucci S.p.A. (Kering group), Burberry Group PLC, Ralph Lauren Corporation, Tommy Hilfiger Licensing, LLC (PVH Corp.), Aditya Birla Fashion and Retail Limited (Aditya Birla Group), Titan Company (Tata Group), Marshal Wallet (ABC International) and Diesel Fashion India Reliance Pvt. Ltd.
By Material
By End User
By Distribution Channel
By Product
By Country
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