The Latin America, Middle East and Africa Men Formal Shoes Market would witness market growth of 9.1% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 14,143.8 thousand units, showcasing a growth of 10.5% (2023-2030).
Continuously changing fashion trends have been driving the growth of the men formal shoes market. As fashion evolves, there's a growing interest in blending formal styles with casual elements, influencing the demand for versatile formal shoes that can complement a range of outfits. Additionally, manufacturers are exploring innovative materials and manufacturing techniques to create formal shoes that are not only durable but also eco-friendly. Integrating sustainable materials like recycled leather, plant-based alternatives, and other environmentally conscious options resonates with consumers seeking sustainable fashion choices.
Brands offering customization options have seen a surge in demand. Whether through color choices, material preferences, or bespoke services, personalizing shoes appeals to consumers seeking unique, one-of-a-kind formal footwear. The requirement for formal attire in professional environments sustains the demand for men's formal shoes. Industries such as finance, law, business, and corporate sectors mandate formal dress codes, leading to a consistent demand for formal footwear among professionals.
As corporate cultures evolve to become more formal or maintain a business casual dress code, there remains a persistent need for appropriate formal attire, including formal shoes. Professionals in corporate settings must dress impeccably, driving the demand for men's formal shoes. According to Agencia IBGE Noticias of Brazil, in 2020, 826,4 thousand companies started their businesses. Thus, due to the expanding corporate culture and tourism & hospitality industry, the market for men formal shoes will see an expedited growth in the coming years.
The Brazil market dominated the LAMEA Men Formal Shoes Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $324.8 Million by 2030. The Argentina market is showcasing a CAGR of 9.7% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 8.8% during (2023 - 2030).
Based on Type, the market is segmented into Oxford Shoes, Derby Shoes, Loafer Shoes, and Boots Shoes. Based on Leather Type, the market is segmented into Patent Leather, Pebble & Full grain Leather, Top grain Leather, and Suede Leather. 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 Men Formal Shoes Market is Projected to reach USD 14.1 Billion by 2030, at a CAGR of 7.1%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Guccio Gucci S.p.A. (Kering Group), Cole Haan (Apax Partners LLP), Burberry Group PLC, LVMH SE (Christian Dior), Church & Co Ltd. (Prada S.p.A.), PVH Corporation, Hugo Boss AG, C & J. Clark international ltd., Alden shoe company, Dolce & Gabbana S.r.l.
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Leather Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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