Demand for Therapeutic Purpose Hoof Boots to Rise Rapidly Over the Decade, Evaluates Fact.MR
Published : 11 Oct 2021 Industry: Sports
As per a new study by Fact.MR, a market research and competitive intelligence provider, the global hoof boots market is slated to expand at a CAGR of around 9% and top a valuation of US$ 34 Mn by 2031.
Since the inception of hoof boots, demand has remained rich owing to the increasing horse population as well as horse owners. Fact.MR believes that prospective owners of barefoot horses are the primary focus of key manufacturers to improve the net sales of their business. On an average, more than 70% of the world’s horse population is still barefoot. Further, Fact.MR dwells into the key strategies followed by hoof boot manufacturers such as Cavallo, Scoot Boots, Equine Fusion, etc., who are channelizing their products to high-equine populated regions.
The hoof boots market is largely characterized by product makeover and distribution strategy. Eventually, companies / brands that regularly replenish their portfolio has been observed to gain more traction and eventually more customers’ eyes.
Key Takeaways from Market Study
- Loop closure buckle types are projected to provide ab absolute $ opportunity worth US$ 10.9 Mn by 2031, establishing itself as the most lucrative sub-segment of all.
- Based on boot size, demand for 76-100 mm length hoof boots is projected to increase at the highest CAGR of around 9.6% over the decade.
- On the basis on use case, sales of therapeutic purpose hoof boots are anticipated to expand 2.4X by 2031.
- North America is projected to capture around 27% of the global market share by 2031.
“Deploying an effective sales strategy to target equine will help market players enjoy increased profit margins,” says a Fact.MR analyst.
Manufacturers of hoof boots must identify their low footprint regions and those with a high-density of equine owners. They must target prominent distributors across these regions to gain momentum in the hoof boots business.
Some of the top manufacturers such as Cavallo and Equine Fusion are found to be shifting focus from other foot protection gear such as bell boots, fly boots, shipping boots, etc., to hoof boots, keeping in mind the advantages and perhaps the end price point. Tier-2 players are also expected to join the momentum and garner sizeable revenue over the coming years.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the acetone derivatives market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of hook type (buckle, stud closure and loop closure), boot size, mm (50-75, 76-100, 100-150 and above 150), use case (therapeutic, sports, riding (trail riding and endurance riding), farm activities and others) across five major regions of the world (North America, Latin America, Europe, APAC and Rest of the World).
About the Sports Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned sports team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the consumer goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Sports