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.
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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.
Key Segments Covered in Hoof Boots Industry Survey
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By Hook Type
- Buckle
- Stud Closure
- Loop Closure
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By Boot Size (length in mm)
- 50-75 mm Hoof Boots
- 76-100 mm Hoof Boots
- 100-150 mm Hoof Boots
- 150 Above
-
By Use Case
- Therapeutic Hoof Boots
- Sports Hoof Boots
- Riding Hoof Boots
- Trail Riding
- Endurance Riding
- Hoof Boots for Farm Activities
- Others
Competition landscape
Top companies in the hoof boots market are looking to expand their consumer base. Key players are opting for a mix of organic and inorganic growth strategies such as capacity expansion, acquisition, and collaboration to help them garner more market share that would provide them with a competitive advantage.
Recent developments related to companies offering hoof boots have been tracked by the team at Fact.MR, which are available in the full report.