Demand for Insoles to Surge Owing to Rising Cognizance Over Foot Safety, Evaluates Fact.MR
Published : 30 Nov -0001 Industry: Consumer Goods
As per the latest revised report published by Fact.MR, the global insoles market is expected to be a lucrative space, and is anticipated to surpass a valuation of US$ 70 Bn by the end of 2031. Foam insoles are set to lead the way and capture one-third market share through 2031.
Increasing awareness on foot safety and growing foot-related diseases in the Gen-x has been a major cause surge the demand for insoles. Sporting and therapeutic segments are the major growth contributors to the market.
Key players in the market are extensively investing in developing highly ergonomical insoles to reduce foot impact during dynamic activities. This is being achieved through highly advanced foot scanning machines that have been newly introduced into the market. As such one’s foot can be easily scanned and converted into a three-dimensional model, which can be further be used to manufacture highly accurate insoles. Using such strategies market players are easily attracting newer customers, thus contributing to overall growth of the market.
Key Takeaways from Market Study
- The insoles market is anticipated to add 1.7X value by 2031.
- Foam insoles capture a major chunk, equivalent to more than one-third of the global market share, and are set to create an absolute $ opportunity of around US$ 19.5 Bn over 2021-2031.
- Among the applications, sports has been the fastest-growing segment, owing to rising consumption of insoles by premium sports shoes users.
- East Asia is set to dominate market revenue in 2021, and is expected to gain 226 BPS by 2031.
- The market in China and Germany is expected to rise at a CAGR of more than 8% each by the end of 2031.
- Due to the COVID-19 crisis, demand for insoles was hit in 2020, which saw a decline of 7% over the 2nd and 3rd quarters.
“High R&D spending in developing advanced scanning systems for insole designing will aid market growth over the coming years,”says a Fact.MR analyst.
Market players have been extensively spending on developing advanced scanning systems for insole dimensioning, which would enable them to obtain pixel-perfect foot models for manufacturing highly ergonomical insoles for customers.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global insoles market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of type (prefabricated, customized, and 3D printed), material (foam, gel, felt, cork, leather, composite carbon fiber, and others), application (regular, sports, therapeutic, industrial, and others), length (full length and 3/4 length), consumer orientation (men, women, and others ), sales channel (direct sales and indirect sales [footwear stores, supermarkets/hypermarkets, hospitals/clinics, drug stores/ pharmacies, online channels, sports stores, outdoor sports stores, ski stores, running retails, and others]), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
About the Consumer Goods at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer goods 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.
For more information, refer to our market research report or contact the PR author.
Consultant - Chemicals & Materials