Insoles Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 to 2029

Customized Insoles to Act as a Growth Lever in the Insoles Market

Fact.MR's study reports that a small part of the footwear i.e. insoles are going to create significant opportunities in the global footwear market. The global insoles market is to show an impressive growth rate of approximately 7% across the forecast period creating lucrative opportunities for the competitors in the market. The advent of newer variations has the potential to attract new companies to the insoles market. The rise in awareness about physical fitness shall add energy to the growth of the insoles market over the forecast period. The consumer preference is changing rapidly from old mass-produced flat insoles to insoles custom made for feet. Companies are leveraging this trend and are looking to develop insoles which can provide a better and a more comfortable fit. One such company, Bonbouton Smart, has developed insoles which can detect the formation of ulcers by studying the data related to foot temperature and pressure, and warn the user beforehand. These insoles are also custom made to fit correctly, and provide correct data to the user.

The rise in consumer awareness about physical fitness can be confirmed by seeing the increase in the sales of pedometers. Increase in physical activities such as walking and running has brought added stress on the joints of people across the globe. A report by Diafarm Laboratories says that a person weighing around 65 kg, puts stress equal to the weight of 10 Asian elephants on his joints for every km of walking. The added impact on joints results in pain and ailments of the feet.  To avoid these conditions, it becomes imperative to manage the impact on the feet properly, which is the primary function of insoles. Insoles not only keep the feet comfortable but also provide support to the feet, improve posture of the body and provide breathability to the foot-sole by absorbing the sweat around the feet. These benefits of insoles have made them an internal part of every shoe across the globe.

Asian Markets Pave the Way for Consistent Growth While Other Regions Focus on Product Development Within the Insoles Market

The current insoles market is full of small and medium enterprises across all seven regions, which provide different types of insoles. Some of the biggest companies concentrating on the insoles market are Sidas Worldwide, Aetrex Worldwide, Dr. Scholls, Bauerfeind, Protalus, Profoot Inc., etc. The key region of insoles market is East Asia. East Asian region is not only the largest producer but also the largest exporter of insoles. Every 1 out of 4 insoles produced across the globe is manufactured in East Asia. China produces almost twice the insoles produced by the second-largest producer, India, which foretells the sheer volume of production in China. South Asia, following the footsteps of its neighboring region, is showing immense traction in the insoles market. The regional players in North America and Europe are concentrating on developing insoles with advanced technologies like 3D printing and multiple injection technology. 

3D printing is an example of additive manufacturing wherein the object is created by layering the raw material multiple times on a base until the object is created as designed in the digital file. A significant number of companies across the globe have entered this vertical following the craze of 3D manufacturing. Multiple injection technology, on the other hand employs a physical mold specially designed by experts to shape the insoles by injecting the raw material from multiple directions. This technology is researched by mass-producers as it not only manufactures insoles at a swift rate but also helps maintain the quality of the product.

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Mass Production Holds the Volume; Innovation Multiplies Market Value
Currently, the most substantial cross-section of insoles comes from the manufacturers who produce them to supply to footwear manufacturers. These insoles are mass-produced using inexpensive materials and minimal technology, so as to decrease the cost for the downstream partners of the insoles market. These insoles are mostly flat and thin in specification, which are commonly employed just to cover the space between the feet and sole of the shoe. The manufacturers co-brand these insoles, for e.g., Dongguan Jianhui SMC Ltd. co-brands their insoles for major footwear companies like Adidas and Teva, while Trilantic North America co-brands through Ortholite, for the likes of Nike and Reebok. 

Although the major part of the insoles produced is distributed directly to the footwear manufacturers, the smaller insole manufacturers are earning value through innovative products like orthotic insoles or 3D printed insoles. The manufacturers of insoles are continually carrying out innovation in the product and its production process to create products with a better fit. One crucial development in the process is the usage of 3D printing to create custom orthotic insoles which are utilized by patients of orthopedic ailments. The manufacturers are also researching various raw materials to be employed in the development of insoles. For e.g., In Aug 2019, Tnin Shoes started using a renewable resin developed by Braskem to manufacture insoles to be used in their sneakers. These innovations in the insoles development keep the market fresh and bring newer opportunities at the door of the insoles market. 

Comfort Takes Precedence in the Sprint to the Finish Line

Consumers, while choosing an insole, give preference to comfort over the cost of the insole. If the insoles can provide them relief from stress and pain, the consumers won't hesitate to pay a hefty amount for the insole. 3D printed insoles are the classic example of extreme comfort. The manufacturers are vying to develop insoles which can provide better support to the feet of the customer along with other benefits like increased breathability, and increased degree of absorption. Naboso Technology, for example, has developed textured insoles which they claim can improve posture, balance, and core strength of the body through nerve stimulation from the bottom of the feet.
Several companies are targeting customers present in harsh environments to serve them with insoles which can provide comfort through mediums such as heating or cooling. Consumers present in countries with high snow-fall or ice-laden mountains now have an option of using heated insoles which can keep their feet warm when the consumers go for activities like skiing.  One of the companies providing such insoles is MiMeng, which introduced smart heated insoles in Oct 2018.

The manufacturers of insoles seek to develop insoles with minimum thickness while keeping the comfort provided by them constant. Thinner insoles are a win-win condition for both, the consumers and the manufacturers. The consumers benefit with larger space inside the footwear for their feet while the manufacturers gain from reduction in usage of raw material. The companies have tested various raw materials to develop these insoles, and several companies have successfully launched their products in the market.

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Innovation will Continue to Remain in the Forefront of the Insoles Market

Consumers like to stay aware about the benefits they receive from their investment in a product, and the companies have put themselves to the task to develop chips and sensors which can provide the insole user with data like impact analysis, stress reduction, and other critical parameters. For E.g., Moticon Science launched next-gen insoles using sensors like 3D accelerometer, 3D gyroscope, and more than 15 pressure sensors which provides the user data about their health through an app on their mobile. 

The considerable fragmentation of the insoles market makes it necessary for the companies to introduce newer and better insoles from time to time so as to keep the consumers loyal to their brand. It is evident that every company in the insole market is putting efforts to develop an innovative product to keep themselves in the competition. 
Prominent companies are targeting to increase their production capacity to meet the demands of the ever-increasing footwear market. Companies are investing in developing smart and fast processes to manufacture products while keeping an eye on quality. Implus Footcare LLC, for example, has acquired over 18 companies to spread its roots across the globe. Their acquisitions have not only provided them with increased production capability but also garnered them with innovative technology developed by their subsidiaries to be imparted in their product. 

The smaller manufacturers are targeting different segments of the market, like sporting insoles or therapeutic insoles. The smaller companies concentrate on developing insoles custom fit for their customers. For this, the companies have developed feet scanning equipment and software, which they employ to manufacture one insole at a time. These insoles are high in quality as they are individually manufactured and thus create immense value for the company. Manufacturers also provide liberty to the consumers to design the insoles according to their choice so as to keep them engaged in the manufacturing process, ultimately building consumer confidence about the company. 

With the advent of substitute products like footpads and padded socks, it has become even more critical for the insoles manufacturers to bring their best to the fore so as to keep the market running. The shining light for the manufacturers come from the patients of ailments such as diabetes, plantar fasciitis, and other feet related conditions who require specialized insoles for their feet. The companies have taken up the task to cater to these customers with products created with the utmost care and specifications as provided by podiatrists. The companies have also employed their own podiatrists to cater to customers who need help regarding the best product available for their feet. 

Influencing Minds with Magnetic Brand Positioning will be the Key Strategy of Market Players

Companies have not restrained from marketing their products at the largest of the events. Bauerfeind, for example, has sponsored events such as Olympics and NBA, providing the athletes with products branded with the name of the company. Such engagements increase the reach of the name of the company, increasing their potential customer base. The companies have even taken up intelligent advertisement tactics like using the feedback of their existing consumers to create a positive vibe regarding the company as the millennials can easily relate to their counterparts’ experience. The companies also make their presence felt at events and conferences, thus continually making the consumer aware of their presence to create opportunities for themselves.

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