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 Foam Insoles. Sporting and therapeutic segments are the major growth contributors to the market.
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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.
Key Market Segments Covered
- Prefabricated Insoles
- Customized Insoles
- 3D Printed Insoles
- Foam Insoles
- PU Foam
- Memory foam
- PE Foam
- Gel Insoles
- Felt Insoles
- Cork Insoles
- Leather Insoles
- Composite Carbon Fiber Insoles
- Foam Insoles
- Regular Insoles
- Sports Insoles
- Therapeutic Insoles
- Industrial Insoles
- Full Length Insoles
- 3/4 Length Insoles
- Consumer Orientation
- Insoles for Men
- Insoles for Women
- Sales Channel
- Direct Sales of Insoles
- Indirect Sales of Insoles
- Insoles Sold at Footwear Stores
- Insoles Sold at Supermarkets/Hypermarkets
- Insoles Sold at Hospitals/Clinics
- Insoles Sold at Drug Stores/ Pharmacies
- Online Sales of Insoles
- Insoles Sold at Sports Stores
- Outdoor Sports Stores
- SKI Stores
- Running Retails
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Market players have been following a blend of organic and inorganic strategies to gain position in this lucrative space. These strategies include product launches, collaborations with other players and suppliers, partnerships, acquisitions, and strengthening global supply chain networks.
- For instance, Powerstep launched a new orthotic recovery slider for men and women, with built-in arch support in an easy and secure slip-on style.
- Wiivv integrated with Volumental, an AI-powered footwear recommendation system, to create an omni-channel 3D-footwear customization platform.
- ComfortFit Labs partnered with TOM-CAT Solutions to develop a foot and ankle scanning technology. This technology is fully integrated with hardware and software in a compact device. This new device is iPad Air 2-based and is easy to use.
Similarly, recent developments related to companies manufacturing insoles have been tracked by the team at Fact.MR, which are available in the full report.