The casual and sports insoles market is currently witnessing significant activity in terms of product development. Owing to rapid penetration of the Internet, consumer awareness related to the benefits of using insoles in casual and sports shoes has increased at a rapid rate. Insoles are increasingly being used by individuals across various age groups as they provide additional comfort. However, insoles are predominantly used to gain relief from chronic foot pain and a range of other foot conditions. The adoption of insoles to prevent foot injuries is on the rise, particularly among customers between 15-54 years of age – a segment within the casual and sports insoles market that is slated to generate revenue of ~US$ 38 billion in 2019.
The demand for insoles, especially for gait control, is on the rise, owing to the advent of cutting-edge insole technology. These technologies are likely to play an imperative role in defining shoe-insole modifications aimed toward fall prevention and enhancing shock absorption. Progress in sensor technology has opened up new avenues for stakeholders in the casual and sports insoles market, who are striving to develop effective products to improve gait control.
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Shock Absorbing Gel Insoles to Gain Significant Popularity
Pressure and impact on the heel can be effectively distributed to prevent soft tissue damage, using gel insoles. Owing to the shock-absorbing capabilities of gel insoles, this segment within the casual and sports insoles market is set to grow 1.7X over the forecast period (2019-2027). Key participants of the casual and sports insoles market are commercially marketing shock absorption technology using materials such as gels. Gel insoles are highly preferred by sportsmen, athletes, regular walkers, and runners, as these activities require high shock absorption. The gel plays a critical role in absorbing the shock generated from intense physical activities, thus preventing foot injuries.
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Despite the impressive growth of gel insoles, foam insoles are forecasted to retain the highest market share in terms of value and volume. The demand for foam insoles is set to grow over the forecast period, as foam insoles are lighter and offer a higher degree of comfort, and significantly reduce foot fatigue over other alternatives. These factors are expected to drive the growth of the foam insoles segment at a healthy CAGR of ~6% during the assessment period.
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Players in Casual and Sports Insoles Market Eye Opportunities in Smart Shoe Industry
The footwear sector is making significant strides, owing to the advent of novel sensor technologies. Players operating in the casual and sports insoles market are expected to venture into the smart shoe landscape to capitalize on untapped opportunities and gain an advantage. Despite being in its infancy, the smart shoe segment is forecasted to present a plethora of opportunities for operators in the casual and sports insoles market. Smart shoes track and monitor various health metrics of a user, and offer customized feedback. Over the forecast period, smart shoes are likely to incorporate insoles that are will act as a Bluetooth-connected device that can be linked to a smartphone application. At present, efforts are being made to enhance the comfort and convenience of traditional shoes by leveraging advances in sensor technology and benefits offered by insoles.
Product Innovation Remains Key as Consumer Trends Evolve at Rapid Pace
Established and upcoming players in the current casual and sports insoles market are taking into account evolving consumer trends to develop innovative products using cutting-edge technologies such as 3D printing. Apart from the growing demand for customized insoles, modern consumers, particularly sportsmen, seek additional cushioning, improved energy return, and lightweight and durable footwear solutions. Market players are investing resources toward research and testing to evaluate which insole material is well-suited for different shoes worn to perform different activities. For instance, Nike revealed that, the company spent over 2,000 hours on testing to assess the durability and energy return provided by the newly developed Nike React technology.
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