Consumer Affinity toward Lightweight and Comfortable Footwear to Bolster Market Growth
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.
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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Global Casual and Sports Insoles Market: Overview
- According to Transparency Market Research’s latest report on the global casual and sports insoles market for the period of 2019–2027 (wherein, 2019 to 2027 is the forecast period and 2018 is the base year), the global casual and sports insoles market is anticipated to show exponential growth in the coming years, owing to surge in the global demand for sports insoles due to increasing participation in sports activities, and continuous development of new and innovative products in response to changing consumer habits and preferences.
- The global casual and sports insoles market is projected to expand at a CAGR of ~6% over the forecast period.
- As such, the casual and sports insoles market is expected to reach a value of ~US$ 109.4 Bn by 2027.
Increasing Demand for Sports Insoles and Product Awareness: Key Growth Drivers of Casual and Sports Insoles Market
- Athletes and sportspersons always seek products which facilitate high performance and reduce tiredness. As such, sports insoles have been gaining attention from sports players and athletes. Sports insoles help protect the feet by creating a strong barrier between the foot and the ground. These insoles provide arch support, which helps athletes run faster or make swift turns in any sport. Sports insoles have been experiencing a surge in demand across the globe due to these reasons.
- Increasing awareness about the health benefits of insoles is surging the demand for casual insoles across the globe.
Online Platforms Driving Global Casual and Sports Insoles Market in Terms of Sales
- The Internet enables customers to gain easy access to information about various causal and sports insoles available in the market. This factor has encouraged major manufacturers of casual and sports insoles to promote and sell their products through various e-Commerce and company-owned portals.
Surge in Counterfeit Products across the Globe: Key Restraining Factor of Casual and Sports Insoles Market
- Rising demand for sports and casual insole products has led to a surge in the entry of local manufacturers into the fray, resulting in an increase in counterfeit products made with the logos of established brands to sell their products at a cheaper price. This is anticipated to obstruct the global casual and sports insoles market in the coming years.
Technological Advancements in Insoles for Features Improvement: An Opportunity for Growth of Casual and Sports Insoles Market
- Manufacturers are focusing on product innovation and technological developments to cater to the increasing demand in the casual and sports insoles market. Several footwear startups are engaged in the production of 3D technology-led manufacturing. For instance, Feetz, an American custom shoes startup developed its own 3D printer with the help of the fused filament fabrication technique. 3D printing is also becoming popular as it has a lower environmental impact.
Growing Demand for Insoles Customization and Usage of Different Comforting Material: Key Trend in Casual and Sports Insoles Market
- The growing geriatric population coupled with rising incidence of plantar fasciitis and diabetes is boosting the demand for insoles. Increasing demand for customized insoles that are made after a complete evaluation of the foot structure of the consumer is boosting the overall market for casual and sports insoles.
- Additionally, manufacturers are also focusing on product development for improvements in insole features by using different materials. For instance, Sorbothane, Inc. introduced a proprietary visco-elastic polymeric material in its insoles, which has good shock energy absorption ability and is being widely demanded across the globe.
Casual and Sports Insoles Market: Competitive Landscape
- Detailed profiles of manufacturers in the casual and sports insoles market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
- Key players operating in the global casual and sports insoles market include
- Aetrex Worldwide, Inc.
- Currex GmbH
- Footbalance System Ltd.
- FAES FARMA
- Implus Footcare LLC.
- Superfeet Worldwide, Inc.
- Sorbothane Incorporated.
Casual and Sports Insoles Market: Key Developments
- Footbalance System Ltd. is expanding its business across the globe by adopting different strategies such as product innovation and partnerships. In October 2018, the company signed an agreement with OS1st (owned by ING Source Inc.), an American manufacturer, as a distributor for OS1st products in Finland, Sweden, and Denmark.
- Powerstep focuses on innovation and is introducing products that cater to the rising needs and requirements of its target customers. For instance, the company’s product – ArchMolds heat moldable insoles, easily mold to the shape of the foot for a custom-like, personalized fit.
- Protalus is extensively investing in R&D and continuously improving its existing product offerings for insoles. The company has more than 130 patents and technologies, and focuses on product improvement and comfort.
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