Shoe Insert Market

Name: shoe insert market
Brand: Future Market Insights
SKU: REP-GB-8703
Price: 5000 USD
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2020 Analysis and Review: Global Shoe Insert Market by Consumer Orientation – Men, Women, and Kids for 2020-2030

2020-11-02
REP-GB-8703
300 pages
Consumer Product

Introduction

The footwear industry, while established, has been undergoing considerable transformation in terms of products offered since the past few years. The varying needs and perceptions with regards to fashion among consumers have been steering rehaul among leading footwear brands.

Future Market Insights (FMI) sees this as a lucrative scope for the expansion of the global shoe inserts market. It has forecast the global shoe insert market to surpass US$ 36.2 Bn by the end of 2020. Despite sluggish growth reported owing to the impact of COVID-19 outbreak, the market will record a CAGR of above 5% between 2020 and 2030.

With consumers rendered increasingly conscious about personal health and hygiene, they are likely to give serious consideration to footwear purchase. Since comfort has become a key parameter influencing their purchase decisions, the demand for shoe insert is expected to surge in the coming years.

Thanks to evolving consumer perceptions, the market is witnessing rising demand for various kinds of shoe inserts. These include casual shoe inserts, sports shoe insert, orthotic, and safety shoe inserts.

Orthotic Insole Sales Pushing Growth Opportunities

Surging demand for orthotic insoles has been aiding the expansion of the global market. Orthotic insoles are considered highly sophisticated shoe inserts that are constructed within multiple layers of advanced materials. These inserts have an anatomical arch that helps the foot to sit in a correct position.

Orthotic insoles or shoe inserts are designed to ensure optimal arch support to wearers, keeping their foot in neutral position aligned to the body and preventing excessive pronation. The number of people requiring additional support is surging persistently and shoe insert manufacturers are unlikely to let this opportunity go.

To reach their target consumers, manufacturers are ascertaining their widespread online presence. Some are even offering scanning technologies that claim to help a prospective buyer in correctly measuring foot and recommending specific types of shoe insert as per their needs.

These developments are seen as key opportunities, which are likely to enable growth in the global market in the coming years.

Surging Demand from Sports Community

Sports person and atheletes always look for products that will facilitate their performance and ensure they get less tired. Sports shoe inserts have been gaining significant traction among the community, which is expected to bode well for the global market.

Research evidences affirming that inserts help in reducing or preventing movement related injuries have made them highly sought-after in the sports and athletics community. Besides this, one of the key reasons to wear insole is to prevent development of any kind of foot disorders. Insoles are known to have the ability to absorb pressure, be it while standing, walking, running, or during any sports activities.

Wearing shoe inserts therefore supports healthy lifestyle without worrying to develop conditions such as Plantar Fasciitis. Thanks to recent advancements in technologies, shoe inserts are manufactured with greater impact protection. Spurred by these factors, the shoe insert market is expected to witness impressive growth in the coming years.

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Innovations Spurring Growth

Steered by surging demand, manufacturers are leaving no stone unturned to gain traction from their target consumers. Some have even integrated the Internet of Things (IoT) and other state-of-the-art technologies to manufacture shoe inserts.

The shoe inserts market is evolving at a fast pace and it is now targeting beyong offering convenience to consumers. Resultantly, several innovations have followed, which has been supporting the overall growth of the market.

For instance in 2018, NWTNLabs launched smart shoe insert, which was names RUNVI, hthat was designed to monitor various critical parameters and offer information regarding the same to the wearers. RUNVI was designed to track the running technique of wearers. It also measured the distance covered.

Driven by such innovations, the shoe insert market is forecast to surpass US$ 61 Bn by the end of 2030.

Key Challenges

The overall market outlook does not appear to be optimistic enough, even though many people turned to exercising and doing physical activities more often. The coronavirus outbreak has affected more than ninety countries worldwide and is expected to have long lasting economic impact.

Like several other sectors, the shoe insert market too has been hit by supply-chain disruptions caused due to restrictions imposed to curb the pandemic. Other considerable effects of coronavirus are restrictions on travel inter/intrastate, leading to a worldwide emergency. While a few countries are pacing their way towards normalcy, others are still combating the battle.

However, despite sluggish growth recorded during the pandemic, the market is likely to recover and exhibit above 5% CAGR in the coming year.

Region-wise Analysis

East Asia Shoe Insert Market

East Asia, spearheaded by China, is the topmost contributor to the global shoe Insert market. The market is estimated to showcase growth at an accelerated pace over the forecast period and is expected to remain the largest market for shoe inserts. Besides rising focus on sports activities, growth will be backed by the region’s booming manufacturing sector.

Studies reveal that 1 out of every 4 shoe insert is produced in Easdt Asia. Additionally, China is one of the leading insole producers in the world. With consumers becoming more willing to spend on health and fitness, shoe insert producers are likely to witness increasing prospects for growth in the region. FMI also has forecast the East Asia market to rise at above 6% CAGR between 2020 and 2030. South Asia too emerge as a highly lucrative market exhibiting a higher rate of growth over the forecast period.

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Europe Shoe Insert Market

Europe will remain the one of the most lucrative regions through the forecast period. According to FMI, growth opportunities are foreseen to be plenty in Europe owing to the presence of several major market players in the region. Also focus towards sports and wellness is quite high among consumers in the region, which is helping the expansion of the Europe market.

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North America Shoe Insert Market

North America exhibits considerably high demand for shoe inserts. Besides the rising sports activities, the region has been witnessing high incidence of diabetes which has made consumers more wary about their wellbeing. This coupled with their high purchasing power has made them likelier to invest better quality and more comfortable shoes.

According to FMI, the surge in incidence of conditions such as obesity, diabetes, and arthritis has been aiding the expansion of the market. Growth witnessed also is supported by local players such as Opedge, Spenco, and Super Feet.

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Category-wise Insights

Women Segment to Emerge Dominant

By consumer orientation, FMI has projected the women segment to lead by the end of 2030. Women segment too will catch up especially with the the increase in the number of working women and their growing interests towards products that are combination of comfort and style. The women segment is forecast to expand at above 6.0% CAGR during the forecast period.

Indirect Sales to Continue Leading

By sales channel, indirect sales channel is forecast to remain dominant through the forecast period. Among indirect sales channels, online retail sales are forecast to register a significant growth with an expectional CAGR through the assessment period owing to a number of benefits it provides. Online retail sales are cost-effective and have improved communication between consumers and retailers.

6-7 US Size Emerges Lead

By US size, the market is currently led by 8-9 segment. According to FMI, by the end of 2030, 6-7 segment will emerge as lead contributing the maximum to the global shoe insert market.

Silicone Remains Preferred Material

Currently, silicone is the most preferred material and it is expected to remain dominant through the forecast period. This segment, by material type, will witness a significant growth with a remarkable CAGR by the end of assessment year.

Competitive Landscape

Companies operating in the shoe insert market are adopting various strategies to expand their digital presence. Ther are also focusing on research and development initiatives to expand their product portfolio and to be able to accommodate dynamic needs of consumers. Some of the leading companies are even incorporating smart technologies to offer enhanced consumer experience.

For instance, Digitsole has launched interactive smart shoes that provide personalize feedback regarding the wearer’s health, posture, steps covered, calories burnt, and other vital information required to monitor health and prevent injuries. Furthermore, these shoes can be easily connected to Bluetooth 4.0. These are light weight shoes that also offer personalized coaching in real time via a smartphone application.

To study the competitive trends prevailing in the market, FMI has profiled several companies. The list includes:

Otto Bock SE & Co KGaA
Diafarm Laboratories
Texon International Group Limited
Implus Footcare LLC
Sorbothane Incorporated
Aetrex Worldwide Inc.
Peacocks Medical Group
Arneplant S. L.
Birkenstock Digital GmbH
Atlantic Footcare Inc.
Digitsole
Aline Systems, Inc.
Foot Science International
Bauerfeind AG
Guangzhou Shunyang SM Co. Ltd
Currex GmbH

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report