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Shoe Insoles Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global shoe insoles market was valued at USD 7.9 billion in 2021 and is projected to expand at a CAGR of 5.2% from 2022 to 2030. The rising number of orthopedic problems such as flat feet, plantar fasciitis, and bunions is driving the demand for shoe insoles. In addition, the increasing consumer awareness regarding the health benefits of shoe insoles is expected to positively impact the market growth.
The rising demand for comfort and cushioning is driving the demand for shoe insoles. Manufacturers are focusing on developing products with improved comfort and cushioning capabilities, such as shock absorption, friction control, and energy return. Furthermore, the launch of innovative products such as custom-made insoles and 3D-printed insoles is anticipated to create potential opportunities for market growth.
The increasing demand for sports shoes is driving the demand for shoe insoles. The rising participation in sports activities, such as running, jogging, and basketball, is driving the demand for comfortable and supportive sports shoes, thereby driving the demand for shoe insoles. Additionally, the increasing number of sports events worldwide is creating a need for comfortable and supportive shoes, which is driving the demand for shoe insoles.
The increasing geriatric population is expected to increase the demand for orthopedic shoe insoles. The elderly are more prone to orthopedic conditions, such as arthritis, plantar fasciitis, and flat feet. Hence, the increasing geriatric population is expected to drive the demand for orthopedic shoe insoles. Moreover, the rising prevalence of diabetes is also expected to fuel the demand for shoe insoles, as diabetic patients are more prone to foot ulcers and other foot-related problems.
The increasing demand for fashion and lifestyle products is expected to drive the demand for shoe insoles. The increasing number of fashion and lifestyle blogs and magazines is driving the demand for fashionable and stylish products. Additionally, the increasing number of online platforms offering customizable shoe insoles is driving the demand for the market. Furthermore, the increasing trend of athleisure wear is also expected to support the demand for shoe insoles from the fashion and lifestyle segment.
Product Insights
The orthopedic insoles segment accounted for the largest share of the shoe insoles market in 2022, as they are helpful in relieving foot pain and discomfort. According to an article published by the American Podiatric Medical Association, orthopedic shoe insoles are recommended to alleviate lower extremity pain, foot pain and discomfort, and to prevent further damage. In addition, an article published by the National Institutes of Health (NIH) in December 2020 stated that shoe inserts or insoles can help correct the foot’s biomechanical problems.
The custom-made insoles segment is expected to expand at the fastest CAGR of 7.5% over the forecast period. The growth of this segment can be attributed to the increasing demand for custom-made shoe insoles, as they provide better comfort and support to the feet. Custom-made shoe insoles are designed to fit the individual’s feet precisely and are known to provide adequate support and cushioning. Furthermore, rising awareness regarding the benefits of using custom-made shoe insoles is aiding the growth of this segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest share of 44.3% in 2022. This segment is expected to be the most preferred distribution channel for shoe insoles due to its convenience and availability of products. Shoe insoles are considered as an essential product, which can be purchased easily from supermarkets and hypermarkets. In addition, the presence of several stores in the vicinity of residential areas further increases the preference of this distribution channel.
The e-commerce segment is expected to witness the highest growth in the coming years. The convenience of shopping online, coupled with the availability of discounts and cashback offers, has enabled consumers to purchase shoe insoles without leaving their home. Moreover, the availability of a wide range of products and brands on online platforms has enabled consumers to make informed decisions while purchasing shoe insoles. In addition, the presence of online retail stores such as Amazon, Flipkart, and Myntra, has enabled consumers to compare prices and select the best product available at the lowest price.
Type Insights
The insole insert segment accounted for the largest revenue share of 61.4% in the year 2022. The growing demand for comfort and support from shoes is driving the demand for insole inserts. Insole inserts are widely used for providing extra support to the feet, which may be caused by medical conditions such as plantar fasciitis, flat feet, and overpronation. Moreover, the rising awareness of the importance of foot health is also driving the demand for insole inserts. For example, in December 2020, Superfeet, a leading brand of insoles, launched an online education program to provide health professionals with the knowledge to help their patients with foot health and wellness.
The orthotics segment is estimated to expand at the highest CAGR of 5.1% over the forecast period. Growing understanding of the importance of orthotics and increasing prevalence of foot problems such as flat feet, heel spurs, and plantar fasciitis are the factors driving the demand for orthotics. In addition, the rising trend of preventive healthcare, especially in the elderly population, is also driving the demand for orthotics. For instance, in May 2021, Powerstep, a leading brand of orthotics, launched an awareness campaign called “Step Into Health” to inform individuals about the importance of preventive foot care.
Regional Insights
North America held the largest share of the global shoe insoles market in 2021. The region is expected to remain the largest market due to the presence of leading manufacturers, such as Superfeet, Spenco, and Powerstep, in the U.S. Moreover, the increasing demand for insoles with advanced features, such as shock absorption and arch support, is expected to drive the growth of the regional market.
Asia Pacific is projected to be the fastest-growing regional market during the forecast period. Factors such as the growing awareness regarding the importance of shoe insoles and the growing demand for comfortable and stylish shoes in the region are expected to drive the regional market. Moreover, countries such as China, India, and Japan are witnessing an increasing number of sports activities, which is further expected to propel the growth of the regional market. Additionally, the increasing demand for orthopedic insoles in the region is expected to further contribute to the growth of the regional market.
Financial Projections
In this part of the shoe insoles products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your shoe insoles products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a shoe insoles products business comes from sales of the product, through both online and in-person channels, such as retail stores and direct-to-consumer sales. Additionally, you may explore other sources of profit such as fundraising, commission from affiliated retail stores, and sales of associated products.
Projecting Expenses
In this section, all the regular expenses related to keeping the shoe insoles products business running will be described. The list of operating expenses includes license and registration fees, wages, packaging and shipping fees, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the shoe insole market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Superfeet launched a new line of shoe insoles designed to provide improved cushioning and arch support.
– In May 2022, SOLE launched a series of shoe insoles with cooling technology for improved comfort and breathability.
– In June 2022, OrthoLite launched a new line of shoe insoles designed to provide superior cushioning and support.
Some of the prominent players in the shoe insoles market include:
– Superfeet
– SOLE
– OrthoLite
– Powerstep
– Sof Sole
– Spenco
– Footbalance
– Pedag
– Propet
– Birkenstock
Global Shoe Insoles Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global shoe insoles products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Cushioning Insoles
– Orthotic Insoles
– Heel Liners
– Arch Supports
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Retail Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Customized
– Ready-to-use
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Global Shoe Insoles Products Market?
[A]: The key drivers of the global shoe insoles products market include increasing foot problems due to ill-fitting shoes, rising awareness about foot health, growing demand for customized insoles, and increasing demand for shock-absorbing insoles.
[Q]: What are the Key Segments in the Shoe Insoles Products Market?
[A]: The key segments in the shoe insoles products market include material type, product type, distribution channel, end use, and region.
[Q]: What are the Opportunities for Manufacturers in the Shoe Insoles Products Market?
[A]: Manufacturers in the shoe insoles products market have an opportunity to develop customized insoles for different foot-related issues and expand their product portfolio.
[Q]: Who are the Key Players in the Shoe Insoles Products Market?
[A]: Some of the key players in the shoe insoles products market are Superfeet, Spenco Medical Corporation, Implus LLC, PediFix, Inc., SOLE, Powerstep, ProFoot, Inc., Dr. Scholl’s, and CurrexSole.
[Q]: What is the Potential of Product Innovation in the Shoe Insoles Products Market?
[A]: With technology breakthroughs accelerating, product innovation has been a source of worry for the manufacturers in the shoe insoles products market. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers. For example, the introduction of shock-absorbing insoles is expected to drive the demand for shoe insoles products in the near future.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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