casual-and-sports-insoles-market

Casual and Sports Insoles Market By Type (Gels, Foams, Plastics, Submerged Bed Filters, Others), By Gender (Male, Female), By Age (0 - 14 Years, 15 - 54 Years, 55 Years and Above), By Price (Under US$ 25, US$ 25 to US$ 50, Above US$ 50), By Distribution Channel (Online, Offline) - Growth, Share, Opportunities & Competitive Analysis, 2024 - 2032

25 May 2023 Format PDF icon PPT icon XLS icon Request Sample

The global market for casual and sports insoles is expected to witness significant growth in the coming years, driven by the growing awareness about the importance of foot health and the rising demand for comfortable and supportive footwear. The market is expected to grow at a CAGR of 7% during the forecast period of 2024 to 2032. The increasing popularity of sports and athletic activities is one of the primary drivers of the casual and sports insoles market. With more people engaging in various physical activities, there is a growing demand for footwear that provides comfort and support during these activities. Additionally, the rise in foot-related problems and injuries among athletes has led to an increased demand for insoles that can prevent and alleviate such issues. Another major driver of the casual and sports insoles market is the growing awareness about the importance of foot health. The rise in cases of foot-related problems such as plantar fasciitis, flat feet, and heel spurs has led to an increase in the demand for insoles that can offer support and relief. Moreover, the growing aging population and the rise in chronic conditions such as diabetes and arthritis have further contributed to the demand for comfortable and supportive insoles. The trend toward customization and personalization of footwear is also driving the growth of the casual and sports insoles market. With advancements in technology, it is now possible to create custom-made insoles that are tailored to an individual's foot size, shape, and arch. This has led to an increase in demand for personalized insoles that offer a perfect fit and maximum comfort. Despite the positive growth prospects of the casual and sports insoles market, the high cost of these products remains a major restraint. Insoles that offer advanced features such as customizability and enhanced support can be quite expensive, making them unaffordable for many consumers. This could hinder the adoption of these products among price-sensitive consumers, especially in developing economies where the average income is relatively low. Additionally, the lack of awareness about the benefits of insoles and the availability of cheaper alternatives such as over-the-counter insoles could also limit the growth of the market.

Casual and Sports Insoles Market

Comfort and Support for Feet

The demand for comfortable footwear is a significant driver for the growth of the casual and sports insoles market. Casual and sports insoles provide cushioning and support to the feet, reducing foot fatigue and discomfort. The increasing number of people participating in sports activities, rising awareness about foot health, and increasing demand for orthotic insoles are driving the growth of the global insoles market. The growing trend of using footwear as a fashion statement, especially in the millennial population, has led to a surge in demand for insoles that are both stylish and functional.

Rising Prevalence of Foot Disorders

The prevalence of foot disorders such as plantar fasciitis, flat feet, and heel spurs is increasing globally. This has led to a growing demand for insoles that provide arch support, heel cushioning, and other features that help alleviate foot pain. The global foot orthotic insoles market size is expected to reach USD 5.75 billion by 2030, growing at a CAGR of 6% from 2023 to 2030. The rising prevalence of diabetes, arthritis, and other chronic diseases that affect foot health is a key driver for the market. Additionally, the increasing number of sports-related injuries is also driving the demand for insoles that provide support and cushioning.

Innovative Product Offerings

Manufacturers in the casual and sports insoles market are focusing on innovative product offerings to meet the evolving needs of customers. For instance, some companies are offering custom-fit insoles that are tailored to the unique shape and size of a person's feet. These insoles provide a higher level of support and comfort than off-the-shelf insoles. Additionally, manufacturers are incorporating new materials and technologies into their products to enhance comfort and durability. For example, some insoles are made with memory foam or gel, which conforms to the shape of the foot and provides cushioning. These innovative product offerings are driving the growth of the casual and sports insoles market.

Limited awareness among consumers

One of the key restraints for the casual and sports insoles market is the limited awareness among consumers regarding the importance and benefits of using insoles. Many individuals are not aware of the health benefits and the impact on performance that insoles can provide, leading to lower demand for these products. This limited awareness is prevalent in other regions as well, including Europe and Asia Pacific. The lack of knowledge about the benefits of insoles is a significant factor that is hindering the growth of the market. The market players need to focus on awareness campaigns to educate customers on the benefits of insoles, especially targeting sports enthusiasts, athletes, and fitness-conscious individuals. This will not only increase the demand for casual and sports insoles but will also create an opportunity for new players to enter the market and capitalize on the potential demand.
 
The Foam Segment Dominates the Market by Type

The global casual and sports insoles market can be segmented based on type into gels, foams, plastics, submerged bed filters, and others. Among these, the foam segment had the largest revenue share in 2023 due to its superior cushioning, comfort, and shock-absorbing properties. Additionally, advancements in foam technology have led to the development of new materials with better properties, further driving the growth of this segment. The gel segment is also expected to have significant growth in the forecast period due to its ability to provide better support and comfort. Moreover, the development of new gel-based materials with better properties is expected to further drive the growth of this segment. The plastic segment is expected to have a moderate growth rate in the forecast period due to its durability and lightweight properties. The submerged bed filters segment is expected to have a relatively smaller market share in the forecast period due to its limited use in casual and sports insoles. However, advancements in technology have led to the development of submerged bed filters with better properties, which could drive growth in this segment in the future.

The 15 - 54 years Segment Dominates the Revenues and the Growth

The casual and sports insoles market can also be segmented based on age groups. The three age segments include 0 - 14 years, 15 - 54 years, and 55 years and above. The 15 - 54 years held the highest revenue in 2023 and also the largest CAGR during the forecast period of 2024 to 2032. This can be attributed to the increasing number of people in this age group engaging in sports and fitness activities. As per a report by the World Health Organization (WHO), physical inactivity is one of the leading risk factors for non-communicable diseases such as diabetes, cardiovascular diseases, and certain types of cancer. In addition, there is an increasing awareness among individuals regarding the importance of maintaining proper foot health and posture, especially among athletes and fitness enthusiasts. This has led to a surge in demand for comfortable and supportive insoles, particularly among the 15 - 54 years age group. Furthermore, the increasing popularity of athleisure and casual wear among this age group is also contributing to the growth of the market. On the other hand, the 55 years and above segment is expected to witness moderate growth during the forecast period, owing to the increasing prevalence of foot-related problems such as plantar fasciitis and arthritis among the elderly population.

APAC to Remain as the Growth Leader During the Forecast Period

Asia-Pacific is expected to have the highest CAGR during the forecast period of 2024 to 2032, due to the increasing demand for sports and fitness activities, rising disposable income, and growing awareness about foot health in countries like China, India, and Japan. In addition, the presence of major sports brands and their manufacturing units in the region also contributes to the growth of the market. North America and Europe are the major regions in terms of revenue generation owing to the high adoption rate of sports and fitness activities and the presence of a large population of elderly people in these regions. The U.S. is expected to have a significant share in the market revenue owing to the increasing popularity of outdoor activities like hiking, trekking, and adventure sports. Latin America and the Middle East & Africa are also expected to show significant growth in the market during the forecast period. The rising number of fitness enthusiasts and the increasing popularity of sports like soccer, cricket, and tennis in countries like Brazil, Argentina, and South Africa are the major factors contributing to the growth of the market in these regions. However, the market growth may be hindered by factors like low disposable income and lack of awareness about foot health in some of these countries.

Market towards Consolidation

The casual and sports insoles market is highly competitive, with various established players in the market. Some of the top players in the market include Dr. Scholl's, Superfeet Worldwide, Inc., Powerstep, LLC, ALINE Systems, Inc., and Bauerfeind AG, among others. These players are actively involved in developing new products, acquiring new businesses, and forming partnerships to expand their presence in the market. To stay ahead of the competition, key players in the market are adopting various strategies such as product launches, collaborations, and partnerships. For instance, in February 2021, Dr. Scholl's launched a new line of insoles designed for people who stand on their feet for long periods, providing them with all-day comfort. Similarly, in September 2020, ALINE Systems, Inc. announced a partnership with USA Track & Field (USATF) to offer custom-made insoles to their athletes. Some of the other key strategies adopted by players in the market include expanding their distribution channels, investing in research and development activities, and focusing on mergers and acquisitions to increase their market share. For instance, in May 2020, Powerstep, LLC acquired the assets of Orthotics Holdings, LLC, which included the Footmaxx and Acor brands, to strengthen its position in the market. Furthermore, players in the market are also focusing on sustainability and eco-friendliness in their products. They are using recycled materials and designing products that are biodegradable and have a minimal environmental impact. For example, Superfeet Worldwide, Inc. launched a new line of insoles called the Eco Series, which is made from recycled materials and has a low carbon footprint.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Casual and Sports Insoles market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Casual and Sports Insoles market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Type
  • Gels
  • Foams
  • Plastics
  • Submerged Bed Filters
  • Others (Sponge Filters, Fluidized Bed Filters, etc.)

Gender
  • Male
  • Female

Age
  • 0 - 14 Years
  • 15 - 54 Years
  • 55 Years and Above

Price
  • Under US$ 25
  • US$ 25 to US$ 50
  • Above US$ 50

Distribution Channel
  • Online
    •     Company-owned Websites
    •     E-commerce Websites
  • Offline
    •     Supermarkets / Hypermarkets
    •     Specialty Stores
    •     Retail Stores

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Casual and Sports Insoles market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Casual and Sports Insoles market?
  • Which is the largest regional market for Casual and Sports Insoles market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Casual and Sports Insoles market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Casual and Sports Insoles market worldwide?
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