According to newly released data from Fact.MR’s market analysis, global demand for insoles grew by 4.8 percent year over year (YoY) in 2021, totaling about 13 billion insole pairs. The foam soles category increased by 5.7 percent to reach 5 billion pairs, while the sports segment increased by 7.6% to reach 3 billion pairs.
sales of Insoles are expected to grow at a CAGR of over 7% from 2021 to 2031, with a market valuation of US$ 70 billion in 2031, according to MR. Demand is predicted to grow at a CAGR of nearly 6% over the same time period in terms of volume.
Key market competitors are investing heavily in the development of highly ergonomic insoles to lessen foot impact during dynamic activities. This is accomplished with the help of cutting-edge foot scanning scanners that have recently entered the market. As a result, a person’s foot may be quickly scanned and translated into a three-dimensional model, which can then be utilised to produce very accurate insoles. Market participants can easily attract new clients by employing such techniques, contributing to the market’s total growth.
Key Market Segments Covered
-
Type
- Prefabricated Insoles
- Customized Insoles
- 3D Printed Insoles
-
Material
- Foam Insoles
- PU Foam
- Memory foam
- PE Foam
- Others
- Gel Insoles
- Felt Insoles
- Cork Insoles
- Leather Insoles
- Composite Carbon Fiber Insoles
- Others
- Foam Insoles
-
Application
- Regular Insoles
- Sports Insoles
- Therapeutic Insoles
- Industrial Insoles
- Others
-
Length
- Full Length Insoles
- 3/4 Length Insoles
-
Consumer Orientation
- Insoles for Men
- Insoles for Women
- Others
Key Takeaways
- By 2031, the insoles market is expected to grow by 1.7 times its current size.
- Foam insoles account for a significant portion of the global market, accounting for more than one-third of the total, and are expected to provide an absolute dollar opportunity of roughly US$ 19.5 billion between 2021 and 2031.
- Sports has been the fastest-growing segment among the applications, owing to increased insole consumption by luxury sports shoe customers.
- East Asia is predicted to take the lead in market revenue in 2021, with a rise of 226 BPS by 2031.
- By the end of 2031, the Chinese and German markets are predicted to have grown at a CAGR of more than 8% each.
- Demand for insoles was affected in 2020 as a result of the COVID-19 crisis, with a 7% drop in the second and third quarters.
According to a Fact.MR analyst, “high R&D spending in creating better scanning methods for insole designing will boost market expansion in the future years.”
To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=774
