Shoe Insert Market Forecast at $53.1 Billion by 2027
Shoe inserts have been gaining immense popularity owing to their effectiveness in foot alignment maintenance. With consumers willing to pay more for products ensuring comfort and wellness, sales of shoe inserts are likely to exceed 1200 million units in 2019. FMI's new research study on shoe insert market profiles this evolving landscape, bringing prominent insights to the fore.
As per the report, the increasing demand for shoe inserts has resulted in a massive influx of new and innovative products, all aligned with evolving customer requirements vis-à-vis comfort and flexibility. "Customer inclination toward cushioned shoe inserts offering additional comfort and enhanced shock resistance remains palpable in the market. In response to this, manufacturers are using high-quality materials to develop distinguishable products offering unparalleled comfort and shape retention, albeit repeated usage. One of such advanced materials gaining traction in the manufacturing framework of shoe inserts is thermoplastic elastomer, which is well-known for its exceptional elasticity and moldability," says FMI report.
According to the report, the end-user preference for casual insoles remains intact, with global sales estimated to exceed 440 million units in 2019. Adoption for daily use purposes in order to add extra warmth and comfort is one among the chief aspects fuelling investments in casual shoe inserts, commonly known as 'casual insoles.' In addition, sports insole is also likely to witness healthy demand in 2019 and beyond, as sports enthusiasts continue to show marked preferences for traction, support, comfort, and safety. As per the National Sporting Goods Association, the sales of over-the-counter sporting shoe inserts registered an 18 percent increase from 2010 to 2014, thereby providing sizeable credence to the unabated demand for sports insole in the future.
As per the FMI analysis, men purchase shoe inserts more frequently as compared to women and kids. With increasing focus on their appearance, men tend to spend more on shoes and accessories, which makes them a lucrative target audience for manufacturers. Rubber remains highly-favored base material in the shoe insert market as it offers a greater degree of versatility and flexibility to customers. As the end-users seek insoles made of firm materials, sales of rubber-based shoe inserts are estimated to surpass 309 million units in 2019. As per FMI's study, Asia Pacific excluding Japan (APEJ) continues to be a lucrative region for manufacturers of shoe inserts. Demand for shoe inserts in APEJ remains highly concentrated in thriving economies, mostly China and India, where a mushrooming middle-class demographic continues to create latent opportunities for the manufacturers.
The FMI report finds that APEJ will remain the largest market for shoe inserts in 2019, with Europe following suit. The EU5 countries continue to spearhead demand for shoe inserts in Europe, with Brits accounting for highest spending. Offering advanced products with exceptional functionalities remains a chief area of focus for the shoe insert manufacturers. Sensing fundamental shifts in the end-user demand and specifications, manufacturers are incorporating advanced technologies to make their products stand out on store shelves over their competitors' offerings.
Manufacturers are offering customized shoe insoles and orthotics created via 3D printing machines to enhance customer retention and repeat sales. Regional market players are working closely with doctors and physicians for offering shoe inserts customized to patients' feet, with optimal efficacy in eliminating or reducing the impact of various foot abnormalities. The FMI report offers in-depth insights into the evolving opportunities for manufacturers of shoe inserts over the forecast timeline of 2019-2027. As per the report, the shoe insert market is likely to expand at a volume CAGR of 4.3 percent through 2027.
Source: Rubber World Magazine.