DUBAI, United Arab Emirates, Feb. 26, 2023 (GLOBE NEWSWIRE) -- The shoe insert market is predicted to be worth US$ 42.38 billion in 2023, and rise to US$ 71.68 billion by 2033. Initially, the global market was expanding at a CAGR of 4.3% between 2018 and 2022.
This market expansion is primarily attributed to an increase in consumer knowledge of the health advantages of shoe inserts. Increased foot and posture-related issues, as well as a growth in the demand for personalized shoe inserts, all contribute to a great market share.
The growing trend towards producing shoe inserts from biodegradable and eco-friendly materials is anticipated to fuel market expansion. Demand for shoe inserts is rising as a result of the advent of technologically improved products that offer support and comfort for the arch.
It is also anticipated that the market is likely to benefit from the rising demand for orthopedic shoe inserts, particularly among senior individuals who experience joint discomfort and arthritis.
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However, it is anticipated that the market's expansion is hampered by the high price of shoe inserts. Also, market expansion may be constrained by the availability of fake goods that don't offer enough comfort and support. It is projected that the introduction of products made in order to meet specific needs opens up profitable market potential.
Key Takeaways
- In 2022, China grew significantly in the shoe insert market, with a share of 34.9%.
- The shoe insert market was significantly expanding, with a size of US$ 40.5 billion in 2022.
- There is a Y-o-Y growth of 5.6% between 2022 and 2023, which is driven by the popularity of 3D-printed shoe inserts.
- With a 69.8% share in 2022, the market in the United States showed signs of growth.
- In 2022, India grew steadily in the shoe insert market, with a share of 29.5%.
- In 2022, Japan grew significantly in the shoe insert sector, with a share of 32%.
- With a 19.9% market share in 2022, Germany had strong growth in the shoe insert sector.
- With a share of 44% in 2022, the orthotic insole category is predicted to dominate the market in terms of product type.
- Based on material type, rubber is likely to continue dominating the sector during the forecast period, with a share of 26%.
Key Strategies in the Industry
Key players including Superfeet, Otto Bock SE & Co KGaA, Diafarm Laboratories, Texon International Group Limited, and Implus Footcare LLC compete for market share in the highly competitive worldwide shoe inserts business.
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To achieve a competitive edge, these businesses are concentrating on product innovation, strong marketing plans, and partnerships with footwear brands. Players are also forming strategic relationships with other businesses to broaden their product offerings.
Also, businesses are spending money on research and development initiatives to create new products and acquire a competitive edge. Players are also concentrating on expanding their presence through alliances, synergies, and acquisitions.
Key segments
By Material Type:
- Polymer
- Plastic
- Rubber
- Carbon Fiber
- Silicon
By Product Type:
- Casual Insole
- Sports/Athletic Insole
- Orthotic Insole
- Safety Insole
By Size (US):
- 4 to 5
- 6 to 7
- 8 to 9
- 10 to 11
- 12 to 13
By Consumer Orientation:
- Men
- Women
- Kids
By Sales Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Departmental Stores
- Specialty Stores
- Multi-brand Stores
- Exclusive Stores/Franchise Stores
- Online Retailers
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding China & Japan
- Japan
- China
- Middle East & Africa
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Recent Developments
- In order to expand distribution and create new goods, Superfeet teamed up with Nike. Moreover, Superfeet and Adidas worked together to increase their footprint in Europe.
- The debut of Powerstep ProForm, a new brand of insoles, was announced in October 2020 by the manufacturer of custom and prefabricated orthotics.
- To satisfy the demands of athletes and energetic people, Powerstep introduced its new Powerstep Pro line of inserts and insoles.
Table of Content
- Executive Summary | Shoe Insert Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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