Tech-infused Soles and Fit-conscious Consumers Fuel Shoe Insoles Market Growth at 4.50% CAGR | Future Market Insights, Inc.

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Dec 11, 2023, 11:59 ET

The global market for shoe insoles is experiencing a significant surge, driven by growing awareness of the benefits of fitness and the increasing demand for comfortable support. These versatile inserts offer a winning combination of comfort, performance, and adaptability, making them ideal for individuals seeking customized solutions for their daily lives and athletic endeavors.

NEWARK, Del., Dec. 11, 2023 /PRNewswire/ -- The global market size for shoe insoles is around US$ 6,122.8 million in 2024. In 2023, the market was valued at US$ 5,836.8 million. It is projected to exhibit a CAGR of 4.50% over the forecast period, with an estimated market size of US$ 9,508.5 million in 2034.

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With increasing awareness about the benefits of physical exercise, like running, the need for performance-enhancing accessories in the footwear industry is experiencing a tremendous surge. Shoe insoles, one of them, are in great demand as they offer a unique combination of comfort, support, and adaptability. These insoles are perfect for individuals seeking customized and cushioned feelings for optimal support.

Individuals increasingly prioritize comfort in their daily lives, whether at work, during physical activities, or at leisure, augmenting the demand for supportive shoe insoles in the international marketplace. Countries with a robust outdoor culture, like Australia, Canada, the United States, etc., are some of the largest consumers of these insoles as the active lifestyles drive the demand for footwear accessories that provide enhanced comfort, support, and performance.

Technological innovations in this market play a very crucial role as it attracts millions of consumers worldwide. Insoles incorporate smart features such as pressure sensors, temperature control, and connectivity, providing users real-time data on their foot health and activity. The integration of materials like memory foam, gel, and carbon fiber is also one of the main reasons why people are actively opting for shoe insoles. With these features and innovations, consumers expect accurate monitored data to enhance their performance.

"There is an increasing emphasis on shoe insoles made from sustainable materials as the world is moving toward sustainability. Brands and manufacturers are focusing on eco-friendly packaging and distribution solutions to cater to the demand of eco-conscious consumers. Key players in the market must keep this perspective in their marketing strategies to gain a wider consumer base," says Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry.

Key Takeaways from the Market Study

Foam-based insoles dominate the global shoe insoles market with a 32.50% share in 2024.
The orthotic industry accounted for a market share of 61.30% in 2024.
The shoe insoles market in India is predicted to grow at a CAGR of 6.50% through 2034.
The shoe insoles market in China is predicted to rise at a 6.10% CAGR through 2034.
The shoe insoles market in Australia has the potential to grow at a 4.00% CAGR through 2034.
The German shoe insoles market is predicted to rise by 3.80% CAGR through 2034.
The shoe insoles market in the United States is predicted to grow at a CAGR of 2.50% through 2034.

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Competitive Landscape

Major players like FootBalance System, PowerStep, Foot Science International, and Bauerfeind AG exert significant influence, with global presence and widespread consumer bases across major countries. Smaller firms in the market, while catering to regional demands, encounter challenges such as lower profit margins, limited financial resources for research and development, and constrained marketing capabilities.

Small companies operate with a regional focus, addressing the specific needs of local consumers, and often face the uphill battle of competing against established international brands with extensive resources and recognition.

Recent Developments

At Medica 2023, dBio unveiled gMOT Cloud, an AIoT Smart Insole offering hands-free monitoring for activities like gait analysis and sports, ensuring accurate insights and comfortable wear.
Baffin recently launched the YELLOWKNIFE CUFF, a new winter boot for women made in Canada. These shoes come with a removable anti-fatigue insole for reliable comfort across diverse climates.
In June 2021, global insole industry leader Superfeet announced a partnership with private equity firm Westward Partners, with the Seattle-based company assuming majority ownership.

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About the Author:

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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