Impact of COVID-19 on Economy, Industry and Company The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
"The Casual and Sports Insole market registered US$ XX Bn in 2018 and it is estimated to reach more than US$ 100 Bn by 2028, likely to grow with a CAGR of 8.1 % during the forecast period."
The insoles are also referred to as inner soles or footbeds. The insole is basically the inner part of the shoes which supports the bottom of the foot. Some of the major factor driving the growth of global casual and sports insole market includes the rise in advantages associated with insoles, rise in demand for orthotic shoes, and innovations in the field of shoes insoles.
Advantages Associated with Shoes Insole is Anticipated to Fuel the Growth of Global Market
The global casual and sports insole market has shown substantial growth since the last two decades and is anticipated to grow at a decent pace in the coming years. The major factor driving the growth of the global market is the advantages associated with insoles such as additional comfort, prevent foot injuries, provide relief from chronic pain, and many other benefits. The shoes insole provide constant contact to the foot arch which results in evenly distributed body weight throughout the foot while walking or running. The foot is more relaxed and this minimizes the risk of overusing certain areas of the foot. Insoles have unique ability to absorb foot pressure, be in standing, walking, or running. In addition, the shoes insole also minimizes other diseases such as Achilles tendonitis, knee pain, and back pain. Owing to the superior features offered by shoes insoles, these are widely adopted across the globe, whether it is for sports training or in everyday life. This results in increasing demand from different age group which is anticipated to fuel the growth of global market during the forecast period.
However, entry of local manufacturers in market is leading the increase in forged products, which might hamper the growth of global casual and sports insole market in future. Though, in response with increasing demand from different age groups, major companies are indulged in their marketing and advertising activities in order to spread awareness among consumers to avoid local brands which is expected to create new opportunities for the growth of global casual and sports insole market.
Gel Insoles is projected to witness a highest CAGR of 7.6% between 2018 to 2027
On the basis of product type, the gel insole segment is anticipated to show phenomenal growth over the forecast period. This is mainly due to rising adoption of orthotic shoes from different age groups across the globe. These orthotic shoes absorb damaging shockwaves while walking or running, which provides relief from the pressure placed on the foot. These types of insoles are highly preferred by runners, regular walkers, athletes and sportsmen which are eventually propelling the growth of the segment during the forecast timeframe.
Asia Pacific dominates the global market by holding significant share in Global Markets
Asia Pacific dominates the global market and is anticipated to maintain its dominance throughout the forecast period. The dominance can be attributed to rising population and strong growth in sports industry across the region. Also, the eminence of Asian athletes at international sporting pitches became more visible.
For instance, at 2016 Summer Olympics, South Korea, Japan, and China won 129 medals, scoring eight, sixth, and third placed in the medal chart, respectively. Sine Athens 2004, these three Asian countries listed in top 10 positions in the medal table. This in turn, expected to fuel the growth of Asia Pacific casual and sports insoles market.
Product Innovation is the Strategy Adopted by the Key Players Operating in Global Casual and Sports Insole Market
The global casual and sports insole market is fragmented with various regional and international players which makes it highly competitive. The manufacturers are focused on research and development activities intended to achieve technical competence and differentiate their products from other manufacturers.
For instance, in February 2019 Aetrex Worldwide Ins. announced to launch a 3-D-printed custom orthotic alongside its traditionally made insert and footwear lines. The company also announced that this project will be competed in partnership with EOS, one of the leading companies in industrial 3-D printing.
Also, the companies are expanding their facilities by strategic merger and acquisition with other enterprises. For instance, in October 2018 Caleres Inc., a footwear wholesaler and retailer announced that they have completed acquisition with Vionic Group for $360 million. Vionic Group is specialized in designing and manufacturing supportive footwear and orthotic shoe inserts.
Some of the leading companies operating in global casual and sports shoes insole market includes Aetrex Worldwide, Inc., Sorbothane Incorporated, Currex GmbH, Superfeet Worldwide, Inc., Footbalance System Ltd., Protalus, FAES FARMA, Texon International Group Limited, Ottobock Holding, AF Group and Powerstep.
Casual and Sports Insole Market by Products Type
- Foam Insoles
- Gel Insoles
- Plastic Insoles
- Submerged Bed Filters
Casual and Sports Insole Market by End-User
- Age Group
- 0 – 14 Years
- 15 – 54 Years
- 55 Years and More
- Economic Class
- Lowe Class
- Middle Class
- Upper Class
Casual and Sports Insole Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America