The footwear industry has observed impressive developments in the past few years and has made available enhancement to the insoles market, thereby driving expansion in the insoles market. Retail insoles market is also observing a positive growth, and gaining massive momentum; therefore, providing an impetus to the insoles market. The global market for insoles is anticipated to grow at more than 7% CAGR throughout the forecast period. The increase is taking place owing to the demand for the 3D printed insoles, which are customized mainly to cater to the specific requirements of the consumers. The manufacturing of 3D printed insoles is increasing over the past few years, thus pushing the overall demand for the insoles market.
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The study by Fact. MR also found that present trends in the insoles market are being observed due to the cumulative number of footwear manufacturers across all the regions in the globe. The 3D printed insoles for specific applications are the latest trend in the global market. Moreover, the increasing prevalence of diabetes is projected to create various growth opportunities for the market.
With the rising need for a healthy lifestyle and increasing penetration of foot-related diseases, consumers all over the world are more inclined towards using various health products like footwear with therapeutic insoles. These days several manufacturers are also engaged in the manufacturing of self-heating insoles which have insulating properties and are made to keep the feet warm even when worn in the low-temperature climate conditions.
The insoles market is gaining a lot of traction among the consumers for their ability to alleviate the lower limb disorders among people who are involved in intense physical activities. The product innovations and the technological advancements in the insoles market have also been one of the prominent factors which drive the growth of the market. Various manufacturers are entering into collaborations with the technology leaders to provide insoles with superior properties. For instance, Wiivv Fit Technology has collaborated with Dr. Scholl’s to make an impact using the 3D printing technology to manufacture insoles and achieve a breakthrough in the premium personalization market space thus enabling the users to achieve the benefit of using personalized 3D printed insoles by sitting in the comfort of their own home.
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The insoles fabricated for regular applications are the first preference for the consumers, but the insoles for sports applications are posing an intense threat to the regular insoles during the forecast period. However, various substitutes of the insoles are coming up owing to the transformations occurring in the footwear industry at the global level. Some of the products which are taking the place of insoles in footwear are foot pads, foot covers, and padded socks among others.
The insoles capture the market place as a component in footwear and also as an independent product which can be directly used by the end consumer. The global market for insoles is highly fragmented and comprises of various domestic as well as local manufacturers. On the other hand, the orthotic insoles market generates consolidated revenues for the large manufacturers. These alternatives to insoles not only performs all the functions of insoles but are also equipped with additional advantages of covering the whole foot instead of the lower sole only. The insoles market is likely to face a serious challenge owing to the increase in several alternatives which is expected to impede the growth of the global insoles market during the forecast period.
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The regional landscape is expected to be dominated by East Asia, owing to the increasing number of manufacturers as well as consumers in the region. South Asia is projected to experience high growth during the forecast period due to increasing awareness among the consumers about the health benefits served by insoles which will pave the way for remunerative opportunities for the insoles market in South Asia.
This study underlines key opportunities in the insoles market and finds that the market would exhibit growth at a value CAGR of ~ 7.2% during forecast period.
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