In terms of revenue, the global casual and sports insoles market is estimated to expand at a CAGR of ~6% based on value during the forecast period, owing to numerous factors, regarding which, study offers thorough insights and forecasts in the global casual and sports insoles market report.
In this market report, report predicts that, significant growth in the participation in sports and increasing foot-related health issues across the globe are anticipated to boost the casual and sports insoles market. Increase in the geriatric population coupled with increasing incidence of plantar fasciitis and diabetes is surging the demand for casual insoles. Additionally, increasing demand for customized insoles that are made after complete evaluation of the consumer’s foot structure is boosting the global market of casual and sports insoles. Countries in Asia Pacific are major consumers of casual insoles, and the market in the region is anticipated to show significant growth in the coming years. In addition, technological developments are improving the features of products, which influences their efficiency. This is also expected to accelerate the growth of the casual and sports insoles market in the coming years.
However, the growing market of counterfeit insoles is affecting the demand for casual and sports insoles. The growth of counterfeit products is mostly being observed in developing countries, where a large number of consumers are driven by the logo of a brand and product cost. The counterfeit products market is the major restraining factor that casual and sports insoles manufacturers have to deal with. This factor is anticipated to hamper casual and sports insole companies in terms of cost in the long run, and is expected to be a key restraining factor for the growth of the global casual and sports insoles market.
Increasing demand for sports insoles owing to their benefits such as reduction in tiredness and arch support, which helps athletes run faster and make them agile while making turns while playing a sport, is influencing the overall casual and sports insoles market positively. Product innovation and technological advancements are also supporting factors for the growth of the casual and sports insoles market.
According to the report, based on product, the foam insoles segment dominated the global casual and sports insoles market, and is anticipated to retain its share in the coming years. Many varieties and features of insoles are a major driving factor of the foam insoles market. However, the gel segment is also becoming popular in the market and is expected to expand at a significant rate.
In terms of socioeconomic class, the middle class segment holds a major share in the global casual and sports insoles market. Growth in the middle class population across the globe and rise in disposable income are factors surging the demand for insoles. Increasing income is also fuelling the demand from the upper class populace, which is expected to show significant growth rate during the forecast period.
In terms of gender, the male segment dominated the global market. Compared to females, males purchase more casual & sports insoles, as the obesity rate is higher in males as compared to females. However, increasing participation of women in sports is surging the demand for insoles and increasing the share of the female segment.
In terms of age, consumers aged 15 to 54 years dominate the global market. Increasing population of people between 15 and 54 years has resulted in the growing demand for casual and sports insoles. Consumers above 15 years of age majorly prefer these products, since they participate in various physical activities.
Casual and Sports Insoles Market: Prominent Regions
Asia Pacific dominated the global casual and sports insoles market, followed by Europe and North America. Globally, the Asia Pacific region held a dominant position, and is anticipated to retain its top position in the near future. Growing demand in several emerging countries and increasing population, coupled with rising disposable income is driving the regional casual and sports insoles market in the Asia Pacific region. The market in Europe and North America is also showing significant growth, owing to increasing product awareness and demand for sports insoles. The market in the Middle East & Africa and South America is expected to experience moderate growth during the forecast period. Slow economic growth in several countries is a major hindrance to the casual and sports insoles market in these regions.
Casual and Sports Insoles Market: Key Players
Key players operating in the global casual and sports insoles market include Aetrex Worldwide, Inc., Currex GmbH, Footbalance System Ltd., FAES FARMA, Gravitus, Implus Footcare LLC., Powerstep, Protalus, Superfeet Worldwide, Inc., and Sorbothane Incorporated.
These insights are based on a report on Casual and Sports Insoles Market by Transparency Market Research.