According to a recent report by Future Market Insights (FMI), the sports and athletic insoles market is expected to surpass a valuation of US$ 7,735.7 Mn in 2021 at a CAGR of over 7.0%.
Consumers’ inclination towards adopting a greener lifestyle has changed and revolutionized the sports & athletic insoles market. Apart from product related technical innovations, the players are now equally focused on establishing brand reputation in the eyes of environment sensitive consumers.
With an aim to keep up with the product related commitments that coincide with the strategy for ascertaining low environmental impact, the players are spending on eco-friendly materials for their production
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These products also are promoted differently as compared to the traditional shoe insoles in the market. Eco-friendly, vegan, sustainable are few of the claims that have been used while promoting these inserts in the market.
Apart from this, many players have adopted a comparative strategy wherein the eco-friendly shoe insoles are compared to the traditional insoles on the basis of performance, durability and environmental impact in order to gain more attraction in the market. Adoption of such strategies by the players is projected to fuel market growth during the forecast period.
Key Takeaways from the Sports & Athletic Insoles Market Study
- The sports & athletic insoles market is expanding at a rapid pace. Players are providing customised solutions considering the end user requirements.
- In case of sales channel as the digital ecosystem is thriving the online retail sales are expected to register a significant growth in the coming years.
- The U.S. will emerge as a highly lucrative market for sports & athletic insoles, accounting for nearly 70% of sales in North America in 2021.
- Italy, France, and Spain are likely to emerge as highly lucrative markets for sales of athletic insoles within Europe.
- Despite China’s dominance, the demand for sports and athletic insoles will increase at a higher pace in South Korea and Japan over the assessment period.
“The players currently operating in the in the sports & athletic insoles industry are incorporating special features and functions to offer greater water resistance, antimicrobial properties, improved moisture management, and lightweight design among others to woo consumers. Such strategies will help the players to gain a competitive advantage in the market,” says an FMI analyst.
Impact of COVID-19 & 2020 Market Analysis
As the developed world is slowly exiting from the pandemic phase the virus continuous to take hold in the lower income countries. The pandemic outbreak had a significant impact on sales channel preferences and product demand in the past few months in the market.
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The market did experience a slowdown due to demand and supply disruptions however the lockdown relaxing measures has now brought the market from slowdown to a reviving phase. The players are now undertaking efforts to adapt to the new reviving market phase.
Who is winning?
Few key players in the sports & athletic insoles market are Aetrex Worldwide, Inc., Invent Medical Group, s.r.o. (8 Sole), Materialise Phits Insoles, AF Group, ALINE Systems, Inc., ARNEPLANT, S.L, Bauerfeind, Birkenstock USA, Currex GmbH, Diafarm Laboratories (Noene), Foot Science International, Footbalance System Ltd., Guangzhou Shunyang SM Co Ltd., Implus LLC, Ottobock Holding, Peacocks Medical Group, Reckitt Benckiser (Scholl), RSscan Lab Ltd., Sorbothane, Incorporated, SUPERFEET WORLDWIDE, Inc., Texon International Group Limited, Wiivv Wearables Inc., and Digitsole among others.
The players in the market are undertaking initiatives to widen their digital penetration. Besides this, they are highly focused on research and development with an aim to expand their offerings that could best match the dynamic needs of the users.