The sports and athletic insole market forecast the market to register a year-on-year growth rate of 6.2% in 2021. As per the FMI analysis, the sports & athletic insoles market size will surpass US$ 7,735.7 Mn in 2021.
While the rise of the older population will generate key opportunities for growth, a high turnover of sport insole inventory will limit profits and growth for manufacturers. To optimize market opportunities, vendors are more likely to focus on the growth prospects of fast-growing segments, while consolidating their positions in others.
“A growing number of people have begun taking part in sports or physical activities like walking, running, jogging, and hiking to improve fitness and productivity. Supportive insoles can help in minimizing injuries, correct alignment of joints, limbs, ligaments, and muscle in addition to improving body part functions,” says the FMI study.
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Sports and Athletic Insole Market – Important Takeaways
- Silicone-based insole products account for major market share on the back of cost and superior shock absorption characteristics.
- Indirect online sales channels are reflecting a high growth rate supported by wider product access and discounts for consumers.
- North America, led by the United States is leading market for sports and athletic insoles aided by relatively higher investments towards R&D and tech advancements.
Sports and Athletic Insole Market – Driving Factors
- The growing adoption of custom-made pre-fabricated insoles for sports applications is creating key growth opportunities.
- Favorable reimbursement policies in terms of insoles for preventive and curative healthcare drive demand.
Sports and Athletic Insole Market – Leading Constraints
- Higher costs associated with sports and athletic insole in comparison to conventional products is a key obstacle to adoption.
- Potential side effects of foot pain over long-duration use is a major challenge hurting the prospects of sales.
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Expected Impact on Market by Coronavirus Outbreak
The global pandemic of the covid-19 virus has moderately impacted operations for players in the sports and athletic insole market. Global concerns over viral transmission, and lockdown restrictions on outdoor activities following the outbreak has hurt the demand for sports and athletic insoles.
Further, supply chains have been impacted during the pandemic, and the shortage of labor during the crisis period, are key factors that are likely to impact the market in the short term. However, higher levels
of health consciousness among consumers during the has boosted demand for fitness solutions, which will aid a faster recovery and long-term growth in the industry.
Some of the major players participating in the sports and athletic insole market are Aetrex Worldwide, Inc., Footbalance System Ltd., FAES FARMA, Gravitus, Protalus, Currex GmbH, ImplusFootcare LLC., Powerstep, Superfeet Worldwide, Inc., Sorbothane Incorporated. among others
Players in the sports and athletic insole market are largely involved in product development and launch strategies in addition to strategic collaborations for geographical expansion to bolster their positions in a rapidly growing market.
For instance, Plantiga Technologies has announced its partnership with Original Footwear, with the aim of including Plantiga’s sensor infused insoles to Original Footwear’s product portfolio. EA has partnered with Adidas and Google for the development and launch of a smart shoe insole, which can be used for rewards in Fifa Mobile. Porcher Sport has announced the launch of thermoplastic insoles aimed for customized footwear for wider scope of applications in varying shoe designs.
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More on the Report
FMI provides in-depth insights on the sports and athletic insole market. The market is segmented in terms of base material (polymer, plastic, rubber, carbon fiber, and silicone), consumer orientation (men, women, and kids), and sales channel (direct and indirect sales), across six regions (North America, Latin America, Europe, Asia Pacific, Oceania, and Middle East & Africa).
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