The Phenomenal Rise of the Shoe Insert Market, Projections Indicate a Whopping US$ 71.68 Billion Valuation by 2033 at a Steady 5.4% CAGR | FMI

The shoe insert industry is predicted to be worth US$ 42.38 billion in 2023 and rise to US$ 71.68 billion by 2033. Initially, the global market was expanding at a CAGR of 4.3% between 2018 and 2022.

This market expansion is primarily attributed to an increase in consumer knowledge of the health advantages of shoe inserts. Increased foot and posture-related issues, as well as a growth in the demand for personalized shoe inserts, all contribute to a great market share.

The growing trend towards producing shoe inserts from biodegradable and eco-friendly materials is anticipated to fuel market expansion. Demand for shoe inserts is rising as a result of the advent of technologically improved products that offer support and comfort for the arch.

It is also anticipated that the market is likely to benefit from the rising demand for orthopedic shoe inserts, particularly among senior individuals who experience joint discomfort and arthritis.

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However, it is anticipated that the market’s expansion is hampered by the high price of shoe inserts. Also, market expansion may be constrained by the availability of fake goods that don’t offer enough comfort and support. It is projected that the introduction of products made in order to meet specific needs opens up profitable market potential.

Key Takeaways

  • In 2022, China grew significantly in the shoe insert industry, with a share of 34.9%.
  • The shoe insert industry was significantly expanding, with a size of US$ 40.5 billion in 2022.
  • There is a Y-o-Y growth of 5.6% between 2022 and 2023, which is driven by the popularity of 3D-printed shoe inserts.
  • With a 69.8% share in 2022, the market in the United States showed signs of growth.
  • In 2022, India grew steadily in the shoe insert industry with a share of 29.5%.
  • In 2022, Japan grew significantly in the shoe insert sector, with a share of 32%.
  • With a 19.9% market share in 2022, Germany had strong growth in the shoe insert sector.
  • With a share of 44% in 2022, the orthotic insole category is predicted to dominate the market in terms of product type.
  • Based on material type, rubber is likely to continue dominating the sector during the forecast period, with a share of 26%.

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Key players

  • Otto Bock SE & Co KGaA
  • Diafarm Laboratories
  • Texon International Group Limited
  • Implus Footcare LLC
  • Sorbothane Incorporated
  • Aetrex Worldwide Inc.
  • Peacocks Medical Group
  • Arneplant S.L.
  • Birkenstock Digital GmbH
  • Atlantic Footcare Inc.
  • Digitsole
  • Aline Systems, Inc.
  • Foot Science International
  • Bauerfeind AG
  • Guangzhou Shunyang SM Co Ltd.
  • Currex GmbH

Key Strategies in the Industry

To achieve a competitive edge, these businesses are concentrating on product innovation, strong marketing plans, and partnerships with footwear brands. Players are also forming strategic relationships with other businesses to broaden their product offerings.

Also, businesses are spending money on research and development initiatives to create new products and acquire a competitive edge. Players are also concentrating on expanding their presence through alliances, synergies, and acquisitions.

Key segments

By Material Type:

  • Polymer
  • Plastic
  • Rubber
  • Carbon Fiber
  • Silicon

By Product Type:

  • Casual Insole
  • Sports/Athletic Insole
  • Orthotic Insole
  • Safety Insole

By Size (US):

  • 4 to 5
  • 6 to 7
  • 8 to 9
  • 10 to 11
  • 12 to 13

By Consumer Orientation:

  • Men
  • Women
  • Kids

By Sales Channel:

  • Direct
  • Indirect

By Region:

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • Asia Pacific excluding China & Japan
  • Japan
  • China
  • Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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