Global Foot Insoles Market 2017-2021
About Foot Insoles
Due to its structural nature, the human foot is intended to walk on natural grounds and without the use of high heels. The unusual inclined position of the foot due to heels and often flat floor will result in damage to the foot and therefore, in the podalgia. Most humans are born with healthy feet. Damage to the feet predominantly develops with time. The causes are disposition, overweight, hard grounds, wrong footwear, sport injuries, rheumatic changes, circulatory disorders, and neuropathies.
Technavio’s analysts forecast the global foot insoles market to grow at a CAGR of 6.64% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global foot insoles market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of foot insoles.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Foot Insoles Market 2017-2021
Technavio recognizes the following companies as the key players in the global foot insoles market: Bayer HealthCare, Bauerfeind, Superfeet, and Stable Step
Other Prominent Vendors in the market are: Spenco Medical, ING Corporation, SOLO Laboratories, and footlogix
Commenting on the report, an analyst from Technavio’s team said: “Shoes are not just a significant part of clothing because of style, but they also provide relief and support in the right places. A wrong pair of shoes can cause shin, back, knee, or even hip pain if not properly supported. Most vendors of sports footwear are focusing on customization. Retailers, like Amazon, have been harvesting recurring gains from doing so for their vast consumer base using Big Data. Vendors are progressively concentrating on providing consumers with customized products, thereby, uplifting customer loyalty and engagement.”
According to the report, dwindling birth rates have led to a rise in the population of older people. For instance, in Japan where people aged 65 years and above currently contribute to 23%-25% of the population, the percentage is expected to reach 38% by 2050. In North America, the estimates are between 13% and 22%, and in Europe, they are between 16% and 27%.
Further, the report states that the manufacturers stock large quantities of raw materials, including raw leather, nylon, EVA foam, shoe soles, and laces, to avoid any disruption in production because of the unavailability of raw materials. The anticipation of an increase in prices of these raw materials in future also leads to stocking up by vendors. This increases the cost of production and if the anticipation of future prices goes wrong, it reduces profits. The stocking of raw materials also increases the inventory turnover ratio. The inventory turnover ratio is calculated by dividing sales by inventory or by dividing the cost of goods sold by average inventory. This ratio indicates the inventory sold and replaced by new inventory, generally during a financial year. Though a high turnover ratio indicates greater liquidity, it also indicates idle and underutilized resources. This can hamper the profit margins of vendors due to excessive capital utilization.
Bayer HealthCare, Bauerfeind, Superfeet, Stable Step, Spenco Medical, ING Corporation, SOLO Laboratories, footlogix.