21 December 2020
Market Overview:Disable Third Party Ads
The Global Foot Care Products Market was valued at $ 2.92 billion in 2019 and is expected to reach $ 4.5 billion by 2027, with a CAGR of 7.10% during the forecast period. The foot care product market presents an additional $ 1.6 billion revenue opportunity between 2020 and 2027. From blisters to ingrown toenails to arthritis, injured feet are a public health concern. The American Academy of Orthopedic Surgeons (AAOS) reports that approximately 43.1 million residents in the United States suffer from foot problems, which is equivalent to almost 1 in 6 people. Foot care products include all products involved in the preventive and curative care of the ankles and feet. Every human being travels approximately 115,000 miles in their average lifetime, and 30% of people experience foot problems at some point in their lives. Problems can be due to ill-fitting shoes, injuries, general wear and tear, or complications from the disease. Foot care products are essential to prevent and maintain good foot health.
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Market Drivers and Restraints:
Increased Internet penetration and awareness of e-commerce distribution channels have dramatically increased the adoption of locally produced products, which is expected to provide lucrative opportunities for manufacturers in the foot care products market. Additionally, growing demand from millennials, improved marketing strategies, and augmented distribution channels are driving the growth of the global foot care products market. The impact of these factors is expected to increase dramatically due to increased investment by small and medium-sized food manufacturing companies.
However, price sensitivity is a factor that is expected to slow market growth. The cosmetics industry has been hit hard by counterfeiting activity due to the purchase of products by a large consumer base through online sales channels. Furthermore, the lack of brand loyalty among consumers who purchase cosmetic products is responsible for a decrease in the penetration of cosmetic products. Companies active in the foot care market face challenges to distribute fake products and reduce sales. This increase in the counterfeit business due to a lack of effective supply chain management is estimated to hamper revenue growth.
Impact of Covid-19:
In the post-COVID-19 period, growth will be driven by an aging population; high prevalence of diabetes; and a growing awareness of the importance and relationships between the mechanisms of the foot and the body that influence mobility, body posture, gait, and balance. The shift to preventive care in an effort to reduce health care costs and debilitating foot amputations in advanced diabetic foot infections is helping drive demand for preventive foot care solutions. Diabetes-related complications are becoming a huge burden on health care due to the increase in the prevalence of diabetes worldwide. Diabetic foot ulcers remain the leading cause of diabetes complications and are already in the top 10 causes of general disability, doctor visits and hospitalization. Podiatry clinics where foot care is provided by professional podiatrists are poised to become a great opportunity for foot care products.
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Report is segmented as:
Foot Repair Ointment
Foot Cleansing Lotions
Slough Scrub Products
Sports & Athletics
Personal comfort products are gaining more traction among worldwide consumers. The increasing popularity of foot care products in medical applications has stimulated the growth of the segment, due to improved living standards and greater awareness of the benefits of the products.
By Distribution Channel
Drug Stores & Pharmacies
Hospitals & Specialty Clinics
Based on the distribution channel, the hospitals and specialty clinics segment had the largest 35.5% share of the global foot care products market and is expected to remain dominant throughout the outlook period.
Based on geography, the global foot care products market is segregated into regions of Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these, Asia-Pacific dominates the market with the highest share. North America and Europe represent significant shares of the world market.
Key market players:
Johnson & Johnson
Alva-Amco Pharmacal Inc
Aetna Foot Products
Miracle of Aloe
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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