by The global foot care products market is poised for substantial growth in the coming years, driven by various factors, including increased marketing activity and improvements in distribution channels. Foot health issues, such as toenail problems, joint and nerve issues around the toes, skin conditions, and more, have gained significant awareness in recent times. This heightened awareness, coupled with the growing popularity of self-care programs and the surging demand for wellness and foot care products, is fueling the expansion of the foot care products market.
Rise in Demand for Foot Care Products
Consumers today are more knowledgeable about maintaining a skincare routine and engaging in self-care programs, leading to an increased demand for foot care products. Key players in the market are enhancing their manufacturing capabilities and product portfolios, including sanitizing items, in response to the rising need for hygiene due to the COVID-19 pandemic.
Diabetes and Foot Health
The global diabetic population is on the rise, with an estimated 643 million people affected by 2030 and 783 million by 2045. This continuous increase in the number of diabetic patients is expected to drive the utilization of foot care products in the coming years. Additionally, the growing popularity of foot care services like pedicures has increased the demand for products such as gels, cleansers, and lotions, further contributing to market growth.
E-commerce as a Major Growth Driver
The expansion of e-commerce as a preferred distribution channel is a significant booster for the foot care products market. In 2021, the number of digital buyers reached 2.14 billion, accounting for 27.6 percent of the worlds population. E-commerce now represents roughly 20 percent of global retail sales. Consumers are increasingly turning to online platforms to purchase skincare and cosmetic products, drawn by the availability of customer feedback and high levels of engagement.
Medical Sector Dominates Market
In the forecast period, the medical category is expected to dominate the global foot care products market. Rising living standards and advanced awareness of the benefits of foot care products have driven their use in medical applications. Moreover, the increase in skin conditions like melanoma and non-melanoma, along with government initiatives to combat skin cancer, are anticipated to boost the demand for medical foot care products, especially those containing natural-based active ingredients.
Asia Pacific Leads Market Growth
Asia Pacific is projected to be the most significant market, driven by increased spending power, urbanization, diverse consumer preferences, and a preference for natural and organic cosmetics. China alone accounts for over a third of the market, with the second-largest foot and skincare market globally. With the growing adoption of foot and skincare products in China, the regional market is set to flourish.
North Americas Expanding Market
North America is expected to witness rapid growth in the global foot care products market, fueled by increased consumer spending on health and personal care items. The region has also seen a surge in interest in beauty-related foot care products that offer washing, exfoliation, moisturization, and aesthetic therapy. Medication and devices are prominent categories in the United States, with pharmacists and drug stores in Canada and Mexico playing significant roles in market growth.
Competitive Landscape
Market participants are actively launching new products and forming collaborations and partnerships to stay competitive. Recent acquisitions, such as DePuy Synthes acquiring CrossRoads Extremity Systems and Kobayashi Healthcare International Inc. acquiring Alva-Amco Pharmacal Companies, Inc., highlight the industrys dynamic nature.
Leading players in the foot care products market include Johnson & Johnson, Del Laboratories, HoMedics, PediFix, Inc, Alva-Amco Pharmacal, Inc, Revlon, Aetna Foot Products, Blistex Inc, GlaxoSmithKline Plc, and Miracle of Aloe.
The global foot care products market is on an upward trajectory, driven by a growing emphasis on foot health, expanding distribution channels, and the increasing awareness of self-care practices among consumers. As the market continues to evolve, innovation and strategic partnerships will play pivotal roles in meeting consumer demands and driving growth.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/foot-care-products-market
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This press release first seen on Brilad
COMTEX_442085752/2840/2023-10-18T16:49:24
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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