The Global Foot Care Products Market Size was valued at USD 3.1 Bn in 2020 and expected to reach USD 4.7 Bn by 2027, with a growing CAGR of 7.2 % during the forecast period.
According to The International Diabetes Federation-IDF, about 40-60 million diabetic people are affected with diabetic foot globally. Thus, increasing prevalence of diabetic foot ulcers and growing usage of foot care products used for the treatment of foot ulcer are expected to propel the foot care products market. Remedial care using different products in protection of feet resulted in the growth of the foot care products market. Customer demand, combined with high penetration and attractive packing of products promote the foot care products market during the forecast period.
During the pandemic, there is a rapid development of online distribution resulting in high sale of foot care products. The imitation and the fake brand product for foot care products may restrain the foot care products market.
The usage of foot care products in sports injuries and its treatments also contributed to the growth of the foot care products market. The partnership agreements for product launches by numerous key players propel the foot care products market. For instance, in February 2018, 2XU has partnered with USA Triathlon for triathletes, offering benefits such as a decrease in muscle soreness, improved blood flow, and speedy recovery. USA Triathlon conducts over more than 4,300 races and have more than 400,000 members each year expecting to increase the market of the foot care products. In April 2020, a nail fungal plaster was launched by OTC Lab B.V. with FungeX product line for the removal of fungal infection of the foot nail.
The product was launched in Denmark, Netherlands, Sweden, Norway and Portugal for increasing the sales. TheOTCLab was awarded to be in top 100 companies in the Netherlands for the socks resulting in an increase in sales of the company’s foot care products. The foot problems such as fungal infections, corns, blisters, bunions, skin rashes, etc. due to an unhygienic and unhealthy lifestyle accelerate the foot care products market. The high adoption rate of foot care products is one of the prominent driving factors for the foot care products market. The rising awareness for a healthy lifestyle and high personal care regime drives the growth of the foot care products market.
Foot Care Products Market Segmentation:
By Distribution Channel
Based on products, the foot creams segment has the largest market share in 2020 due to the high penetration and demand of foot care products.
Based on products, the foot creams segment held the largest market share in 2020 and projected to maintains its dominance during the forecast period. This is due to the growing awareness for foot care and hygiene among the world population as the cream prevented dehydration of the skin, maintains its softness and healing the cracked heels. The usage of foot care products in treating foot ulcers have accelerated the segment during the forecast period. Daily foot care regime includes foot creams, leading to a wide purchase of the products, driving the segment in the market.
Based on application, the medical segment accounted for the highest share in 2020 due to the increasing prevalence of diabetic foot ulcers and fungal foot infections.
Based on the application, the medical segment held the largest market share in the year 2020. The increasing diagnosis rate and treatment of foot ulcers, foot infections, skin allergies, and skin cancers across the world drives the segment in the market. The sports injuries also require adequate foot care, thus driving the segment in the market.
Based on distribution channels, the hospitals & specialty clinics segment has accounted for the highest market share in 2020.
Based on the distribution channels, the hospitals & specialty clinics segment held the largest market share in 2020. The increasing number of foot augmentations and treatments in the hospitals and specialty clinics are some of the factors responsible for the growth of the segment. The routine of personal hygiene and self-pampering in these pandemic conditions accelerated the market during the forecast period. Hospitals & specialty clinics provide effective foot care products during the treatment procedures.
Based on region, Asia Pacific accounts for the largest market share in 2020 and is expected to maintain the same dominance during the forecast period
Based on region, Asia Pacific dominated the market in the year 2020. The region has high usage and demand for foot care products due to the large volume of the diabetic patient population in the region. According to National Library of Medicine, the amputation rate among diabetic foot patients was 19.03%, and major amputation rates were 2.14% and minor amputation rates were 16.88% in China. The surge in population, increasing urbanizations, high customer base, and awareness for personal hygiene are the factors attributed, towards driving the market in the region.
Many key players are improving their business strategies by concentrating on online shopping services and innovative product packing to increase the usage of foot care products. For instance, in February 2020, Champion System collaborated with the Ontario Cycling Association on online CCN portal shopping for athletes, coaches, and supporters. Many products such as footcare gels, pedicure devices, creams, medicines, and tools are widely used by diagnostic centres, podiatry professionals, and pedicure centres.
Company Profiles and Competitive Intelligence
The key players operating in the Foot Care Products Market are:
The report also provides in-depth analysis of Foot Care Products Market market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Foot Care Products Market Analysis
The COVID-19 outbreak experienced a negative impact on the foot care products industry as it has highly affected the industries in terms of growth and revenue generation. The COVID-19 cases increased day by day with the lockdown being imposed across the world. There was a disruption in manufacturing, supply chain facilities, and consumer spending due to the financial crisis.
The company started launching their products on online platforms to stabilize and deal with economic crisis. The price of foot care products increased in 2020 to overcome the economic crisis. The lockdown during the covid-19 restricted the people mobility. There was a temporary pause in the supply and sales of foot care products, ultimately leading to the hike in prices.
The report also provides in-depth analysis of key trends in Foot Care Products Market
The report also provides in-depth analysis of recent news developments and investments
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