Press release
Foot Care Products Market Share, Latest Trends, Growth Opportunities and Forecast 2029
Foot care products provide excellent comfort to the foot and cure several problems such as plantar fasciitis, athlete's foot, flat fleet, and others-the prevalence of foot problems among populations fuels the demand for good quality footwear. In addition, the adoption of socks and shoe pads in acupuncture treatments can accelerate business opportunities. Footwear manufacturers are announcing products to curb fungal infections and rashes. For example, The OTC Lab B.V. launched FungeX in April 2020. It is a fungal plaster that is used to curb fungal infections. Therefore, the rapid adoption of advanced foot careproducts is expected to accelerate market growth during the foreseeable years.
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Impact of COVID-19
Halt in Production Activity of Footwear to Slump Market Growth
This market was adversely affected during the COVID-19 pandemic due to the halt in production activities of foot care products. Rising cases and government lockdowns have adversely affected the global market. However, the consumer's inclination towards online shopping websites is likely to impact the market growth positively. Further, the footwear manufacturers have introduced part-time shifts and half working capacity to regain their position.
Segments
Based on product type, the market is segregated into foot creams & lotions, shoe pads, moisturizing socks, and others. As per categories, it is divided into personal use, medical, and sports & athletes. On the basis of distribution channels, it is classified into hypermarkets & supermarkets, pharmacy stores, online stores, and convenience stores. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Highlights of the Report
The report analyzes the leading segments and the recent market trends.
It conducts a comprehensive study of the impact of COVID-19 on the market and the driving and restraining factors.
This report examines the strategies implemented by the market's key players and the regional developments.
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Drivers and Restraints
Prevalence of Sports Injuries and Postural Issues to Boost Market Growth
The demand for footwear products is expected to surge because of the increasing cases of foot problems such as bunions, blisters, corns, and others. The prevalence of diseases is attributable to the sedentary lifestyle of the global population. In addition, the prevalence of diabetes patients and aging is likely to boost demand for foot care solutions. For example, as per the information provided by the International Diabetes Federation, around 463 adults suffer from footwear problems in 2019. The number of patients is likely to reach 700 million by 2045.
Furthermore, advanced infrastructure development for pharmaceutical sectors is likely to influence growth. As per the Consumer Healthcare Products Association, the number of drug stores in the US has reached 54,000 by 2019. Further, the emergence of COVID-19 upsurges the demand for foot care products due to the rising awareness for curing foot problems. Thus, this factor is likely to drive the foot care products market growth.
However, the availability of alternative products is anticipated to hamper the market growth.
Regional Insights
Prevalence of Postural Issues among Geriatric Population to Fuel Growth in Asia Pacific
Asia Pacific is projected to dominate the foot care products market share due to the rising foot problems among the geriatric population in Japan and China. As per the information provided by the Statistics Bureau of Japan, 28.4% of Japanese residentsare comprised of 65 years and beyond. In addition, the consumer preference for natural foot care products is likely to enhance the market growth.
North America is expected to rapidly grow because of the rising per-capita income for foot care products, thereby boosting the market growth. For example, as per the statistics published by the Centers for Medicare & Medicaid Services, the investment in medicines touched USD 3.6 trillion in 2018.
Competitive Landscape
Key Players to Acquire Companies to Expand their Distribution Network
Key players in the market have acquired other companies to expand their distribution channels. For example, Yellow Wood acquired Dr. Scholls to form a new Scholl's Wellness Company LLC company. This acquisition enabled the company to expand its distribution network. Further, the players are focusing on launching cost-effective foot care products with different colors and sizes to attract consumer attention, which, in turn, will grant the companies a strong brand name.
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Industry Development
December 2019: HRA Pharma S.A. expanded its reach in Kuwait, Saudi Arabia, and UAE's market with its 'Compeed' foot care product brand. This expansion enabled the company to gain a significant market position.
List of Key Players Profiled in the Foot Care Products Market Report
Reckitt Benckiser Group Plc.
Pedifix Inc.
MEDICI Global Inc.
Johnson and Johnson Services Inc.
Revlon Inc.
Merck & Co. Inc., d.b.a.
MAGHAM Inc.
HoMedics USA LLC.
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