PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1394586
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1394586
Global foot care products market was valued at USD 3.36 billion in 2022, expected to reach USD 5.12 billion in 2030, with a CAGR of 5.4% for the forecast period between 2023 and 2030.
The market is a growing industry, with a significant increase in demand for various foot care products such as foot creams, lotions, scrubs, and balms. The growth is attributed to the increasing prevalence of foot-related diseases worldwide, leading to higher consumption of foot care products in hospitals and clinics. The market is also driven by factors such as the rise in the number of individuals suffering from foot infections, increased internet penetration, and growing awareness of e-commerce distribution channels.
Foot creams hold the major market share in consumption, but foot deodorants are also gaining momentum in the market with the increasing awareness towards foot care. Cracked heels or heel fissures are a common foot problem that drives the sales of the foot care products market. As a result, the healthcare industry is the largest end-user of this market.
North America is the most significant contributor to the global foot care products market due to rising millennial demand for personal care products. Factors contributing to this growth include improved distribution methods, increased social media marketing initiatives, and consumer awareness of foot care products.
Overall, the global foot care products market is experiencing significant growth driven by the medical segment, streamlined e-commerce distribution channels, and increasing consumer awareness about foot related problems and foot care products.
The healthcare industry dominates the foot care products market, as it plays a significant role in driving sales due to the growing prevalence of foot-related diseases and the need for foot care products in hospitals and clinics. The increasing number of individuals suffering from foot infections and the rise in awareness of foot health are key factors contributing to the growth of the foot care products market. Additionally, the healthcare industry's focus on preventive care and the adoption of unique and revolutionary products targeting the foot care market are shaping the dynamics of the foot care products market. People generally go for products which are recommended by their dermatologists or claim to be 'dermatologically tested' to prevent the risks of rashes and other infections. For instance , the original Baby Foot which was started in 1997 with headquarters in the United States, sold 25-million-foot peels in twenty-five years, reaching the greatest milestone in the year 2022. It worked so well that users' feet felt as smooth as a newborn's.
Self-care was earlier only related to facial care, haircare and grooming. But with evolving trends, the foot care segment has caught the consumers' attention. Common foot problems like corns, calluses, cracked heels, blisters, odour, used to be neglected by people. But with increased internet usage throughout the world, there is a surge in awareness regarding the importance of foot health. For a variety of reasons, up to 87 % of people suffer sore feet at some point in their life. One-third of elderly people experience pain, stiffness, or hurting feet. People are becoming more proactive in seeking solutions to address foot-related issues, leading to a higher demand for foot care products. Also, with a rise in global aging population, more people suffer from foot-related problems, driving the consumption of foot care products.
With rising environmental awareness, people are gradually shifting from chemical-based products to organic products, and foot care products are also not behind. Chemicals tend to weaken and harm the skin over time as the body tries to adjust to these alien compounds. Demand for products with active ingredients and moisturizing and soothing qualities is flooding the market. This is because ingredients that are certified 'organic' are grown without the use of pesticides, herbicides, synthetic fertilizers, genetically modified organisms (GMOs), and other chemicals or additives. With that, people feel sure of what their bodies consume. Also, the chances of allergic reactions, inflammations and irritations are less while using organic skin care products, as the products do not contain any harsh chemicals. In October 2023, US-based brand Voesh launched a new heel repair balm, VOESH's Solemate Heel Repair Balm, for dry and cracked heels. The brand claims that the product is a clean, vegan-only product that works for all skin types, and is free of parabens, phthalates, artificial perfumes, and substances produced from animals.
Cosmetics products have become an essential in today's world where grooming and physical presentation of oneself is of utmost importance. Following this, counterfeiting has become a common practice in the cosmetics industry. Counterfeiting of cosmetics is on the rise globally, especially in e-commerce sector. Customs seizures of counterfeit cosmetics and fragrance items in 2017 and 2018 were about 4 % globally, which dramatically increased to slightly less than 10% in 2019, showing quite a significant increase in a short period of time. Moreover, from 2011 to 2019, fragrance and cosmetics products were consistently in the top 5 products that were targeted by counterfeiters. These counterfeit activities are affecting the growth of authentic foot care products market as people fall for these products due to their relatively lesser prices and fake advertising. Generally, people who are not loyal to the brands they use cause the increase in sales of such products dipping down the sales of genuine products. The sales volume is highly impacted with the presence of these products.
As per a report published by L'Oreal S.A., the beauty market dipped drastically for the very first time in the entire history during 2020. It fell down drastically by around 8 % in total which was quite shocking for the market players. Even big giants like The Estee Lauder Companies Inc. faced difficulties in establishing themselves. However, with increased challenges, the commitment to survival kept getting stronger. With e-commerce taking lead with the ongoing trend, companies made efforts to increase their availability as well as accessibility throughout the globe. Brands were benefitting from the people who remained royal to them despite the challenges they faced to acquire the products. With a surge in at-home requirements for cosmetics, companies introduced products to meet the ongoing requirements. At-home pedicure kits gained momentum during the time resulting in increased sales of the overall foot care products market.
Many big and small players hold varied market shares in this market creating a vast landscape. A great scope is ascertained as people are on a continuous lookout for products that provide immediate results. The outlook remains positive with current market trends taking an upward movement. Companies are adopting organic marketing strategies to enhance their presence in the market. Product launches, product innovations, patents and events are taking place on a frequent scale boosting the market level. For instance, in September 2023, a new innovative full body natural deodorant was launched by Simply Better Brands Corp.'s skincare brand, No B.S. Skincare. The newest invention, a Full Body Natural Deodorant, aimed to transform our perception of odour-free freshness and skincare, including not just the underarms but also those neglected parts or areas of the bodies like feet and creases.
Moreover, other inorganic strategies are also a vital part of the market that includes acquisitions, mergers, and collaborations. All these activities have created a vast landscape of the industry increasing the customers' as well as the companies' base.
All segments will be provided for all regions and countries covered:
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.