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Foot care products are highly essential for maintaining foot health as well as for preventing foot pain. Foot hygiene and care are the two major categories of such products, and growing awareness regarding health care & hygiene among the global population is primarily driving the growth of the market. Acupressure treatment specific shoe pads & socks are widely popular among the people for caring for their foot problems.
Companies are constantly introducing various personal hygiene products to protect the foot from the infections, and skin itching. For instance, in April 2020, The OTC Lab B.V. introduced nail fungal plaster under their FungeX range of product line. Such a plaster product is essentially used to avoid & remove the fungal infection of the foot nail.
Rising consequences of foot-related problems such as blisters, corns, bunions, etc. among the global population are attributed to their unhealthy lifestyle & higher standard of living. This is likely to drive the growth of the foot care products market. Additionally, the growing prevalence of aging, as well as diabetes among the people, is likely to drive the demand of the foot care socks, and shoe pads. According to the data presented by the International Diabetes Federation, in 2019, approximately 463 million adults across the globe were suffering from diabetes and the figure is expected to increase to 700 million by 2045.
Moreover, adequate infrastructural facilities related to the pharmacy stores or drug stores are largely supporting the consumption rate of such products. According to the data presented by the Consumer Healthcare Products Association, as of 2019, there are 54,000 pharmacy stores in the United States. Additionally, the uncertain occurrence of the COVID-19 pandemic has skyrocketed the consumer demand towards health & hygiene-related products for infection prevention purposes. This has strongly given rise to the growth of the market.
However, the wide availability of counterfeit products is expected to hamper the revenues of prominent foot care brands. Additionally, large competition from the local players is anticipated to limit the growth of prominent companies.
Key Market Driver -
Increasing consequences of the foot-related problems is expected to drive the market growth.
Key Market Restraint -
Wide availability of counterfeit products is anticipated to restrain the market growth.
The key players involved in the global foot care products market are, Reckitt Benckiser Group Plc., Pedifix Inc., MEDICI Global Inc., Johnson & Johnson Services Inc., Revlon Inc., Merck & Co. Inc., d.b.a., MAGHAM Inc., HoMedics USA LLC., Aetrex Worldwide Inc., Alva-Amco Pharmaceutical Companies, Inc., HRA Pharma S.A., and others.
The global foot care products market is segmented based on product type, categories, distribution channels, and geography. By product type, the market is segmented into foot creams & lotions, shoe pads, moisturizing socks, and others. The foot creams & lotions segment is expected to hold a major share of the market owing to the availability of the wide variety of foot care products under this segment with their different fragrances such as cocoa butter, apple, and others.
By categories, the market is segmented into personal use, medical, and sports & athletes. The medical segment is anticipated to exhibit a significant share of the market owing to the growing prevalence of foot-related diseases across the globe which give rise to the consumption rate of such products among hospitals and clinics. According to the report ‘Plantar Fasciitis Risk Factors in Normal Population’, published by Biosciences Biotechnology Research Asia, as of 2019, about 7% of the Asian population was suffering from plantar fasciitis disease in Asia.
Based on the distribution channel, the market is segmented into hypermarkets & supermarkets, pharmacy stores, online stores, and others. The pharmacy store segment is expected to hold the largest share of the market owing to the provision of the most effective and reliable foot care products by these stores. Additionally, patients can easily search such stores at the nearby hospitals & clinics which give rise to the sales of foot care products from such stores.
By geography, the global foot care products market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The aged population across the globe is most likely to suffer from various foot-related problems such as compared to that of the younger population. Therefore, the Asia Pacific region is expected to hold a major share of the market owing to a large number of the aged population in the countries such as China, and Japan which give rise to the demand for foot care products in the region. According to the data published by the Statistics Bureau of Japan, as of September 2019, 28.4% of the Japanese population was aged 65 and above. Additionally, shifting consumer preferences towards buying organic and natural cosmetic products is likely to drive the demand for herbal foot care creams and oil in the region.
North America region is expected to grow at a faster rate for the global foot care products market owing to the increasing spending of the population for the health & personal care products which results in large revenues from such products. According to the statistics presented by the Centres for Medicare & Medicaid Services, in 2018, U.S. healthcare spending reached to USD 3.6 trillion, increased by 4.6% compared to the previous year. Additionally, a large number of pharmacists and drug stores in countries such as Canada & Mexico largely support the growth of the market in the region. According to the data published by the National Association of Pharmacy Regulatory Authorities, as of January 2020, there were 45,651 numbers of Pharmacists in Canada.
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