Foot Care Products Market Overview

Foot Care Products Market Size Was Valued at USD 3.4 Billion in 2023 and is Projected to Reach USD 5.37 Billion by 2032, Growing at a CAGR of 5.2% From 2024-2032.

Foot care covers all aspects of foot and ankle prevention and treatment. Each person walks around 115,000 miles in their lifetime, and 75% of people experience foot problems at some point in their lives. Foot problems can develop as a result of ill-fitting shoes, ordinary wear, and tear injury, or as a disease complication. People with diabetes or circulatory illnesses are 20 times more likely than the general public to suffer foot problems. Podiatrists are healthcare professionals that specialize in the treatment of the foot and ankle.

Foot discomfort, joint inflammation, plantar warts, fungal infections like athlete's foot, nerve disorders, torn ligaments, broken bones, bacterial infections, and tissue damage like frostbite are all common foot problems. Paying attention to foot care reduces the risk of infection with a variety of diseases, which can cause pain and discomfort as well as difficulty walking in severe cases of foot disease. The rise in the number of individuals suffering from foot problems is estimated to propel the growth of the Foot care products market during the forecasted timeframe.

Market Dynamics And Key Factors For Foot Care Products Market

Drivers:

A Growing Number Of Foot-Related Disorders

Foot care products are used to treat and prevent problems with the feet and ankles. Foot care items can help with a variety of issues, such as nail health, finger discomfort, toe pain, and heel pain. Disease complications, ordinary wear, and tear, injury, or just ill-fitting shoes are all possible reasons for these problems. Consumer need for products that can help them maintain better hygiene and aesthetics is driving the global foot care products market. Other significant drivers driving the foot care products market growth over the forecast timeframe include an aging baby boomer population, an increase in the number of diabetic patients, and an increase in the occurrences of bacterial infections.

The rising incidence of foot infections, in particular, is driving demand in the foot care products market. In addition, the foot care products market is growing due to increased demand among millennial customers, an increase in marketing strategies, and improvements in distribution channels. Due to increased investments by small and mid-sized firms, the impact of these factors is expected to grow dramatically in the future years. During the analysis period, the expansion of podiatry medicine is likely to promote the development of the foot care products market.

Restraints:

High Prices

One of the key problems hindering the market's growth is price sensitivity. Due to a vast consumer base purchasing items through online sales channels, the cosmetics business has been severely impacted by counterfeit activities. Furthermore, lower cosmetic product penetration is due to a lack of brand loyalty among consumers purchasing cosmetic items. Fake product distribution is posing a problem for companies in the foot care products market, which is resulting in a decline in sales. Increased counterfeit activities as a result of ineffective supply chain management are likely to hamper the growth of the foot care products market over the forecasted period.

Opportunities:

R&D To Launch Novel Products In The Market

Since the field of foot care cosmetics is fairly conservative in terms of formulation, new concepts and innovative compounds are usually explored only after their usage in other cosmetics has been validated. New slow-release and long-lasting antimicrobial medicines, on the other hand, that can prevent microbial and fungal growth for the whole day, are being sought. Market participants are investing in these cutting-edge technologies to develop innovative foot care methods. The rising popularity of anti-fungal and anti-bacterial cosmetics for foot care is creating a lucrative opportunity for market players.

One of the key elements driving foot care product sales is the expanding diabetic population. The blood circulation to the feet is reduced in diabetes, which damages the nerves in the feet. If a person's nerves are affected by diabetes, tiny wounds or blisters may go undetected, leading to ulcers. These issues with the feet can be rectified by taking proper care of them, which is where foot care products come into play. Therefore, the increasing cases of corns, calluses, bunions, ingrown toenails, and diabetic individuals are expected to create a profitable opportunity for the development of the market over the projected timeframe.

Segmentation Analysis of Foot Care Products Market

By Product, the cream segment is anticipated to have the highest share of the foot care products market during the forecasted timeframe. Feet are hydrated, nourished, and moisturized using a foot cream for dry skin. It traps moisture in the skin's layers and develops a protective barrier over the foot to keep them from drying out or cracking. It also replenishes moisture and softens the skin of the foot. Creams can also be used to treat calluses, corns, and other foot issues. Foot creams are simple to use and can be washed away easily. To improve the efficiency of foot care products, market participants are incorporating new components. Footlogix, for instance, makes foot care products with urea as an ingredient. The outer layer of the epidermis, known as the stratum corneum, is strengthened by urea, providing a strong skin barrier that protects the skin of the foot from harm. Furthermore, by using a urea-based foot cream regularly, severely dry, flaky skin and the accumulation of dead skin cells that create calluses can be avoided, boosting the segment's growth.

By Category, the medical segment is expected to lead the growth of the foot care products market over the projected period owing to the rising prevalence of foot-related disorders around the world, increasing the use of such products in hospitals and clinics. Other reasons driving sales in the medical industry include an improvement in people's living standards and increased awareness of the benefits of foot care products. Furthermore, an increase in the incidence of skin cancers such as melanoma and non-melanoma, as well as active government activities to combat skin cancer, are expected to drive demand for foot care products.

By Distribution Channel, drug stores & pharmacies segment is expected to dominate during the analysis period. People tend to buy medications and other products in nearby pharmacies and drug stores. According to Environics Research, 4 out of 10 Canadians consult their pharmacist about health issues. This puts pharmacists in the second position (after physicians) as the preferred source of health-related information in Canada. Furthermore, a neighborhood pharmacy provides more than just medications. They provide excellent service, reasonable prices, and a wide range of general healthcare and foot care products. thus, supporting the development of the segment.

Regional Analysis of Foot Care Products Market

The Asia-Pacific region is anticipated to have the highest share of the foot care products market during the forecasted timeframe attributed to the growing prevalence of chronic disorders. Factors such as the presence of a large consumer base, rising urbanization, increased consumer purchasing power, and growing inclination for various personal care and cosmetic goods are projected to drive growth in the Asia-Pacific market for foot care products. India, China, and Japan are the prominent countries supporting the development of the market in this region. The revenue generated by these regions in 2020 was 27, 37.5, and 34 million respectively. Apart from these countries, the other southeast Asian countries generated 23 million in revenue in 2020.

The North American region is expected to register the second-highest growth in the foot care products market during the projected timeframe. In this region, the United States is the single largest market for foot-care products. The country's growing elderly population, as well as their vulnerability to injuries and foot ailments such as corns, calluses, and pain, is pushing the demand for foot care products. The rising incidence of diabetic foot, corns, foot pain, and calluses has boosted foot care product sales. According to Statista, in 2020 the OTC sales of foot care products were 42 million units, this number is anticipated to increase during the forecasted timeframe thus, strengthening the growth of the foot care products market in this region.

The foot care products market in the European region is anticipated to develop at a positive growth rate in the forecasted period. According to Statista, the sales of foot care products in this region were estimated at 29 million. The market for herbal foot care creams and oils is projected to increase as customer preferences shift toward organic and natural cosmetics thus, propelling the growth of the foot care products market.

COVID-19 Impact Analysis on Foot Care Products Market

The COVID-19 disaster stunned the global beauty sector (which includes skincare, color cosmetics, hair care, perfumes, foot care, and personal care). Sales were down in the first quarter, and there were a lot of store closures. Brands switched their manufacturing to make hand sanitizers and cleaning agents in response to the crisis, and free beauty services were offered to frontline response personnel. At the same time, industry executives did everything possible to ensure that their businesses thrive. The beauty industry generates $500 billion in annual sales and employs millions of people, both directly and indirectly. Spending more time at home, reducing non-essential expenditures, reducing flying travel, a greater focus on family and self-care, as well as nature, mental wellbeing, and preventative health, have all come from shifts in consumer attitude. As a result of the restrictions on goods imports and exports, there was a massive demand and supply gap. Furthermore, a disturbance in the shipping supply chain resulted in a shortage of raw materials needed to manufacture foot care products. To summarize, the COVID-19 pandemic slowed the market's growth, but the market is likely to rebound as vaccination rates rise and consumer awareness of foot care products grows.

Players Covered in Foot Care Products Market are

• HoMedics Inc.
• Aetrex Worldwide Inc.
• Aetna Felt Corporation
• Alva-Amco Pharmacal Companies Inc.
• Chattem Inc.
• Blistex Inc.
• Footcare Express Inc.
• Implus LLC
• Johnson & Johnson
• GlaxoSmithKline Plc.
• PediFix Inc.
• ProFoot Inc.
• Miracle of Aloe
• Scholl’s Wellness Co.
• Spenco Medical Corporation
• Tweezerman International LLC
• HRA Pharma S.A.
• Xenna Corporation and other major players.

Recent Industry Developments In Foot Care Products Market

In March 2022, Scholl’s Wellness Co announced a strategic partnership with Indian Pharmaceutical multinational company, Brinton. This partnership will enable Scholl to sell and distribute its dermatology portfolio in India, which includes the famed brand, Krack Cream.

In December 2019, HRA Pharma S.A., a European foot care products company with the 'Compeed' brand, has grown its presence in overseas countries such as the United Arab Emirates, Kuwait, and Saudi Arabia to acquire the first-mover advantage in such newer markets.