Foot Care Products Market Forecast| 2023-2028

Market Insights

The Foot Care Products Market is expected to grow from USD 3.34 billion in 2022 to USD 5.05 billion by 2028 at a healthy CAGR of 7.13% during the forecast period of 2023-2028.

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What are foot care products?

Feet suffered from blisters to ingrown toenails to arthritis, and injured feet are a public health concern. The American Academy of Orthopaedic Surgeons (AAOS) reports that around 43.1 million residents in the US suffer from foot problems which nearly equals 1 in every 6 people.

Foot care products include all products in the remedial and preventive care of foot and ankle. Every person walks around 115,000 miles during his/her average lifetime, and about 30% of people face foot problems at some point in their lives.

COVID-19 Impact

The COVID-19 pandemic has negatively affected the global foot care product market in 2020. Furthermore, owing to the increasing supply-demand gap, the prices of these products are expected to rise in 2020 to overcome economic instability. Moreover, the disruption of the supply chain in shipping could result in a temporary shortage in supply, further resulting in a price increase of foot care products.

Key Players

Some of the major players in the market are-

• Aetna Foot Products (The US)
• Alva-Amco Pharmacal, Inc, (The US)
• Blistex Inc (The US)
• Johnson & Johnson (The US)
• Del Laboratories (The US)
• Glaxosmithkline Plc (UK)
• HoMedics (The US)
• Miracle of Aloe (The US)
• PediFix, Inc (The US)
• Revlon (The US)

Market Drivers

The foot care products market drivers include the following factors:

1. Increasing Awareness of Foot Health: Research shows that ~20% of Americans experience at least one-foot problem, including calluses, corns, foot pain, etc. every year. Foot care is crucial, and awareness of foot health is gradually growing among people. As people become more aware of foot health, the demand for foot care products will grow simultaneously.
2. Aging Population: Aging is not the only factor contributing to ill foot health. But recent research indicates that food issues are prevalent among the elderly affecting >70% of older patients. As the global population ages, the demand for products that cater to their specific foot care needs is expected to grow.
3. Growing cases of Diabetes – The International Diabetes Federation estimates that the global population suffering from diabetes will reach ~700 million by 2045. Also, the federation claims that 72% of people living with diabetes (in a Senegalese study) had diabetic peripheral neuropathy. This growing prevalence of diabetes and foot issues related to diabetes is likely to drive the demand for the foot care products like socks, shoe pads, etc.
4. Rising number of fitness enthusiasts and athletes: Health consciousness among people and gym culture is developing at a breakneck rate as more and more people are investing comparatively higher in fitness products than earlier. The growing number of fitness enthusiasts and even athletes are said to create a demand for foot care products including insoles, footwear, socks, etc.

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Segment Analysis

By Product Type

The market has been categorized into foot repair ointment, foot creams, foot cleansing lotions, slough scrub products, and others.

Among these, the Foot Creams segment witnessed the largest market share in 2022. Cosmetic and personal care products are gaining popularity among target consumers, due to convenient packaging design. The foot creams & lotions available are in a wide variety of foot care products under this segment with their different fragrances such as cocoa butter, apple, and others.

Furthermore, due to their creamy texture, these creams help to keep the feet hydrated, preventing dry skin, and thus bolstering segment growth.

By Application Type

The market is segmented into Sports & Athletics, Medical and Personal Comfort.

Owing to the rising popularity and need for foot care products in medical applications, the Medical segment held >40% of the market share in 2022.

Active initiatives from the government authorities towards skin cancer, increasing incidents of skin cancer such as melanoma and non-melanoma, etc. are anticipated to rise the demand for foot care products.

By Distribution Channel Type

The market is segmented into Drug Stores & Pharmacies, Hospitals & Specialty Clinics, Online Stores, and Others.

Hospitals & Speciality Clinics hold a significant share of >35% in the global foot care products market, due to their role as trusted healthcare providers qualified of identifying, treating, and prescribe specialized foot care products for various foot conditions.

By Region

The Asia Pacific market held the largest market share in 2022 and is estimated to register a robust CAGR during the forecast period.

The dominance of this region is due to the large geriatric population in the countries like China, Japan, etc. which raises the possibility of foot issues, simultaneously demanding more foot care products.

Studies claim that by 2050, one in four people in Asia and the Pacific will be over 60 years old. The geriatric population (aged over 60) in the region will triple between 2010 and 2050, reaching close to 1.3 billion people.

North American region is expected to grow at a faster pace owing to the increasing spending on health and personal care products.

According to the Centers for Medicare and Medicaid Services (CMS.gov), U.S. national health expenditure grew 2.7% to $4.3 trillion in 2021 and accounted for 18.3% of Gross Domestic Product (GDP). The center estimates that over 2022-2031, average growth in NHE (5.4%) is projected to outpace that of average GDP growth resulting in an increase in the health spending share of GDP to 19.6 percent in 2031.

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The market is segmented into the following categories. 

By Product

• Foot Repair Ointment
• Foot Creams
• Foot Cleansing Lotions
• Slough Scrub Products
• Others

By Application

• Sports & Athletics
• Medical
• Personal Comfort

By Distribution Channel

• Drug Stores & Pharmacies
• Hospitals & Specialty Clinics
• Online Stores
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: 

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.