TAGS: Sustainability / Natural Cosmetics Skin Care Toiletries
According to Grand View Research, the global foot care products market size was estimated at USD 12.67 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030.
Factors Driving the Market
The increasing demand for footcare products is closely linked to the surge in participation in sports and fitness activities. As more people engage in physical exercises, sports, and active lifestyles, there is an increase in wear and tear on their feet.
This rising physical activity can lead to various foot-related issues, including strains, blisters, calluses, and even fungal infections. The popularity and participation in sports and fitness activities have significantly increased over the past few decades.
According to the data published by the European Commission in September 2022, approximately 38% of Europeans exercise or play some sport at least once a week or more.
Individuals with medical conditions impacting their lower limbs, such as diabetes, ulcers, and arthritis, constitute the primary consumer base for specialized footcare products. These products incorporate anti-inflammatory and antiseptic components designed to address common foot issues, including cracked heels, fungal infections, and athlete's foot.
Footcare ointments formulated for diabetic foot care are specially designed to provide moisture, prevent dryness and cracking, and promote wound healing. With the growing awareness regarding the importance of foot health, consumers are becoming more proactive in seeking solutions to address foot-related issues. This presents an opportunity for footcare products manufacturers to position their products as useful components. Educational marketing campaigns and partnerships with healthcare professionals can further increase awareness and drive the demand for footcare products.
Product Insights
Based on product, the footwear segment accounted for a maximum revenue share of about 58% in 2022. This segment includes products such as inserts & insoles, moisturizing socks, toe separators, and many more footwear products. The rising prevalence of foot ailments such as plantar fasciitis and other conditions has created a higher demand for effective and supportive shoe insoles. Gel materials, with their ability to conform to the unique shape of an individual's foot, offer enhanced support and relief for these foot problems, further contributing to their popularity in the market.
Orthopedic gel insoles are a great way to improve consumers’ foot health and comfort. They provide enhanced comfort and support, help absorb sweat and moisture, and are durable and long-lasting. Orthopedic gel insoles can help ease foot pain and discomfort caused by conditions such as plantar fasciitis, flat feet, and heel spurs. They are also a good choice for people who spend a lot of time on their feet, such as athletes, nurses, and teachers.
The foot creams and lotions segment is anticipated to register a CAGR of 5.4% over the forecast period. Foot creams are formulated to offer relief and rejuvenation to fatigued feet, protecting them from the discomfort caused by factors like walking on hard surfaces and dealing with issues such as cracked skin. In addition, products of brands such as The Moms Co. offer toxin-free foot cream that is enriched with the benefits of shea butter and peppermint essential oil. The all-natural cooling foot cream serves as an excellent choice for individuals seeking relief from concerns such as cracked heels, swollen feet, and overall foot and ankle fatigue.
Application Insights
Based on application, the medical treatment segment dominated the market with a revenue share of about 52% in 2022. The aging population is a significant driver of the orthotic shoe insoles market. As people age, they may experience foot conditions caused by wear and tear or chronic conditions like arthritis. Orthotic insoles help provide support and relief for elderly individuals, allowing them to maintain an active lifestyle and reduce discomfort.
Footcare products for athletic use are expected to witness strong demand for footcare products and are expected to grow with a CAGR of 5.3% over the forecast period. There is a growing awareness and emphasis on health and wellness, with an increasing number of individuals engaging in sports and fitness activities. As people become more health conscious, they seek products that can enhance their athletic performance, reduce the risk of injuries, and provide comfort during physical activities.
Distribution Channel Insights
Based on distribution channels, the supermarkets & hypermarkets segment dominated the market with a revenue share of about 38% in 2022. Companies such as Estée Lauder; Sephora; and Shiseido expanding their retail presence is expected to be a significant aid for market growth in the near future.
The online channel segment is set to expand at a CAGR of about 5.4% over the forecast period. E-commerce channels provide customers with numerous advantages such as a personalized shopping experience, a diverse range of products, convenience, and others resulting in its increasing adoption.
Regional Insights
North America foot care products dominated the global industry with a revenue share of about 33% in 2022. Canadians are becoming more health-conscious and aware of the importance of foot health. This heightened awareness has driven the demand for footcare products to improve comfort and provide better foot support. Canada has a growing aging population, and as people age, they are more likely to experience foot problems and discomfort. This trend has resulted in a higher demand for foot creams & lotions, ointment, moisturizing socks, insoles, and many other foot care products among seniors seeking relief from foot-related issues.
The Asia Pacific footcare products industry is set to rise at a rate of about 6.2% over the forecast period. According to the World Health Organization, China's aging population is experiencing one of the most rapid growth rates globally. As of 2019, there were 254 million individuals aged 60 and above, and 176 million of them were aged 65 and above. It is estimated that by 2040, approximately 402 million people, accounting for 28% of the total population, will be over 60. The elderly population is more prone to diseases such as diabetes, joint and back pain, and foot disorders, among other conditions.
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Source: Grand View Research
