Foot Creams and Lotions Market is Estimated To Witness High Growth Owing To Rising Prevalence of Athlete’s Foot and Dry Cracked Heels
The Foot Creams and Lotions market is estimated to be valued at US$ 3.51 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Foot creams and lotions are topical moisturizers designed to hydrate and soften
dry, cracked skin on the feet. These products contain ingredients like
petroleum jelly, mineral oil, glycerin, and shea butter that form an occlusive
layer on the skin to lock in moisture. Regular application of foot creams and
lotions helps prevent conditions like athlete's foot and dry cracked heels. It
also aids in soothing tired and sore feet.
Market key trends:
One of the key factors driving the growth of the foot creams and lotions market
is the rising prevalence of athlete's foot and dry cracked heels. Athlete's
foot, also known as tinea pedis, is a common fungal infection that affects the
skin between the toes. According to the Centers for Disease Control and
Prevention (CDC), athlete’s foot affects nearly 10% of the global population.
High incidence of this condition has increased the demand for antifungal foot
moisturizers. Furthermore, dry cracked heels, also referred to as calluses or
heel fissures, occur due to lack of hydration in feet skin. Long working hours
and increased physical activities have contributed to the growth in cases of
dry cracked heels, thereby fueling sales of foot creams and lotions.
Porter’s Analysis Content
Threat of new entrants: Low capital requirement and growing popularity of
natural ingredients has increased the threat of new entrants in the foot creams
and lotions market. However, established brands have strong brand loyalty and
distribution network which acts as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of substitutes and price sensitivity. However, demand for
specialized products targeted at specific problems increases their dependence
on key brands.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining
power due to availability of substitutes. However, suppliers of essential/hard
to source natural ingredients may possess higher bargaining power.
Threat of new substitutes: Threat from new substitutes is moderate as switching
costs are relatively low. However, customer loyalty to established brands
limits the impact of substitutes.
Competitive rivalry: High due to presence of many global and regional players
competing on basis of product differentiation, quality and pricing.
SWOT Analysis
Strengths: Strong brand recognition of leading players. Wide product portfolio
targeting specific issues.
Weaknesses: Seasonal demand leads to fluctuations. High R&D costs to
develop innovative products.
Opportunities: Growing popularity of natural/herbal ingredients provides new
prospects. E-commerce growth increases access.
Threats: Stringent regulations around claims and ingredients. Supply chain
disruptions amid pandemic raise costs.
Key Takeaways
The global Foot
Creams And Lotions Market Size is expected to witness high growth,
exhibiting CAGR of 9.6% over the
forecast period, due to increasing consumer awareness about foot care and
preference for natural ingredients. As per estimates, the market was valued at US$ 3.51 Bn in 2023.
Regional analysis. North America dominates the global market currently owing to
large consumer base, product awareness and availability of innovative products
in the region. Asia Pacific is expected to be the fastest growing market during
the forecast period with countries like China, India and Japan emerging as major
consumers due to growing income, influence of western trends and lifestyle
changes.
Key players operating in the foot creams and lotions market include Johnson
& Johnson, Bayer AG, GlaxoSmithKline Plc, Baby Foot, Sanofi S.A., Grace
& Stella Co., PediFix Inc., Alba Botanica, Tony Moly Co. Ltd., Aveeno,
Bio-Oil, Dr Teal’s, Bath & Body Works, The Body Shop, Nivea, O'keeffe's,
L'Occitane, La Roche-Posay, CeraVe, and Eucerin. These players are focused on
enhancing their product portfolio and leveraging digital platforms to
strengthen consumer connect.
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