by The global 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 products used to moisturize and nourish dry, cracked feet. They contain various ingredients like shea butter, cocoa butter, glycerin, and essential oils that provide deep hydration and relief. Regular use of these products helps soften rough skin, soothe calluses, and reduce signs of aging. Moreover, some products also contain ingredients like peppermint and menthol that offer cooling sensation to tired feet. Foot creams and lotions are convenient to apply and provide long-lasting moisturization compared to other treatments. Growing awareness about foot care and busy lifestyle creating demand for easy to use products is driving the foot creams and lotions market.
Market key trends:
Rise in prevalence of diabetes is a key factor fueling the market growth. Poorly managed diabetes can damage nerves (diabetic neuropathy), reduce blood circulation, and cause other foot problems. Managing diabetes and protecting foot health is crucial. Lotions containing ingredients like aloe vera and tea tree oil are becoming popular among diabetes patients for their moisturizing and anti-inflammatory benefits. In addition, increasing participation in outdoor recreational activities is leading to foot injuries and discomfort. Sports athletes frequently use cooling creams and gels prior to exercise to prevent soreness. Busy lifestyle and long working hours have raised foot health concerns as improper footwear and prolonged standing can lead to issues like blisters and swelling. This has raised the demand for on-the-go and fast-absorbing foot lotions.
Porter’s Analysis
Threat of new entrants: Foot creams and lotions market has moderate threat of new entrants as it requires high investment for research and branding. However, growing demand has opened opportunities for new players.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes and price sensitivity. But demand for specialized niche products increases their dependency.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and bargaining of key raw material suppliers.
Threat of new substitutes: Threat of new substitutes is moderate as herbal oils and homemade masks are alternatives. However, convenience of commercial products maintains market potential.
Competitive rivalry: Competition is high among major global players.
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 demand for moisturizing and therapeutic products for dry, cracked heels. The market size for 2023 is estimated at US$ 3.51 Bn.
Regional analysis: North America accounts for the dominant share in the global foot creams and lotions market followed by Europe. Growing health and beauty consciousness drives the markets in these regions. However, Asia Pacific is expected to be the fastest-growing market owing to rising living standards and increasing spending on personal care in developing countries such as China and India.
Key players analysis: Key players operating in the foot creams and lotions market are 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, Eucerin. Major players are focused on developing innovative products and expanding their geographical footprint through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
