July 20, 2024
Pedicure Unit Market

Pedicure Unit Market along with Higher Consumer Spending on Self-Care

The Pedicure Unit Market is estimated to be valued at US$ 1.29 billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Pedicure units are electric devices intended to provide professional pedicure treatments at home. These units use tools like rotary tools, foot spas and nail drill bits for functions like nail filing, callus removal and massage. Pedicure units offer convenience and help consumers take proper care of their feet from the comfort of their home.

Market key trends:
The higher consumer spending on self-care and personal wellness have been propelling the growth of the pedicure unit market. Consumers are increasingly investing more on self-care products and DIY spa treatments for stress relief and relaxation amidst their busy schedules. The Covid-19 pandemic has further fueled this demand as people chose to carry out pedicure and other grooming services at home due to social distancing norms. This has significantly boosted the sale of pedicure units in the past couple of years. Manufacturers are also launching innovative product varieties with enhanced features to cater to the rising demand.

Porter’s Analysis

Threat of new entrants: Low cost of used equipment enables startups with limited capital to enter the market. However, established brands have strong customer loyalty and distribution networks.

Bargaining power of buyers: Individual customers have moderate bargaining power due to availability of substitute products. Commercial buyers like salons have higher bargaining power to negotiate prices in bulk orders.

Bargaining power of suppliers: A few key players dominate production of pedicure unit components globally. This gives them significant influence over pricing.

Threat of new substitutes: Emergence of DIY nail care kits poses threat, but professional pedicures offer better experience.

Competitive rivalry: Intense competition among major brands to gain market share through innovative features, attractive designs and competitive pricing.

SWOT Analysis

Strengths: Growing demand for self-care treatments. Ability to accommodate multiple customers simultaneously.

Weaknesses: Higher price point compared to basic pedicure sets limits adoption. Require regular service and maintenance.

Opportunities: Untapped growth potential in developing markets. New product launches catering to specific needs of clients.

Threats: Economic slowdowns affecting discretionary spend on personal care. stringent regulations around hygiene and treatment protocols.

Key Takeaways

The global pedicure unit market is expected to witness high growth at a CAGR of 7.9% over the forecast period due to increasing focus on self-care and personal wellness. The North America region currently dominates the market owing to widespread availability of urban salons and rising personal care expenditure.

By 2030, the North America pedicure unit market is projected to surpass US$ 500 million, accounting for over 35% of global revenue. Growth here will be supported by factors such as hectic schedules prompting salon visits and greater awareness about professional pedicure services through social media promotion and word-of-mouth.

Key players operating in the pedicure unit market are Belava, Lexor, Luraco, Gharieni, Living Earth Crafts, Smock Spa, Gamma & Bross, Kalopi, Bows Beauty, Shedrain. Major players are focusing on product innovations such as automatic bowl washing, massage rollers, increased basin capacity to appeal to commercial users. Competitive pricing and attractive warranty/servicing schemes will also remain crucial for market penetration.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it