The global foot care products manufacturing sector is characterized by the presence of a diverse set of personal care product manufacturers that offer a broad range of products intended for the treating or preventing the occurrence of foot infections. Foot care products include braces, creams, bandages, and insoles. Such a broad range of products manufactured by this industrial segment protects it from vulnerability and demand shifts. However, the increasing competition in this market space is expected to reverse the growth trend in average industry profit margins in coming years, due to the pressures of price competition and increased spending on labor to pursue new product developments.
The changes in lifestyle and evolving fashion trends have also contributed to the demand for foot care products. There is a high demand for foot care products such as foot repair ointments, cleansing lotions, creams, and sloughing scrub, which can show immediate results. Additionally, the rise in the number of diabetic patients and bacterial infections are the other factors that are driving the growth of the global foot care products market.
Let’s look at a few trends in the global foot care products market:
- Emerging international brands: Several international brands are gaining a strong foothold in the personal care products market by innovatively developing value offerings that meet the needs of the end-users. Implementing R&D capabilities to customize products would help in creating greater awareness and ensure they reach a broader customer base.
- Topical drug innovations: Manufacturers of foot creams and other such ointments have started developing novel topical products based on existing drug substances represents. This is an essential strategy for topical drug innovation.
Moreover, factors such as increasing competition from several overseas manufacturing segments and rise in imports have created several challenges for players in this market space.
The Business Challenge
The client– A leading foot care products manufacturing company
Objective– To estimate the size of the market and assess the future growth opportunities, especially for new products and services.
The client, a leading foot care products manufacturer, wanted to assess market opportunities for its products in various geographical areas, which involved sizing and forecasting the foot care products market, including the specific market for its products. The client wanted to leverage Infiniti’s market sizing solution to better understand their market value. The client also wanted a detailed report on the entry barriers, new opportunities, risks, and competition in the foot care products manufacturing space.
Results– Assisted the client to assess market opportunities for their products in various geographical segments. This also helped them understand and analyze the current trends in the foot care products market.
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The market sizing experts at Infiniti carried out extensive research comprising of interviews and discussions with leading stakeholders across the foot care products manufacturing market space to help the client improve business efficiency. The experts at Infiniti further compiled information from a wide array of secondary sources such as paid industry databases, company presentations, and industry forums to help the client understand the competitive scenario within the personal care products space.
The Solution and the Business Impact
Implementing a market sizing engagement helped the foot care products manufacturer gain an accurate understanding of their market size. It also assisted them in determining the potential revenue that could be generated by their organization. This engagement also helped the foot care products manufacturer in breaking down their revenue and product trends into geographic components. Moreover, it helped them in identifying a scalable approach to discover new market opportunities.
Today’s consumers are well-informed and are increasingly relying on adopting preventive measures in a bid to avoid future health issues. Also, the rise in aging population and diabetic conditions have considerably fueled the demand for foot care products across the globe. Moreover, future opportunities in the foot care products market space are set to outweigh their challenges, driving significant changes in this sector. Therefore, as a player in this sector, it is essential that you assess the future challenges and opportunities to address them proactively using our market sizing solution and gain a stronger foothold in this market.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the personal care products market.