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Increasing competition is expected to reverse the growth trend in average industry profit margins in coming years, due to the twin pressures of price competition and increased spending on labor to pursue new product development. For these reasons, industry research firm IBISWorld has added a report on the Foot Care Product Manufacturing industry to its growing industry report collection.
New York, NY (PRWEB) August 20, 2014
The Foot Care Product Manufacturing industry in the United States is characterized by a diverse, fragmented set of companies producing a wide range of products intended for the treatment or prevention of foot conditions. The broad variety of products manufactured by this industry, including bandages, braces, creams and insoles, protects the industry from vulnerability to shifts in demand for any particular product line, whereas the medically necessary nature of many of these items keeps overall demand steadily high. Bolstered by the aging population, the rising prevalence of diabetes in the US population and increased access to healthcare coverage due to the Patient Protection and Affordable Care Act, IBISWorld expects revenue for the Foot Care Product Manufacturing industry to grow in the five years to 2014.
Even amid growing demand, however, the industry is constantly threatened by competitive pressure from overseas manufacturers, who have been enticed by the growing profit margins US manufacturers have enjoyed in recent years. According to IBISWorld Industry Analyst Jocelyn Phillips, Imported items, including high-end luxury moisturizers and low-price foot filers, are expected to satisfy more than half (by revenue) of all domestic demand for foot care products in 2014, and this percentage will likely increase in coming years. The total value of industry imports in the US market is expected to grow at an annualized rate in the five years to 2014.
This increasing competition is expected to reverse the growth trend in average industry profit margins in coming years, due to the twin pressures of price competition and increased spending on labor to pursue new product development. Nonetheless, demand will likely remain high, particularly as the baby boomer population ages and spends more of their retirement time pursuing hobbies that may result in activity- or age-related foot ailments, says Phillips. As new product development further stimulates demand both domestically and in export markets, IBISWorld expects total industry revenue to grow at an annualized rate during the five years to 2019.
For more information, visit IBISWorlds Foot Care Product Manufacturing in the US industry report page.
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IBISWorld industry Report Key Topics
Companies in this industry are engaged in manufacturing medicated and nonmedicated preparations, bandages and other treatments for the prevention and treatment of foot care conditions including dry skin, athlete's foot, fallen arches, blisters, corns, calluses and bunions. This industry does not include manufacturers of professional medical-surgical orthopedic products, orthopedic shoes or products intended primarily as cosmetics (e.g. nail polish).
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nations most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
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