FIRST AID KIT MARKET ANALYSIS

The availability of substitutes can hamper the global first aid kit market growth. There are several low-cost alternatives available that perform similar basic first aid functions as a traditional first aid kit. For example, drugstores sell individual first aid items like bandages, antiseptic creams, gloves, and others at affordable prices. Customers can build their own mini first aid kit by purchasing these essential items separately as per their specific needs. This provides flexibility as compared to a pre-packaged first aid kit. Furthermore, simple at-home remedies using ordinary kitchen items like ice packs, ginger/garlic paste, honey, and others can substitute basic first aid requirements for minor injuries and ailments. Thus, customers see lesser value in investing in a complete first aid kit.

Market Opportunities: Expanding e-commerce channels

Expanding e-commerce channels can offer significant opportunities for global first aid kit market growth. As more consumers shop online, having a strong direct-to-consumer online presence will become increasingly important for first aid kit manufacturers and distributors to remain competitive. E-commerce allows companies to reach a broader, global consumer base beyond local markets. It also enables consumers to easily order first aid kits any time from the convenience of their home or on the go via mobile. According to the data from the United Nations Conference on Trade and Development, global e-commerce sales had increased to  US$ 26.7 trillion in 2020, from US$25.6 trillion in 2019 as more people turned to online shopping during the COVID-19 pandemic lockdowns and restrictions. As per the data from World Health Organization, over 2 billion people brought products online for the first time in 2020 alone during the pandemic. As e-commerce expand globally at a fast pace even after the pandemic with more countries investing in digital infrastructure and consumer adoption of online shopping, first aid kit companies would be well positioned to tap into this growing customer segment online.