TAGS: Skin Care Hair Care Toiletries Perfumes & Fragrances
According to a report by Transparency Market Research, the global baby care products market is estimated to reach a valuation of USD 163.4 Bn By 2031, expanding at a CAGR of 6.2% during the forecast period, owing to numerous factors.
Factors Expected to Fuel Market Growth
TMR predicts the increasing importance of child safety and care across the globe to drive the growth of the baby care products market. Increasing concern about the health and hygiene of babies and inclination toward specific products among parents has resulted in a rise in demand for baby care products.
Additionally, preference for premium brands such as baby fragrances and baby perfumes as well as basic skin & hair care products is further boosting the market.
Players are continuously studying the demand and feedback to provide the most innovative and safe baby care products. This provides parents with better alternatives, better prices, and safer products, which in turn, is attracting more parents to purchase baby care products.
Changing the lifestyle of consumers, particularly in developing countries has encouraged the adoption of convenience-oriented routines, making baby care and convenience products a necessity, which, in turn, is expected to fuel market growth.
The increasing number of working women across the globe is fueling demand for more convenient and safe products for babies, which helps boost the market, owing to their increasing dependency on baby care products.
Parents want new and innovative products for their kids. Additionally, rising nuclear households is allowing young parents to opt for such products. The inclination toward convenience and growing concerns related to child safety, care, and security is boosting the global baby care products market.
Disposable income of people in developing countries is on the rise. High disposable income enables parents to ensure a healthy lifestyle and meet the safety needs of their children.
Key Developments in Market
Innovation holds the key to success in the baby care products market as new and improved products get larger consumer traction. Moreover, the growing demand for organic products will also infuse a larger number of innovative products in the future. This will help in driving the demand for baby care products over the next few years.
The baby care products market has been classified based on product type, distribution channel, and region. In recent years, increasing awareness about the usage of baby products, rapid growth in baby care centers, and penetration of innovative baby products through several e-commerce channels are likely to promote the sales of baby care products. The wellness of babies has always been a concern, what was lacking was increased awareness about nutritional requirements and holistic wellness of babies.
Based on product type, the baby care products market has been segmented into baby cosmetics and toiletries, baby safety, and convenience products, and baby food/formula. Of these, the baby food/formula segment accounted for a major share of the market in 2020. In terms of distribution channels, the online distribution channel segment is anticipated to expand at a rapid pace during the forecast period.
The online platform is becoming popular in most countries. It gives people the opportunity to order anything at their doorstep. Consumers can compare the prices of different products on different websites and choose from the various available options. Furthermore, online shopping offers free shipping, home delivery, on-time delivery, and easy exchange and return. Therefore, consumers prefer the online buying model to the offline buying model.
Explore Range of Baby Care Products
Source: Transparency Market Research
