Feeding Accessories to Procure 40% Market Share for Baby Care Products: Fact.MR Study
Published : 12 Nov 2021 Industry: Consumer Goods
Fact.MR states the sales of baby care products to exceed US$ 19 Bn by registering a CAGR of 9% in the assessment period 2021-2031. Growing inclination towards investing in infant care products along with concerns regarding hygiene are key factors influencing the sales of baby care products.
Historically, from 2016 to 2020, the sales of baby care products exhibited a CAGR of 7%. As the COVID-19 pandemic enveloped the entire planet, basic hygiene practices received an uptick, prompting enhanced sales of baby care products worldwide.
Furthermore, manufacturers are investing in researching and are using technology to offer a better experience for mothers that would reduce their burden. Availability of a wide range of products such as diapers, moisturizers and thermometers is driving the demand for baby care products.
Key Takeaways from the Market Study
- By product type, feeding accessories expected to possess nearly 40% market share for baby care products.
- By distribution channel, modern retail distribution channel expected to possess nearly 35% market share for baby care products.
- Asia likely to register an absolute dollar opportunity of over US$ 2.6 Bn until 2031
- Europe to dominate global baby care products market with a share of around 42%
- Global market for baby care products is likely to total US$ 8 Bn in revenue by 2021
“Growing awareness regarding infant health along with easy availability of a wide range of products is positively influencing the sales of baby care products,” opines a Fact.MR analyst.
New product launches and expansion of credit lines to enhance production processes are two of the core strategies relied upon by key manufacturers of baby care products. Besides, approaches such as mergers & acquisitions, collaborations and partnerships with existing players and research institutes are also relied upon.
- In March 2020, Munchkin launched a mini sterilizer, which uses UV-C light to eliminate bacteria and viruses from small baby items. Thus, the usage of this device makes products safer to use on a daily basis
- In June 2021, Dorel Industries Inc. announced its entry into a new US$ 450 million senior secured asset based revolving financing with institutional lenders led by the Bank of Montreal, which will help the company and its subsidiaries avail credit lines to produce new baby care and other juvenile products
- iBaby Labs Inc., a prominent smart baby care solutions provider, offers the iBaby M6 360-degree monitor camera, permitting parents to keep a watchful eye on their children, even from far away, with just the swipe of a finger. The monitor is simplistically designed, providing a crystal clear high definition image of not just the baby, but also of the entire room
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global baby care products market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of product type (health devices, feeding accessories, sleep facilitators, comfort facilitators & support accessories, personal care products and security devices), buyer type (institutional buyers and residential buyers) and distribution channel (modern retail, specialty stores, online retailers and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Sr. Consultant – Consumer Products