Allied Market Research published a report, titled, “Baby Care Products Market by Products Type (Baby Skin Care, Baby Hair Care, Baby Food and Beverage, Others), by Price Point (Low, Medium, High), by Distribution Channel (Supermarkets and Hypermarkets, Drug Stores or Pharmacy, Mass Merchandiser, Departmental Stores, Mono Brand Stores, Specialty Stores, Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global baby care products industry generated $38.0 billion in 2021, and is anticipated to generate $58.8 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031.
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Prime determinants of growth
Growth in parental concerns about their children’s skin and importance of hygiene in babies drive the growth of the global baby care products market. Moreover, promotional efforts and reasonably-priced infant food items present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global baby care products market, owing to supply chain disruptions, closure of manufacturing units, and unavailability of raw materials.
- With the rise in penetration of products and increase in sales in the post-pandemic period, the market has already recovered.
The baby hair care segment to maintain its leadership status throughout the forecast period
Based on products type, the baby hair care segment held the highest market share in 2021, accounting for nearly half of the global baby care products market, and is estimated to maintain its leadership status throughout the forecast period. Surge in number of parents and rise in birth rates are driving the demand for baby items, particularly hair care. However, the baby food and beverage segment is projected to manifest the highest CAGR of 5.4% from 2022 to 2031, owing to rise in organized retail marketing, urbanization, and considerable increase in the number of working women.
The high segment to maintain its lead position during the forecast period
Based on price point, the high segment accounted for the largest share in 2021, contributing to more than two-fifths of the global baby care products market, and is projected to maintain its lead position during the forecast period. This is due to the high purchasing power of the consumers. However, the medium segment is expected to portray the largest CAGR of 4.7% from 2022 to 2031. The medium price range is the most preferred price range among the global consumers, as the customer can acquire a good quality baby care product at this price range.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global baby care products market. The demand for baby care products, especially natural and organic baby care products, is on the rise as a result of consumers’ growing awareness about the importance of baby care, which, in turn, drives the region. However, the LAMEA region is expected to witness the fastest CAGR of 5.5% from 2022 to 2031. This is attributed to the growth in the consumer spending power and financial position of the population along with increase in internet retailing.
Key Take Away
- By product types, the baby hair care segment was the highest revenue contributor to the baby care products market, with $17,601.2 million in 2021, and is estimated to reach $26,565.7 million by 2031, with a CAGR of 4.3%.
- Depending on price point, the high segment was the highest revenue contributor to the market, with $16,345.4 million in 2021, and is estimated to reach $24,806.6 million by 2031, with a CAGR of 4.3%.
- As per distribution channel, the drug stores or pharmacy segment was the highest revenue contributor to the market, with $8,861.2 million in 2021, and is estimated to reach $13,367.2 million by 2031, with a CAGR of 4.3%.
- Region wise, Europe was the highest revenue contributor, accounting for $13,698.0 million in 2021, and is estimated to reach $20,039.2 million by 2031, with a CAGR of 3.9%.
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