Baby Products Slated for Robust Growth Worldwide A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Baby Products – Global Market Trajectory & Analytics”.
The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.
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Global Baby Products Market to Reach $15.6 Billion by 2026
Amid the COVID-19 crisis, the global market for Baby Products estimated at US$12.6 Billion in the year 2022, is projected to reach a revised size of US$15.6 Billion by the year 2026, growing at a CAGR of 5.1% over the analysis period. Cosmetic & Toiletries, one of the segments analyzed in the report, is projected to record a 5.6% CAGR and reach US$8.5 Billion by the end of the analysis period. Growing awareness about hygiene and hygienic products is resulting in increased demand for cosmetics and toiletries products. Baby toiletries account for more than 12% of the overall care products and are currently witnessing faster growth, due to increasing focus on baby`s hygiene and increasing issues associated with unhygienic practices. The baby cosmetics and toiletries market comprises a wide range of products that include Skin Care Products, Bath Products, Hair Care Products, and other cosmetics and toiletries.
Though the baby formula/baby food market reached maturity in several markets, there are plenty of opportunities still. Birth rates are lower in developed markets, and the baby formula and baby food categories are saturated. However, further growth is expected, driven by innovation and premiumization. Innovation would be important in developing markets as well, but the biggest driver for growth in those regions would be increasing demand. There is high potential for growth of the organic food segment, especially in the Asia Pacific region. Despite the decline in birth rates in almost all countries across the world, the growing popularity of non-GMO infant formula and organic infant milk is expected to drive healthy market growth in the coming years. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Baby Food segment is readjusted to a revised 4.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.8 Billion in 2022, While China is Forecast to Reach $4.8 Billion by 2026
The Baby Products market in the U.S. is estimated at US$1.8 Billion in the year 2022. China, the world`s second-largest economy, is forecast to reach a projected market size of US$4.8 Billion by the year 2026 trailing a CAGR of 6.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR. Key trends prevailing in the global market include demand growth in the organic baby food segment and the emergence of many online stores as prominent distribution channels. Infant formula demand is driven by the trend of health and wellness across the world. Mounting concerns over possible exposure to toxins and chemicals on consuming non-organic prepared baby food products is a major factor attributed to the rise of organic baby food products. This trend in infant formula is more prominent in countries such as Canada, Western Europe, and the U.S.
Baby Safety & Convenience Segment to Reach $2.7 Billion by 2026
Baby Safety & Convenience Segment comprises products such as smart baby monitors, baby-safe fabric protectors, electronic strollers, high chairs, smart car seat inserts, car booster seats, and baby folding travel potty, among others. Continuous innovation remains crucial to growth in this market. USA, Canada, Japan, China, and Europe will drive the 4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.3 Billion will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest-growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$705.4 Million by the year 2026, while Latin America will expand at a 4.4% CAGR through the analysis period.
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Global Industry Analysts, Inc., is a renowned market research publisher and the world`s only influencer-driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.