OPPORTUNITIES APLENTY IN THE BABY CARE PRODUCT MARKET
The global baby care product market is witnessing an upturn, owed mainly to an increasing baby population and higher spending capacity of people across the world. Moreover, rising awareness about the health and hygiene of babies, and consumers’ growing inclination to purchase premium baby care products are propelling the market, globally. Research On Global Markets’ report provides a detailed analysis of what the market has in store for the coming years.
What does the market say?
Research and development initiatives to come up with superior products that do not adversely affect health, will aid the growth of the market. E-commerce will make products easily accessible to customers. They will be able to browse through the various options, compare prices, and then pick up something that meets their requirement.
What’s driving market growth?
Innovative products, especially in developed regions around the world, will further aid market penetration. A growing female workforce implies increase in purchasing power and higher demand for baby care products. Also, consumers’ increasing disposable income will boost the growth of the market.
Growing awareness about hygiene and personal care for adults, as well as for babies, is palpable across the world. Well-informed customers, who have access to information on the Internet, television, and other media sources, keep companies on their toes to innovate and provide better baby care products.
What’s trending in the baby care products market?
Based on the various products available, the global baby care market is segmented into baby cosmetics and toiletries, baby convenience and safety products, and baby food or formula. Among these segments, toiletries is the most promising segment and is anticipated to be the largest revenue generator in the coming years.
The baby toiletries segment typically comprises products that provide extensive and specialized care for infants’ hygiene needs. Wipes, shampoos, powders, bath additives, soaps, and cotton buds are some of the products extremely popular with infants’ parents.
Is it really as rosy at it seems?
Despite the promising growth prospects of the baby care products across the globe, the market is not devoid of challenges. Strict government regulations are expected to limit growth in the near future. In the markets of developing countries, there is limited awareness about baby care products and their benefits. Lack of penetration in these markets can pose considerable difficulties for major market players.
Stiff competition and high entry barriers pose challenges since major players hold more than 50% of the global market. Major players’ strategic acquisition plans, mergers, and partnerships, further consolidate their position in the market, making it difficult for new players to enter the market.