The baby health and personal care market is forecasted to grow at a compound annual growth rate of 7.29 percent between 2015 and 2019, according to a new report.

The report by TechNavio predicts that growth in the market will be driven by greater urbanization and increased demand from developing countries such as China and India, where the market is booming. Yet TechNavio note that the market’s growth will be challenged by declining birth rates in developing countries.  

A spokesperson for TechNavio commented, “Developing regions are the next investment destination for all major players in this market. In these regions the market has seen a shift from traditional homemade food to baby food and formula products because of a rise in the working women population.

“Also, in order to be more appealing to the market, vendors are routinely launching a variety of natural, organic, and eco-friendly ingredients. Such innovations are increasing consumer penetration of their products while increasing awareness of natural ingredients among people.”

Major players in the market include Johnson & Johnson, Kimberly-Clark, Nestle and Procter & Gamble.

Other brands gaining a foothold include Babisil, Cotton Babies, Danone, Farlin, Henagon, Himalaya Wellness, Mead Johnson and Pigeon.