The global baby health and personal care market is predicted to expand at a compound annual growth rate of 7.29 percent between 2015 and 2019, according to new market research.
The findings have been released in a report by US market research firm Technavio, which attribute’s the market’s growth to the increasing number of dual income houses in which both women and men are working.
Rising disposable incomes are estimated to lead to increased spending on products such as baby foods and infant formulas; baby diapers; baby toiletries; baby wipes; and baby safety and convenience products such as baby strollers and prams, baby cribs, and baby car seats.
The report indicates that the market is booming in developing countries such as India and China.
“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,” a spokesperson for Technavio noted.
“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.”