Baby Product Market to Worth $325.57 Billion by 2028 | Parents are likely to Spend Over 99.75 billion on Baby Food Products
Global baby product market was valued at USD 215.1 Billion in 2021, and it is expected to reach a value of USD 325.57 Billion by 2028, at a CAGR of 6.10% over the forecast period (2022-2028).
Westford, USA, Dec. 02, 2022 (GLOBE NEWSWIRE) — Insight company SkyQuest has released its annual report on the baby product market, providing an overview of the key trends and developments in the industry. The report notes that the market continues to grow in both developed and emerging markets, driven by a combination of factors such as population growth, urbanization and rising incomes. In terms of value, the global market will be worth an estimated US$325.57 billion by 2028.
One of the key trends highlighted in the report is the increasing focus on health and wellness among parents, which is boosting demand for natural and organic products. This is particularly evident in developed markets such as Europe and North America, where there is a greater awareness of the potential impact of chemicals on health. Another significant trend in the global baby product market is the growing popularity of ‘baby wearing’, which has seen a surge in sales of baby carriers and slings. This is being driven by a desire among parents for greater convenience and flexibility when travelling with young children.
Product segments such as baby food, diapers, and strollers are expected to grow at above-average rates during the forecast period. The Asia-Pacific region is expected to be the fastest-growing market for baby products, due to the rapidly growing population and middle-class consumers in countries such as China and India.
Our analysis predicts that the top five players in the global baby product market will generate around 40% of total industry revenues by 2028. The competitive landscape is currently dominated by multinational companies such as P&G, Nestle, and Johnson & Johnson. However, there is an increasing number of regional players that are making inroads into the market share of these incumbents with their innovative products and aggressive marketing strategies.
With regard to future prospects, SkyQuest expects the global baby product market to continue to grow at a healthy rate over the next five years, fueled by continued economic growth in emerging markets.
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Parents are likely to Spend Over 99.75 billion on Baby Food Products: Products related to Health and Wellbeing to Remain top Priority
SkyQuest’s found that global spending on baby food products market will reach $99.75 billion in 2028, up from $74.57 billion in 2021. It was also found that online sales will account for 32.1% of total baby product sales in 2028, up from 19.4% in 2021. Today, parents are increasingly turning to online retailers for their baby product needs, as they offer a wider range of products and more convenient delivery options. In addition, online retailers are able to offer lower prices than brick-and-mortar stores, thanks to their lower overhead costs. In fact, parents are becoming more discerning about the quality of the products they purchase for their babies. They are willing to spend more on items that are eco-friendly and/or made from natural materials.
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Parents are Willing to Spend on Premium Products For Health and Wellbeing
In its annual survey of global spending on baby product market, SkyQuest found that parents are spending more on baby products than ever before. The average parent now spends $1,600 on baby products each year, up from $1,400 in 2017. The survey also found that parents are increasingly willing to spend money on premium baby products. In particular, parents are willing to spend more on items that they perceive as being essential for their child’s development and wellbeing. The most popular items purchased by parents include: baby food and formula, baby clothes, baby toys and equipment, nappies and wipes, and baby healthcare products.
The study on global baby product market, which polled over 1,000 parents with children under the age of five in 10 countries, found that parents are increasingly willing to spend more on quality products for their children. In particular, parents are willing to spend more on items that promote their child’s health and wellbeing. This includes organic food, educational toys and equipment, and health-related products. The survey also found that parents are increasingly using technology to research and purchase baby products.
Over 51% of respondents said they use online resources when looking for information on baby products, and 41% said they had purchased baby products online in the past 12 months. With global spending on baby products set to increase in the coming years, it’s clear that parents are increasingly willing to invest in their child’s health and wellbeing.
So, what does this all mean for marketers in baby product market? First and foremost, it means that there is a growing market for baby products globally. This is an opportunity for companies to increase their sales and market share by investing in e-commerce and/or expanding their product offerings. In addition, companies should focus on creating products that meet the needs of modern parents, such as products that are eco-friendly and/or made from natural materials.
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Digital Presence Could be A Tipping Point for Manufacturers in Baby Product Market
In partnership with its clients, SkyQuest drives digital transformations, builds agile organizations, and creates value through growth initiatives—delivering results that matter. In today’s rapidly changing digital world, many industries are facing major disruptions. The consumer-packaged goods (CPG) industry is no exception. Increasingly, CPG companies are turning to digital solutions to help them navigate this new landscape. To better understand how digital is impacting the CPG industry, we conducted a comprehensive study of the sector.
The study on global baby product market included interviews with more than 100 executives from baby product CPG companies around the world, as well as an online survey of 1,500 consumers in five key markets: the United States, China, India, Brazil, and Russia.
The study found that the CPG industry is at a tipping point—and that baby product companies are particularly well positioned to capitalize on the opportunity presented by digital growth and presence. In fact, our analysis showed that baby product companies are two times more likely than other CPG companies to be “digital leaders”—that is, they are early adopters of new digital technologies and use them to drive business results. Digital leaders are outperforming their peers in several key areas: they are growing faster, generating higher margins, and gaining share in e-commerce. They are also more likely to report increased sales through digital channels and higher customer satisfaction scores.
In its analysis, SkyQuest covers the size and growth of the global baby product market, key players in the industry, trends impacting the market, and future outlook. It also provides insights into the competitive landscape and profiles major companies operating in the space. This is an essential read for anyone looking to understand more about the baby product industry or seeking guidance on where it is heading in the future.
Major Players in Global Baby Product Market
- Johnson & Johnson (US)
- Procter & Gamble Co. (US)
- Avon Products, Inc. (US)
- Beiersdorf AG (Germany)
- Kimberly-Clark Corporation (US)
- Unilever (UK)
- L’Oral S.A. (France)
- Alliance Boots GmbH (Germany)
- Marks and Spencer plc (UK)
- Chicco (Italy)
- Dorel Industries (Canada)
- Fujian Hengan Group (China)
Related Reports in SkyQuest’s Library:
Global Premium Cosmetics Market
Global Personal Care Wipes Market
Global Organic Skincare Market
Global Cosmetic Pigments Market
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