According to a new market report published by Transparency Market Research, the global baby care product market will rise from $44.7 billion in 2011 to $47.7 billion in 2012. The Albany, NY-based firm projects the category will rise to $66.8 billion in 2017, growing at a CAGR of 7.0% from 2012 to 2017.
According to Transparency Market Research, growth is largely fueled by the growing baby population in developing nations, where the disposable income of parents has also increased considerably at the same time. Moreover, the average age of parents across the globe has also increased in past few years. Older parents are considered to be financially more stable and hence have more money to spend on baby care and convenience. In addition, a growing number of women entering into the mainstream workforce has helped the baby care market to grow, as the average disposable income of the family has grown.
In addition, there’s growing demand for baby specific products, especially baby cosmetics. Baby skin care and toiletries command ever-larger market share and have a bright future, said the firm. Currently, demand for baby hair care is small, but it is expected to post healthy growth in the near future, noted the firm.
More info: www.transparencymarketresearch.com