Baby Bottle Market Growth & Trends
The global baby bottle market size is expected to reach USD 5.42 billion by 2030, expanding at a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc. The increasing consumer expenditure on baby bottles, is because of long working hours and the busy schedules of parents in urban households that are resulting in a growing inclination toward infant formula over breastfeeding, thereby driving the adoption of baby bottles. The convenience these products offer, in addition to improved product features and quality, is encouraging consumers to opt for baby bottles.
Further, looking to capitalize on the growing demand for baby bottles, many players operating in the market are concentrating on expanding their businesses by offering advanced and BPA-free products. For instance, companies such as Nestlé and Abbott are also collaborating with leading milk formula producers to catalyze the sales of baby bottles. Manufacturers are also focusing on developing advanced baby bottles with improved features such as flow controllable nipple and temperature indicator devices and better raw materials like glass and silicone to gain a competitive edge.
In addition, the growing participation of women in the workforce in developing regions such as South Asia and the Middle East, and North Africa has been widening the growth opportunity for feeding bottles. According to the World Economic Forum, women in Southeast Asia are often relegated to informal work and are not provided employment benefits and legal protection. For instance, in Vietnam, only 31% of working women are employed formally, whereas 69% are engaged in informal work. In informal workplaces, the facilities for breastfeeding are far less developed compared to formal workplaces. The scenario implies that there remains a high window of growth opportunity for feeding bottles in these nations.
Increased customer confidence in online payments, 24/7 customer assistance, simple refunding rules, and lower costs are some of the important aspects that encourage online sales of baby products. Credit cards, e-wallets, COD (cash-on-delivery), Internet banking, and cash-on-order are among the payment alternatives offered by online shops. Companies are also attempting to increase their market share by providing safe payment channels and increasing client trust. In addition, although retail had a difficult year in 2020 overall, according to eMarketer, several national markets enjoyed double-digit e-commerce growth in 2021. For example, in 2021, e-commerce sales in Russia, the United Kingdom, and the Philippines increased by more than 20%.
Severe recessions and public health emergencies have historically been associated with reduced birth rates, according to a Brookings Institution report released in 2021. As a result, the COVID-19 pandemic, which included both of these traits, had the potential to result in a massive baby bust. The highest birth declines were in Hungary, Italy, Spain, and Portugal, according to studies published in the Proceedings of the National Academy of Sciences USA in August 2021, with drops of 8.5%, 9.1%, 8.4%, and 6.6%, respectively.
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Baby Bottle Market Report Highlights
The Asia Pacific is expected to grow at a significantly fast CAGR during the forecast period from 2022 to 2030. Over the past few years, the consumption of infant formula has increased remarkably especially in the Asia Pacific. China is the largest market for infant formula. This, in turn, has increased the adoption of baby bottles in the country
The plastic segment is projected to register a CAGR of 5.5% from 2022 to 2030. PP-based bottles are the most common type of plastic feeding bottles owing to their durability and flexibility. Moreover, companies are developing sustainable and less harmful plastic baby bottles, for instance, Artsana USA, Inc.’s ChiccoDUO baby bottle, which was launched in April 2021, is made with an advanced patented technology used in medical and pharmaceutical products
Due to the rising familiarity and dependence of Gen X, millennials, and Gen Z with the internet and e-commerce, the online distribution channel is predicted to contribute 19.7% of market revenue by 2030. Several value-added services supplied by e-retailers, such as discounted prices, cash-on-delivery, and paybacks, are predicted to encourage the expansion of online channels during the forecast period
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