Baby Diaper Market Growing at 4.1% CAGR by 2024
In terms of value, the global baby diaper market is anticipated to expand at a CAGR of 4.1% during the forecast period and is expected to be valued at US$ 70.4 Bn by 2024 end.
New York, NY -- (SBWire) -- 03/02/2017 --In terms of volume, the global baby diaper market is anticipated to expand at a CAGR of 3.5% during the forecast period and is expected to account for 379,907 units by 2024 end. Among the various regional markets, the market in Asia Pacific accounted for 41.0% volume share in 2015.
Among all product type segments in the baby diaper industry, disposable diapers are projected to be the fastest-growing segment over the forecast period (2016–2024). This segment accounts for approximately 49.0% of the global volume of diapers consumed; attributed to the availability of improved raw materials and technological advancements in markets in various regions across the globe.
In Asia Pacific, disposable segment accounted for majority market share of 42.5% in 2015. Revenue contribution of this segment to the APEJ baby diaper market is expected to increase at a CAGR of 6.0% from 2016 to 2024. In North America, a market share of the cloth diaper segment is anticipated to fall from 11.2% in 2015 to 10.8% in 2024. This is due to the introduction of new baby diaper products with more efficient absorbency as compared to that of cloth diapers. In terms of value, the disposable segment in the Europe baby diaper market accounted for 49.4% share in 2015. Demand for baby diapers in countries in this region is primarily driven by increasing number of private labels and increasing the focus on raw material suppliers towards developing biodegradable materials.
Primary factors driving growth of the global baby diaper market include increasing promotion and advertising of various baby diaper brands and improved raw materials, and technological advancements. In addition, growing affluence and increased per capita spending on personal hygiene products and increasing birth rates in developing countries are other factors expected to drive growth of the global baby diaper market over the forecast period. Demand for baby diaper across the globe is growing steadily and can be attributed to the various associated benefits such as ensuring increased hygiene and low risk of skin damage.
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One of the major restraints for a growth of the global baby diaper market is a significantly slow rate of degradation of baby diapers. Diapers rank among the third-largest consumer item to be disposed of in landfills and represent 30% of non-biodegradable waste volumes. Moreover, disposable diapers contain dioxin, which is an extremely toxic by-product of the paper-bleaching process. This factor is anticipated to restrain the growth of the global baby diaper market over the forecast period.
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Key players in the global baby diaper market include Kimberly-Clark Corporation, Procter and Gamble, Unicharm Corporation, Svenska Cellulosa Aktiebolaget SCA, Kao Corporation, Johnson & Johnson Private Ltd., Nobel Hygiene Pvt Ltd., Bummis, Fujian Shuangheng Group Co., Ltd., and Bumkins Inc.
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