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An exhaustive synopsis of breastfeeding accessories market: Breast pumps to accrue a sizable proportion of the overall industry revenue
Published Date: August 1, 2017 Author: Ojaswita Kutepatil
The inflation on the part of consumer spending, especially on mother care, has brought about a phenomenal change in breastfeeding accessories market, which is quite evident from the estimates – the industry size was pegged at USD 650 million in 2016. Over the recent years, breastfeeding accessories market has achieved immense value, with its products gaining global prominence, especially among lactating mothers. Global breastfeeding accessories market has thus experienced an appreciable growth since the last few years, as these accessories have proved to be highly beneficial for mothers suffering from engorged or flat nipples, premature births, infections and other problems related to breastfeeding. A breastfeeding accessories market report compiled by Global Market Insights, Inc., claims this industry to generate a revenue over USD 1.4 billion by 2024, with a projected CAGR of 10% over 2017-2024.
A comprehensive insight into the product trends of breastfeeding accessories market
The advent of breast pumps, breast milk bottles, and other accessories have indeed led breastfeeding accessories market to engrave a profitable growth path over the years ahead. Breast pumps in fact, have emerged as one of the most indispensable medical devices over the years, and have now become a necessity for the numerous travelling and working lactating mothers who use these pumps to stimulate their milk production. Breast pumps are also useful in alleviating the pressure of engorged breasts and have proved to be beneficial in collecting breast milk for babies who cannot latch on their mother’s breasts. This has subsequently increased the product demand leading to a robust growth in breast pump market. Compatibility of breast pumps with breast milk bottles for easing feeding and storage purpose has further fortified the demand for such components in breastfeeding accessories industry.
Breastfeeding accessories market has been witnessing a huge rise in its customer base, subject to the notable increase in female employment and their rising disposable incomes. Usually, working females are pressed for time to frequently feed their babies and manage household activities, compelling them to opt for easier and convenient methods of feeding. Over 2010-2012, the women employment rate in Germany went up from 53% to 54.1%, while in China it augmented from 63.5% to 63.8%. This significantly highlights the growing consumer base for breastfeeding accessories industry expansion.
The competitive arena of breastfeeding accessories market to play a crucial role in its overall growth
Breastfeeding accessories industry encompasses an oligopolistic competitive landscape. Apart from breast pumps, breast milk storage bags, nursing pillows, sore nipple creams, breast shells and nipple shields are also a part of the product landscape of breastfeeding accessories market, which have been gaining a huge growth potential. Adopting strategic pricing methodologies and product innovations in this market is perceived to be quite effective for the industry players to sustain the fierce competition. Ushering in technologically sophisticated breastfeeding accessories into emerging markets is also likely to garner heavy returns for key industry players in the coming years.
Worldwide breastfeeding accessories market has been forecast to witness several small vendors making their products available through offhand manufacturers, on account of which the contribution of giant companies toward global market revenue is foreseen to be relatively low. Evidencing the oligopolistic characteristics of the market, the major players are envisaged to hold a huge chunk of global breastfeeding accessories industry include Medela¸ Ameda Breastfeeding Solutions, Philips, and Pigeon Corporation. Other market players advancing at a brisk rate are Bailey Medical Center, Linco Baby Merchandise Works Co., Ltd., Mayborn Group, Whittlestone, and Hygeia Medical Group. These companies are focused on providing convenience, comfort, and ease to lactating mothers through the use of breastfeeding accessories.
An insight into the regional landscape of breastfeeding accessories industry
The global breastfeeding market is expected to witness a steep growth subject to the significant decline in the worldwide infant mortality rate as well. According to the statistics provided by WHO, the infant mortality rate has declined from 63 deaths in every 1000 births in 1990 to 32 deaths per 1000 births in 2015. In fact, over the period between 1990 to 2015, the annual infant deaths have dropped to almost half of the rate, i.e. from 8.9 million in 1990 to 4.5 million in 2015. This decrease in the infant mortality rate is expected to culminate in an increase in the population of newborns, thereby augmenting global breastfeeding accessories market.
Europe and North America are predicted to manifest an appreciable growth in breastfeeding accessories industry. The aggressively increasing rate of women employment coupled with the rising awareness regarding breastfeeding are projected to raise the bar for the regional market. U.S. breastfeeding accessories market accounted for the largest revenue share in 2016, owing to suitable measures taken to provide the required breastfeeding breaks and longer paid maternity leaves. Moreover, several breastfeeding accessories such as breast milk storage bottles, breast milk bags and breast pumps are gaining massive popularity amongst working class females. Prestigious firms such as Latham & Watkins, Reed Smith, IBM, Twitter, and many others have started a breast-milk shipping program for their female employees who often have to go on business trips. These firms are also planning to upgrade their office lactation centers and install breast pumps in working premises. Such encouragement and support provided to lactating mothers by private companies and lactation consultants augur well for the growth of breastfeeding accessories industry.
Asia Pacific is another lucrative growth ground for breastfeeding accessories market players. Backed by rising rates of women employment, economic growth, increasing awareness, and birth rate, the regional breastfeeding accessories industry is ought to expand over the coming seven years. The region experiences large unmet needs in countries such as India, China, Malaysia, Bangladesh, etc., which may act as a major driver propelling the regional business growth.
The IRS had decided to consider breast pumps and other lactation-related accessories as tax-deductible medical expenses in 2011. This has apparently been one of the major regulation changes that has massively uplifted the growth of US breastfeeding accessories market. Lactation supplies costs can run as high as USD 1000 within the first year of the newborn. These breastfeeding accessories however, are obviously crucial for lactating mothers, owing to which the US government and IRS collectively decided to grant tax break on breast pumps and other supplies. Since then, this factor has positively impacted the growth and revenue of breastfeeding accessories market and is foreseen to spectate colossal product demand.
Today, breast pumps, nursing pads, creams and other breastfeeding accessories already enjoy an established utilization status in developed countries. However, the emerging economies are also exhibiting a huge growth potential and product demand since the last few years. The major players competing in breastfeeding accessories market are looking forward to making the most of the numerous opportunities available in these regions. This industry is also set to revolutionize traditional breastfeeding practices by eliminating the constraints faced by lactating mothers. With the advent of convenient accessories, the act of infant feeding has witnessed the changing traces of medical, social, and legal attitudes toward breastfeeding.
Global Market Insights, Inc. has a report titled “Breastfeeding Accessories Market Size By Product (Breast Milk Bottles, Breast Milk Storage Bags, Sore Nipple Cream, Nursing Pads, Cleaning Products, Nipple Shields, Breast Shells), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, China, India, Japan, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” available at https://www.gminsights.com/industry-analysis/breastfeeding-accessories-market