Want to Reap a Huge Profit? Invest in Babycare Business
The Indian economy is encountering significant demographic changes. There has been an increment in literacy level and working-class populace, alongside rising disposable incomes. Millennial parents have become more conscious and aware of the products they use for their children. Without a doubt, the penetration of the babycare business will get developed in both rural and urban areas of the country.
The baby care market in India is expected to grow significantly at a CAGR of over 15% in terms of revenue over the period 2015-2022. Most young parents need to be certain that they are investing in the most secure and most secure products for their infants. The babycare sector is additionally one of the only industries that have seen a higher number of repeat purchases, with more than 50% of the customers being repeat buyers.
1. Increasing Birth Rate:
India is home to the largest number of children across the globe, altogether larger than the number in China. Albeit the quantity of births is relied upon to gradually go down in the coming years, the overall load of India in the world in terms of child population is not going to lessen significantly for a long time to come. India is, therefore, arising as a significant world market for baby products.
2. Increased Urbanization:
Earlier, most of the Indian families were part of a joint family with grandparents and had never considered baby products as anything important since using home-made food and conventional methods for infant needs were the norm. Yet, with increased urbanization and a growing number of nuclear families, new parents are inclining towards ready-to-eat infant foods and baby care products due to lack of time and abundant products available in the market.
3. Increasing Disposable Income:
An increase in disposable income has enabled Indian parents to spend more on baby care products. Fast financial development prompts an ascent in the pay levels of people and in turn the buying power has increased remarkably.
4. Working Mothers:
With the increase in employment and the female workforce, the number of women entering the mainstream workforce has increased considerably all across the globe. The female labor participation rate has increased by 4.1 percent globally over the last three decades. Women have moved from managing households to managing jobs and therefore they get less time for caring for their babies with traditional methods and this fact has created an opportunity for the baby care products market.
5. Increased Concern for Babycare:
Parental care is an essential part of human nature. Parents, regardless of their level of wealth, always want to give the best to their babies. Parents in India are willing to purchase popular brands with high prices for their trustworthy quality. Hence, the scope for the baby care market has widened as most Indian parents have put quality before price and usually do not want to try out products with unknown standards on their children.