Are baby products a profitable field for inventing? You better believe it. While the birthrate in the U.S. isn’t growing, tapering off at 3.75 million newborns annually, the sales of infant/toddler products sure are!
Today, over $6 billion in sales of such items are realized every year in the United States and are projected to exceed 11.1 billion by 2025. That’s an astronomical growth rate of 85 percent in just four years. In fact, consistent research has designated the baby product market to be the best and fastest-growing segment of the consumer goods industry. Purchasing indices of accessories for the care of small children have remained 75 percent above average in recent consecutive years.
While the U.S. numbers are amazing. It’s a global marketplace. The baby care product market hit $67.35 billion globally in 2020, and market analysts project it will eclipse $87.7 billion by 2026.
Another interesting fact, the decline in U.S. annual births is only true of younger women. For ladies aged 30 and older, the birthrate is booming.
For many, waiting until that 30+ before having children can offer several benefits. It can help them complete their education without interruption, and even give them opportunity to establish themselves in their careers before starting families.
It also makes them ideal consumers! For example, over 80 percent of these 30-and-older pregnant women are employed fulltime. Additionally, households with mothers who give birth between 30 and 39 years of age, almost all of which are from two-income households, spend 54 percent more on products for children and have incomes 41 percent higher than other families with kids.
What’s the top feature these able-and-avid consumers actively seek from products for the care of their children, as determined by industry experts? Convenience. These are busy parents, and they need products and innovations they can count on to make it easier, faster and more enjoyable to care for their little ones.
What does this all add up to? A great opportunity for inventors and their child-care inventions. If you have an invention or an improvement to a product for the care of babies and toddlers that offers real convenience to parents, it’s worth pursuing.