The demand for baby cribs and cots have escalated significantly, especially in the developing economies. Parents are considering such products which can be used for multiple purposes and such that it would be easy on their spending capacity as well. The demand for such products has risen in the past few years due to the rising demand for a better lifestyle among the consumers.
Due to this factor, the manufacturers operating in this industry have engaged themselves in research and development activities to bring out baby cribs and cots with changeable mattress levels and products that can convert to toddler beds in order to house the baby as it grows. Further, the companies are also focusing engaging on adding several functionality and features in baby cribs and cots such as wheels for mobility, side rails which prevents the baby from falling over, extended sleeping area and various others. Further, owing to the rising demand for such products, the manufacturers are also focusing on developing eco friendly products which are made from raw materials such as non toxic paints and sustainable woods which do not have any adverse effects on the baby.
Demand for a better lifestyle is one of the key factors responsible for the growth of the baby cribs and cots market at present, especially in the developing economies. The consumers in the developing countries have rapidly adopted the western culture and have altered their lifestyle accordingly. This, coupled with the rising birth rates has fuelled the demand for baby cribs and cots have complemented to the growth of this market. Further, the market is also driven the increasing consumer awareness about eco friendly products made from sustainable wood and non toxic paints which does not have any adverse effects on the baby.
However, the market is barred by low penetration rate of such products in the under developed economies. Due to economic instability in majority of the countries, the manufacturers are finding it difficult in penetrating these countries for expansion opportunities. Further, low purchasing power of the consumers residing in these countries is another factor hindering the growth of this market.
For instance, countries such as Niger, Uganda, Somalia, and Mali among others have recorded a higher birth rate averaged at 42 births per 100 populations in 2016. Consequently, the lifestyle of the consumers residing in these regions is not as advanced as compared to the developed countries. Weak purchasing power of the consumers, and lack of awareness about the facilities implemented for baby care are some of the few factors hindering the growth of the baby cribs and cots market in these countries where the birth rate is significantly high.
However, potential mergers and acquisitions, product innovations, joint ventures and partnerships are suitable expansion opportunities for the manufacturers of baby cribs and cots, thus resulting in a steady growth of the market in the future.
Based on types, the market has been classified into convertible cribs and cots, multi-purpose cribs and cots, standard cribs and cots and portable cribs and cots. Convertible cribs and cots accounted for the dominant share in 2016 and are expected to continue its trend throughout the forecast period. Such cribs and cots are preferred owing to their flexibility and their ability to transform into multiple forms of furniture, thus offering high utility.
Based on design, the market has been classified into traditional, contemporary and modern style. Traditional baby cribs and cots are expected to lead the market throughout the forecast period. Key factors influencing the growth of this segment includes a high sense of quality as most of the traditional cots come with polished or dark wood and constitute of detailed carvings as well.
Based on channels, the market is segmented into supermarkets and hypermarkets, online channels and specialty stores. Specialty stores represent a fair chunk of the market owing to greater product variety.
Geographically, Europe represented the largest market in 2016 on account of increased spending on premium baby cribs and cots which majorly come from come from consumers falling in the high income group. Further, consumers in the region are not price sensitive and spend high amounts of money on premium quality of cots and cribs
Some of the major players operating in this field include Goodbaby, Delta Children, Strokraft, MDB and Solver Cross among others.
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