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What is the market size of the breastfeeding/breastfeeding accessories market in the U.S., including historical & projected growth rates?
Hi! Thank you for your question about the market size of the breastfeeding/breastfeeding accessories market in the U.S., including historical & projected growth rates.
In short, we can estimate the market size for breastfeeding pumps and accessories to be anywhere in the range of $4 million and $593 million. However, multiple research supports the market size to be closer to $405 million and $593 million. The projected growth of the market is between 4.9% and 7.8%. I found the businesswire, GMInsights and CDC to be the most helpful in answering this question. I have provided a deep dive of my findings below.
OVERVIEW
The statistics for breastfeeding/breastfeeding accessories market is not available. Therefore, I have collated information from different sources to estimate a range for the market size.
The global breastfeeding devices and accessories market is expected to reach $1.532 billion in 2020. The North American market share is 52.3%. From this, we can estimate the market size for North America in 2020 as $1.531 billion * 52.3% = $802 million. Further, the market is expected to grow at a CAGR of 7.8% till 2020 globally.
Using this, we can estimate the market size for US as $802 million / (1.078^4) = $593.88 million in 2016 assuming the global growth to be the same for US.
Research and Markets forecasts the breastfeeding supplies market in the US to grow at a CAGR of 5.82% during 2016 – 2020. GMInsights estimates the breast pump market size in US at $405 million in 2015 and projects a CAGR of 4.9% from 2016 to 2024. Statistic Brain estimates the total market size of the baby care product market in US at $44 billion. Nursing accessories are only $4 million in size.
Since these statistics are not exhaustive and clear segmentation is not available such as does nursing accessories include breast pumps and whether breastfeeding supplies have other segments in addition to breast pumps, it is difficult to estimate as exact market size. Finally, University of Michigan research provides a historical breastfeeding rates in the US since 1940 however, the same has fluctuated greatly from 72% to 25% with variations throughout. I have also provided some detailed statistics around breastfeeding which might be helpful and also reference to a 2010 study published in Pediatrics that states that if 90% of US families breast-fed, the country would save $3 billion per year. However, currently, this cost would be attributed to healthcare costs among infants. While 4 out of 5 (81.1%) started to breastfeed, only 51.8% were breastfeeding at 6 months while only 30.7% were breastfeeding at 12 months. These additional information regarding breastfeeding rates may be helpful in understanding the target audience.
CONCLUSION
To conclude, we can estimate the market size for breastfeeding pumps and accessories to be anywhere in the range of $4 million and $593 million. However, multiple research supports the market size to be closer to $405 million and $593 million. The projected growth of the market is between 4.9% and 7.8%.
I hope the research is useful. Thank you for using Wonder!