What is the market size of the parenting industry and how is the market divided?

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What is the market size of the parenting industry and how is the market divided?

Overview
Hello! Thanks for your question about "What is the market size of the parenting industry and how is the market divided?". The short version is that the parenting market size is estimated to reach $977.56 billion for age range 1 to 17 years and $1,220.93 in case we include college students under the parenting market. Moreover, the parenting market size for 1-4 years old segment is estimated to $266.18 billion, for 5-9 years old segment is estimated to $271.50 billion, for 10-14 years old segment is estimated to $274.76 billion, and for 15-17 years old segment is estimated to $165.11 billion. Finally, the parenting market size for college students (18-21 years old) is estimated to $242.38 billion. Below you will find a deep dive of my findings.

METHODOLOGY
To directly answer the request, we have searched the internet to find a pre-compiled information but, unfortunately, there was no publicly available consolidated data that can fully answer the query. As a result, we set another search strategy to triangulate the answer.

Our methodology is primarily built on the assumption that if we can identify the share of children or persons under parenting or who receive parenting support with their age structure in the U.S. and if we can identify the personal consumption or expenditure per capita for this population, we can finally multiply this population base by the average consumption or expenditure per capita so that we can estimate the parenting market size and the share of market of each age segment.

To implement our plan, we have extensively searched and checked some trusted and reliable databases such as Statista and Statistcal Atlas, in order to find the children or persons under the parenting or who receive parenting support with their age structure in the U.S., and other databases such as Bureau of Economic Analysis, Department of Commerce (BEA) and Trading Economics , to find the average consumption or expenditure per capita in the U.S.

FINDINGS
Based on the research plan explained above, we will firstly provide the statistics of the population segments receiving parenting support and we will secondly provide the average consumption or expenditure per capita in the U.S. Finally, we will calculate the total parenting market size and the share per each segment as follows.

1. U.S. PARENTING POPULATION STATISTCS
According to Statista, the U.S. population of children and teens is estimated as follows:
1. Total Children from 1-17 years old : 73.11 million
2. Less than 5 years old: 19.93 million
3. From 5-9 years old: 20.43 million
4. From 10-14 years old: 20.62 million
5. From 15-19 years old: 12.13 million

Likewise, Statistical Atlas estimates the U.S. population of children and teens as follows:

1. Total Children from 1-17 years old: 73.9 million
2. Less than 5 years old: 20.1 million
3. From 5-9 years old: 20.4 million
4. From 10-14 years old: 20.7 million
5. From 15-17 years old: 12.7 million

Moreover, the U.S. College population (18-21 years old) is estimated to 18.3 million.
Finally, based on the data from Statista and Statistical Atlas, we can calculate an average population to adjust both databases as follows:

1. Total Children from 1-17 years old: 73.5 million
2. Less than 5 years old: 20.015 million
3. From 5-9 years old: 20.415 million
4. From 10-14 years old: 20.66 million
5. From 15-17 years old: 12.415 million

2. U.S. CONSUMPTION OR EXPENDITURE PER CAPITA
According to BEA (Bureau of Economic Analysis, Department of Commerce), personal consumption or expenditure is estimated to $12,332.30 in 2015 and $12,820.70 in 2016, i.e. with growth value of $478.50.

Based on this data, we can estimate the personal consumption or expenditure in 2017 to $13,299.20 ($12,820.70 in 2016 + $478.50).

3. PARENTING MARKET SIZE AND SHARE PER SEGMENT

Now we can triangulate the parenting market size by simply multiplying the population of children by the average consumption per capita. Similarly, we can triangulate the parenting market size per segment by multiplying the segment population by the average consumption per capita.

Based on the assumptions and statistics shown above, we will calculate two scenarios for parenting market size and its segments as below:

1. First scenario: Parenting for years from 0-17 years old

If we assume that the parenting is given only to the children just born up to 17 years old ones, then the parenting market size can be estimated as follows:

1. Total children from 1-17 years old: $977.56 billion
2. Less than 5 years old: $266.18 billion
3. From 5-9 years old: $271.50 billion
4. From 10-14 years old: $247.76 billion
5. From 15-17 years old: $165.11 billion

2. Second Scenario: Parenting for 1-17 years old children and college students

If we assume that the parenting is given to children up to 17 years old and college students altogether, the parenting market size can be estimated as follows:

1. The market size of segments per age will be the same as shown in the first scenario, in addition to the college student market size which is estimated to $242.38 billion (18.3 million multiplied by $13,299.20).

2. The total parenting market size can be estimated to $1,220.93 billion in case of adding the college students under the parenting market.

Apart from the market share by age segments, the parenting market could also be segmented based on products. The children's wear market in the US was valued at $31.6 billion in 2016. The revenue from the retail of toys in the US was valued at $20.36 billion in 2016. The baby food market in the US was valued at $7.04 billion while the baby products market was valued at $4.92 billion ($4.6 billion times 6.9% CAGR). The size of the children's furniture market in the US was found to be $2.86 billion in 2015. These were the segments that were identified during the research for the segmentation of the parenting market.

CONCLUSION
To wrap it up, the parenting market size is estimated to reach $977.56 billion for age range 1 to 17 years and $1,220.93 if we include college students under the parenting market. Moreover, the parenting market size for 1-4 years old segment is estimated to $266.18 billion, for 5-9 years old segment is estimated to $271.50 billion, for 10-14 years old segment is estimated to $274.76 billion, and for 15-17 years old segment is estimated to $165.11 billion. Finally, the parenting market size for college students (18-21 years old) is estimated to $242.38 billion.

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