A new study from ReportsnReports.com says the global diaper market is expected to post a steady growth rate over the next five years with the current adult and growing aging population across the world being one of the most important drivers of this market. The growing disposable income and the resultant increasing purchasing power are driving the demand for incontinence products like diapers. These products are very convenient and easy to use, which adds to their demand.

The analysts forecast the global diaper market to grow at a CAGR of 5.34% during the period 2016-2020. Emerging countries in APAC such as China, South Korea, Thailand and India have a dense aging population that is mostly price sensitive. This population also had a limited awareness of the availability and advantages of adult incontinence products even in the recent past. However, the increasing number of awareness programs about incontinence and personal hygiene, commercial advertisements, and the growing disposable income of middle- and upper-class consumers are propelling the growth of the market in these countries.

During 2015, the offline segment dominated the diaper market and accounted for close to 88% of the market share by revenue, clearly indicating that majority of consumers prefer to buy diapers from brick-and-mortar stores. One of the main reasons for the high sales of diapers from stores, especially in developing countries, is low Internet penetration.

During 2015, the Americas held the largest market share of 35% of the global diaper market and is expected to reach over $22 billion by the end of the forecast period. Factors such as the immense popularity of the product and their high adoption rate will propel this market’s growth in the Americas.

The diaper market is highly competitive with the vendors competing to gain market share. The prevailing competition and advances in technology pose challenges for the vendors. These vendors compete on the basis of product differentiation, product portfolios, technology, manufacturing capacity, and pricing. With the rising demand for quality and eco-friendly products, the market is expected to witness an influx of new product launches which will drive the market in the next five years.

Further, the report states that the growth of the global diaper market will likely be hindered by some major challenges. One of these is the declining birth rates, primarily in western countries, where there is a relatively high penetration of diapers compared to developing countries.