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The domestic childcare products market is estimated to grow at a Compounded Annual Growth Rate of 14 per cent to about ₹5.45 lakh crore by CY28 against ₹2.84 lakh crore in CY23 .
Childcare products spending per capita in India is currently in nascent stage at only about ₹9,350 in CY2023, but is projected to grow faster than those of matured markets at 14 per cent CAGR compared to 3 per cent for USA and 6 per cent for China, according a RedSeer report.
Spending on children aged 4 years and below dominates the domestic childcare products market, accounting for 41 per cent of the market in CY23 and is expected to reach 42 per cent of the market by CY28.
The competitive landscape is evolving rapidly towards organised retailers. FirstCry, a pioneer of multi-channel retailing for mothers, babies and kids products, is India’s largest multi-channel retailing platform, said the report.
FirstCry competes primarily online platforms such as Amazon, Flipkart Meesho, Hopscotch, Myntra, and Ajio, Reliance Trends and Gini & Jony among others, as per a mompreneur Sonia Singh from Mumbai.
FirstCry has emerged the largest specialist online childcare product retail platforms in UAE, in terms of GMV, according to the report. After the UAE, the company aim to replicate India playbook in KSA, says the Firsty DRHP.
RedSeer analyst points out that FirstyCry’s current total addressable market (TAM) is expected to grow at CAGR of 12 per cent to ₹7.06 lakh crore by CY28. The TAM of GlobalBees, which operates in the D2C brands market in India, is expected to grow to reach ₹2.74 lakh crore in four year growing at a CAGR of 34 per cent, it said.
FirstCry’s revenue from operations has grown to ₹5,633 crore in FY23 from ₹1,603 crore in FY21. It had 88 lakh unique transacting customers in 9 months of FY24 who gave 2.67 crore orders with an average order value of ₹2,554. The Gross Merchandise Value was up 26 per cent year-on-year to ₹6,825 crore in 9 months of FY24.
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