According to figures from Euromonitor International, the value of the global baby diaper market in 2019 was $43.38 billion (real terms, 2019 fixed exchange rate), and it is expected to witness modest growth over the next five years, with a compound annual growth rate (CAGR) of 3.5% to reach an estimated $51.53 billion by 2024.

  Regionally, the fastest growing markets are now found mainly in Asia and Africa, according to Svetlana Uduslivaia, head of Home & Tech Americas at Euromonitor. The CAGRs for the two most populated countries in the world, China and India, will be 7.4%
and 14.8%, respectively, through 2024. Indonesia, Thailand and Vietnam are expected to be the fastest growing markets for baby diapers in Southeast Asia, with CAGRs of 11.8%, 5.9% and 8.4%, respectively, during the same time period. In Africa, Kenya and Nigeria are projected to see the fastest growth over the next five years, with CAGRs of 2.9% and 13.3%, respectively.
  Baby diaper sales continuing to grow with double digit numbers in some emerging countries in Asia, with a “shining star in India.” Africa is also picking up steam. “We are seeing the start up of new baby diaper factories not only in the most developed regions of
Northern and Southern Africa, but also in the Central less developed part of the continent. We are also seeing a healthy growth rate in the Middle East, Eastern Europe and some Latin American countries.”
  Meanwhile, with lower birth rates, more developed regions are expected to grow at a much slower rate.