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LG Household & Health Care decided to pull out its baby food business from the market after only 10 years of operation. The company will be making its exit from the said industry as the demand for infant food has been declining.
As per Korea Joongang Daily, LG Household & Health Care’s production of baby products such as the Kindermilch Biotics Formula, Kabirta Goat Milk growing-up formula, and probiotics supplement for infants is set to be halted. These items are all being sold under the firm’s Babience brand, which markets food, lotions, and body washes for babies.
As the company made the decision to withdraw from the baby food market, the stock of baby products that are still in the warehouses would be sold online and at discount store outlets. The remaining stocks are expected to be available until February 2023. Once all the stocks are sold, LG H&H will shut down Babience’s online shopping store.
The company revealed that the main reason for the discontinuation is the low demand resulting from the falling birthrate in South Korea. LG H&H confirmed the withdrawal of its baby products late last week and these will no longer be sold starting next year. However, it said that it will still sell baby skin products and these will be moved to LG Household & Healthcare’s online shopping mall after the closure of Babience.
The major South Korean consumer goods company that manages cosmetics, household goods, and beverages business explained that the fertility rate in the country is also low and the demand has been severely affected.
It shared that based on Statistics Korea in 2021, the total fertility rate or the average number of births that a woman is estimated to give in her reproductive years was only 0.81. This number is down by 0.03 compared to the average in 2020 and is considered the lowest in the world.
“As the trend of low fertility continues, demand has decreased, making it difficult to lead the business,” the Korea Post quoted the company as saying in a notice. “We inform you that we will no longer produce foods such as ‘Babience Kindermilch’ and ‘Cabrita Goat Powder Milk’ after food production in the second half of this year. With the remaining inventory, it is expected that sales will be possible by February next year.”
Photo by: Gabrielle Henderson/Unsplash
