Selected research
Industry Research
Maternal and Child Economy Industry Research Report 2026
Market perspective
The global Maternal and Child Economy market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
The North America market for Maternal and Child Economy is projected to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026–2032.
The Europe market for Maternal and Child Economy is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032.
Read the full market overview
The Asia Pacific market for Maternal and Child Economy is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032.
Leading global manufacturers of Maternal and Child Economy include Goodbaby International, Johnson & Johnson, Pigeon, Philips Avent, Dr. Brown's, NUK Baby Products, Procter & Gamble, Kimberly Clark Corp and BABISIL, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Maternal and Child Economy market in terms of revenue (US$ million) and, where applicable, sales volume (k units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of Types and Applications, harmonizes vendor attribution, and presents comparable time series by company, Type, Application, and region/country, including indicative price bands (US$/k units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for brand owners, manufacturers, retailers, channel partners, and investors; data are structured with consistent units and fields to facilitate integration into internal FP&A and BI systems.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Maternal and Child Economy Market by Company
Goodbaby International
Johnson & Johnson
Pigeon
Philips Avent
Dr. Brown's
NUK Baby Products
Procter & Gamble
Kimberly Clark Corp
BABISIL
Unilever Plc.
Nestle S.A.
Cotton Babies
KCWW
Nuby
MamyPoko
Pampers
Baby Brezza
Evenflo
Infaye
Delta Children
Feihe
Beinmei
Yili
Junlebao
Insoftb
VTech
Beinshi
Hengan Group
Maternal and Child Economy Segment by Type
Care Products
Food
Toys
Furniture
Electrical appliances
Others
Maternal and Child Economy Segment by Application
Online Sales
Mother and Baby Stores
Supermarkets
Others
Maternal and Child Economy Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Maternal and Child Economy market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Maternal and Child Economy and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Maternal and Child Economy.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc.), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 3: Detailed analysis of Maternal and Child Economy manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Maternal and Child Economy by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Maternal and Child Economy in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Care Products
- Food
- Toys
- Furniture
- Electrical appliances
- Others
Applications
- Online Sales
- Mother and Baby Stores
- Supermarkets
- Others
Companies covered
- Goodbaby International
- Johnson & Johnson
- Pigeon
- Philips Avent
- Dr. Brown's
- NUK Baby Products
- Procter & Gamble
- Kimberly Clark Corp
- BABISIL
- Unilever Plc.
- Nestle S.A.
- Cotton Babies
- KCWW
- Nuby
- MamyPoko
- Pampers
- Baby Brezza
- Evenflo
- Infaye
- Delta Children
- Feihe
- Beinmei
- Yili
- Junlebao
- Insoftb
- VTech
- Beinshi
- Hengan Group
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Global Market Growth Prospects
- 2.2.1 Global Maternal and Child Economy Market Size (2021-2032)
- 2.2.2 Global Maternal and Child Economy Sales (2021-2032)
- 2.2.3 Global Maternal and Child Economy Market Average Price (2021-2032)
- 2.3 Maternal and Child Economy by Type
- 2.3.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Care Products
- 2.3.3 Food
- 2.3.4 Toys
- 2.3.5 Furniture
- 2.3.6 Electrical appliances
- 2.3.7 Others
- 2.4 Maternal and Child Economy by Application
- 2.4.1 Market Value Comparison by Application (2021 VS 2025 VS 2032)
- 2.4.2 Online Sales
- 2.4.3 Mother and Baby Stores
- 2.4.4 Supermarkets
- 2.4.5 Others
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Maternal and Child Economy Market Competitive Situation by Manufacturers (2021 Versus 2025)
- 3.2 Global Maternal and Child Economy Sales (k units) of Manufacturers (2021-2026)
- 3.3 Global Maternal and Child Economy Revenue of Manufacturers (2021-2026)
- 3.4 Global Maternal and Child Economy Average Price by Manufacturers (2021-2026)
- 3.5 Global Maternal and Child Economy Industry Ranking, 2024 VS 2025 VS 2026
- 3.6 Global Manufacturers of Maternal and Child Economy, Manufacturing Sites & Headquarters
- 3.7 Global Manufacturers of Maternal and Child Economy, Product Type & Application
- 3.8 Global Manufacturers of Maternal and Child Economy, Established Date
- 3.9 Global Maternal and Child Economy Market CR5 and HHI
- 3.10 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Goodbaby International
- 4.1.1 Goodbaby International Company Information
- 4.1.2 Goodbaby International Business Overview
- 4.1.3 Goodbaby International Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.1.4 Goodbaby International Maternal and Child Economy Product Portfolio
- 4.1.5 Goodbaby International Recent Developments
- 4.2 Johnson & Johnson
- 4.2.1 Johnson & Johnson Company Information
- 4.2.2 Johnson & Johnson Business Overview
- 4.2.3 Johnson & Johnson Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.2.4 Johnson & Johnson Maternal and Child Economy Product Portfolio
- 4.2.5 Johnson & Johnson Recent Developments
- 4.3 Pigeon
- 4.3.1 Pigeon Company Information
- 4.3.2 Pigeon Business Overview
- 4.3.3 Pigeon Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.3.4 Pigeon Maternal and Child Economy Product Portfolio
- 4.3.5 Pigeon Recent Developments
- 4.4 Philips Avent
- 4.4.1 Philips Avent Company Information
- 4.4.2 Philips Avent Business Overview
- 4.4.3 Philips Avent Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.4.4 Philips Avent Maternal and Child Economy Product Portfolio
- 4.4.5 Philips Avent Recent Developments
- 4.5 Dr. Brown's
- 4.5.1 Dr. Brown's Company Information
- 4.5.2 Dr. Brown's Business Overview
- 4.5.3 Dr. Brown's Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.5.4 Dr. Brown's Maternal and Child Economy Product Portfolio
- 4.5.5 Dr. Brown's Recent Developments
- 4.6 NUK Baby Products
- 4.6.1 NUK Baby Products Company Information
- 4.6.2 NUK Baby Products Business Overview
- 4.6.3 NUK Baby Products Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.6.4 NUK Baby Products Maternal and Child Economy Product Portfolio
- 4.6.5 NUK Baby Products Recent Developments
- 4.7 Procter & Gamble
- 4.7.1 Procter & Gamble Company Information
- 4.7.2 Procter & Gamble Business Overview
- 4.7.3 Procter & Gamble Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.7.4 Procter & Gamble Maternal and Child Economy Product Portfolio
- 4.7.5 Procter & Gamble Recent Developments
- 4.8 Kimberly Clark Corp
- 4.8.1 Kimberly Clark Corp Company Information
- 4.8.2 Kimberly Clark Corp Business Overview
- 4.8.3 Kimberly Clark Corp Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.8.4 Kimberly Clark Corp Maternal and Child Economy Product Portfolio
- 4.8.5 Kimberly Clark Corp Recent Developments
- 4.9 BABISIL
- 4.9.1 BABISIL Company Information
- 4.9.2 BABISIL Business Overview
- 4.9.3 BABISIL Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.9.4 BABISIL Maternal and Child Economy Product Portfolio
- 4.9.5 BABISIL Recent Developments
- 4.10 Unilever Plc.
- 4.10.1 Unilever Plc. Company Information
- 4.10.2 Unilever Plc. Business Overview
- 4.10.3 Unilever Plc. Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.10.4 Unilever Plc. Maternal and Child Economy Product Portfolio
- 4.10.5 Unilever Plc. Recent Developments
- 4.11 Nestle S.A.
- 4.11.1 Nestle S.A. Company Information
- 4.11.2 Nestle S.A. Business Overview
- 4.11.3 Nestle S.A. Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.11.4 Nestle S.A. Maternal and Child Economy Product Portfolio
- 4.11.5 Nestle S.A. Recent Developments
- 4.12 Cotton Babies
- 4.12.1 Cotton Babies Company Information
- 4.12.2 Cotton Babies Business Overview
- 4.12.3 Cotton Babies Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.12.4 Cotton Babies Maternal and Child Economy Product Portfolio
- 4.12.5 Cotton Babies Recent Developments
- 4.13 KCWW
- 4.13.1 KCWW Company Information
- 4.13.2 KCWW Business Overview
- 4.13.3 KCWW Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.13.4 KCWW Maternal and Child Economy Product Portfolio
- 4.13.5 KCWW Recent Developments
- 4.14 Nuby
- 4.14.1 Nuby Company Information
- 4.14.2 Nuby Business Overview
- 4.14.3 Nuby Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.14.4 Nuby Maternal and Child Economy Product Portfolio
- 4.14.5 Nuby Recent Developments
- 4.15 MamyPoko
- 4.15.1 MamyPoko Company Information
- 4.15.2 MamyPoko Business Overview
- 4.15.3 MamyPoko Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.15.4 MamyPoko Maternal and Child Economy Product Portfolio
- 4.15.5 MamyPoko Recent Developments
- 4.16 Pampers
- 4.16.1 Pampers Company Information
- 4.16.2 Pampers Business Overview
- 4.16.3 Pampers Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.16.4 Pampers Maternal and Child Economy Product Portfolio
- 4.16.5 Pampers Recent Developments
- 4.17 Baby Brezza
- 4.17.1 Baby Brezza Company Information
- 4.17.2 Baby Brezza Business Overview
- 4.17.3 Baby Brezza Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.17.4 Baby Brezza Maternal and Child Economy Product Portfolio
- 4.17.5 Baby Brezza Recent Developments
- 4.18 Evenflo
- 4.18.1 Evenflo Company Information
- 4.18.2 Evenflo Business Overview
- 4.18.3 Evenflo Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.18.4 Evenflo Maternal and Child Economy Product Portfolio
- 4.18.5 Evenflo Recent Developments
- 4.19 Infaye
- 4.19.1 Infaye Company Information
- 4.19.2 Infaye Business Overview
- 4.19.3 Infaye Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.19.4 Infaye Maternal and Child Economy Product Portfolio
- 4.19.5 Infaye Recent Developments
- 4.20 Delta Children
- 4.20.1 Delta Children Company Information
- 4.20.2 Delta Children Business Overview
- 4.20.3 Delta Children Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.20.4 Delta Children Maternal and Child Economy Product Portfolio
- 4.20.5 Delta Children Recent Developments
- 4.21 Feihe
- 4.21.1 Feihe Company Information
- 4.21.2 Feihe Business Overview
- 4.21.3 Feihe Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.21.4 Feihe Maternal and Child Economy Product Portfolio
- 4.21.5 Feihe Recent Developments
- 4.22 Beinmei
- 4.22.1 Beinmei Company Information
- 4.22.2 Beinmei Business Overview
- 4.22.3 Beinmei Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.22.4 Beinmei Maternal and Child Economy Product Portfolio
- 4.22.5 Beinmei Recent Developments
- 4.23 Yili
- 4.23.1 Yili Company Information
- 4.23.2 Yili Business Overview
- 4.23.3 Yili Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.23.4 Yili Maternal and Child Economy Product Portfolio
- 4.23.5 Yili Recent Developments
- 4.24 Junlebao
- 4.24.1 Junlebao Company Information
- 4.24.2 Junlebao Business Overview
- 4.24.3 Junlebao Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.24.4 Junlebao Maternal and Child Economy Product Portfolio
- 4.24.5 Junlebao Recent Developments
- 4.25 Insoftb
- 4.25.1 Insoftb Company Information
- 4.25.2 Insoftb Business Overview
- 4.25.3 Insoftb Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.25.4 Insoftb Maternal and Child Economy Product Portfolio
- 4.25.5 Insoftb Recent Developments
- 4.26 VTech
- 4.26.1 VTech Company Information
- 4.26.2 VTech Business Overview
- 4.26.3 VTech Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.26.4 VTech Maternal and Child Economy Product Portfolio
- 4.26.5 VTech Recent Developments
- 4.27 Beinshi
- 4.27.1 Beinshi Company Information
- 4.27.2 Beinshi Business Overview
- 4.27.3 Beinshi Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.27.4 Beinshi Maternal and Child Economy Product Portfolio
- 4.27.5 Beinshi Recent Developments
- 4.28 Hengan Group
- 4.28.1 Hengan Group Company Information
- 4.28.2 Hengan Group Business Overview
- 4.28.3 Hengan Group Maternal and Child Economy Sales, Revenue and Gross Margin (2021-2026)
- 4.28.4 Hengan Group Maternal and Child Economy Product Portfolio
- 4.28.5 Hengan Group Recent Developments
5 Global Maternal and Child Economy Market Scenario by Region
- 5.1 Global Maternal and Child Economy Market Size by Region: 2021 VS 2025 VS 2032
- 5.2 Global Maternal and Child Economy Sales by Region: 2021-2032
- 5.2.1 Global Maternal and Child Economy Sales by Region: 2021-2026
- 5.2.2 Global Maternal and Child Economy Sales by Region: 2027-2032
- 5.3 Global Maternal and Child Economy Revenue by Region: 2021-2032
- 5.3.1 Global Maternal and Child Economy Revenue by Region: 2021-2026
- 5.3.2 Global Maternal and Child Economy Revenue by Region: 2027-2032
- 5.4 North America Maternal and Child Economy Market Facts & Figures by Country
- 5.4.1 North America Maternal and Child Economy Market Size by Country: 2021 VS 2025 VS 2032
- 5.4.2 North America Maternal and Child Economy Sales by Country (2021-2032)
- 5.4.3 North America Maternal and Child Economy Revenue by Country (2021-2032)
- 5.4.4 United States
- 5.4.5 Canada
- 5.4.6 Mexico
- 5.5 Europe Maternal and Child Economy Market Facts & Figures by Country
- 5.5.1 Europe Maternal and Child Economy Market Size by Country: 2021 VS 2025 VS 2032
- 5.5.2 Europe Maternal and Child Economy Sales by Country (2021-2032)
- 5.5.3 Europe Maternal and Child Economy Revenue by Country (2021-2032)
- 5.5.4 Germany
- 5.5.5 France
- 5.5.6 U.K.
- 5.5.7 Italy
- 5.5.8 Russia
- 5.5.9 Spain
- 5.5.10 Netherlands
- 5.5.11 Switzerland
- 5.5.12 Sweden
- 5.5.13 Poland
- 5.6 Asia Pacific Maternal and Child Economy Market Facts & Figures by Country
- 5.6.1 Asia Pacific Maternal and Child Economy Market Size by Country: 2021 VS 2025 VS 2032
- 5.6.2 Asia Pacific Maternal and Child Economy Sales by Country (2021-2032)
- 5.6.3 Asia Pacific Maternal and Child Economy Revenue by Country (2021-2032)
- 5.6.4 China
- 5.6.5 Japan
- 5.6.6 South Korea
- 5.6.7 India
- 5.6.8 Australia
- 5.6.9 Taiwan
- 5.6.10 Southeast Asia
- 5.7 South America Maternal and Child Economy Market Facts & Figures by Country
- 5.7.1 South America Maternal and Child Economy Market Size by Country: 2021 VS 2025 VS 2032
- 5.7.2 South America Maternal and Child Economy Sales by Country (2021-2032)
- 5.7.3 South America Maternal and Child Economy Revenue by Country (2021-2032)
- 5.7.4 Brazil
- 5.7.5 Argentina
- 5.7.6 Chile
- 5.8 Middle East and Africa Maternal and Child Economy Market Facts & Figures by Country
- 5.8.1 Middle East and Africa Maternal and Child Economy Market Size by Country: 2021 VS 2025 VS 2032
- 5.8.2 Middle East and Africa Maternal and Child Economy Sales by Country (2021-2032)
- 5.8.3 Middle East and Africa Maternal and Child Economy Revenue by Country (2021-2032)
- 5.8.4 Egypt
- 5.8.5 South Africa
- 5.8.6 Israel
- 5.8.7 Türkiye
- 5.8.8 GCC Countries
6 Segment by Type
- 6.1 Global Maternal and Child Economy Sales by Type (2021-2032)
- 6.1.1 Global Maternal and Child Economy Sales by Type (2021-2032) & (k units)
- 6.1.2 Global Maternal and Child Economy Sales Market Share by Type (2021-2032)
- 6.2 Global Maternal and Child Economy Revenue by Type (2021-2032)
- 6.2.1 Global Maternal and Child Economy Sales by Type (2021-2032) & (US$ Million)
- 6.2.2 Global Maternal and Child Economy Revenue Market Share by Type (2021-2032)
- 6.3 Global Maternal and Child Economy Price by Type (2021-2032)
7 Segment by Application
- 7.1 Global Maternal and Child Economy Sales by Application (2021-2032)
- 7.1.1 Global Maternal and Child Economy Sales by Application (2021-2032) & (k units)
- 7.1.2 Global Maternal and Child Economy Sales Market Share by Application (2021-2032)
- 7.2 Global Maternal and Child Economy Revenue by Application (2021-2032)
- 7.2.1 Global Maternal and Child Economy Sales by Application (2021-2032) & (US$ Million)
- 7.2.2 Global Maternal and Child Economy Revenue Market Share by Application (2021-2032)
- 7.3 Global Maternal and Child Economy Price by Application (2021-2032)
8 Value Chain and Sales Channels Analysis of the Market
- 8.1 Maternal and Child Economy Value Chain Analysis
- 8.1.1 Maternal and Child Economy Key Raw Materials
- 8.1.2 Raw Materials Key Suppliers
- 8.1.3 Maternal and Child Economy Production Mode & Process
- 8.2 Maternal and Child Economy Sales Channels Analysis
- 8.2.1 Direct Comparison with Distribution Share
- 8.2.2 Maternal and Child Economy Distributors
- 8.2.3 Maternal and Child Economy Customers
9 Global Maternal and Child Economy Analyzing Market Dynamics
- 9.1 Maternal and Child Economy Industry Trends
- 9.2 Maternal and Child Economy Industry Drivers
- 9.3 Maternal and Child Economy Industry Opportunities and Challenges
- 9.4 Maternal and Child Economy Industry Restraints
10 Report Conclusion
11 Disclaimer
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