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レポート概要
| 新型コロナウイルス感染症のパンデミックにより、世界の母乳育児クリームの市場規模は2022年にUS$xxxと推定され、調査期間中のCAGRはxxx％で、2028年までに再調整された規模はUS$xxxになると予測されています。この医療危機による経済変化を十分に考慮すると、2021年に母乳育児クリームの世界市場のxxx％を占める「ラノリン」タイプは、2028年までにUS$xxxの規模になり、パンデミック後の修正xxx％CAGRで成長すると予測されています。一方、「病院」セグメントは、この予測期間を通じてxxx％のCAGRに変更されます。 中国の母乳育児クリームの市場規模は2021年にUS$xxxと分析されており、米国とヨーロッパの母乳育児クリーム市場規模はそれぞれUS$xxxとUS$xxxです。米国の割合は2021年にxxx％であり、中国とヨーロッパはそれぞれxxx％とxxx％です。中国の割合は2028年にxxx％に達し、対象期間を通じてxxx％のCAGRを記録すると予測されています。日本、韓国、東南アジアはアジアで注目市場であり、今後6年間のCAGRはそれぞれxxx％、xxx％、xxx％になる見通しです。ヨーロッパの母乳育児クリーム市場については、ドイツは2028年までにUS$xxxに達すると予測されており、予測期間中のCAGRはxxx％になる見通しです。 母乳育児クリームのグローバル主要メーカーには、Medela、Lansinoh、Bamboobies、Earth Mama、Honest、Cream、Homemade Heros、Munchkin Milkmakers、My Expert Midwife、Weleda、Boots、Superdrug、Tommee Tippee、NESSA、Motherlove、Milkies、Era Organics、Camille Beckmanなどがあります。2021年、世界のトップ5プレイヤーは売上ベースで約xxx％の市場シェアを占めています。 母乳育児クリーム市場は、種類と用途によって区分されます。世界の母乳育児クリーム市場のプレーヤー、利害関係者、およびその他の参加者は、当レポートを有益なリソースとして使用することで優位に立つことができます。セグメント分析は、2017年～2028年期間のタイプ別および用途別の販売量、売上、予測に焦点を当てています。 【種類別セグメント】 ラノリン、オリーブオイル、ココナッツオイル、シアバター、その他 【用途別セグメント】 病院、薬局、マタニティショップ、その他 【掲載地域】 北米：アメリカ、カナダ ヨーロッパ：ドイツ、フランス、イギリス、イタリア、ロシア アジア太平洋：日本、中国、韓国、インド、オーストラリア、台湾、インドネシア、タイ、マレーシア 中南米：メキシコ、ブラジル、アルゼンチン 中東・アフリカ：トルコ、サウジアラビア、UAE 【目次（一部）】 ・調査の範囲 - 母乳育児クリーム製品概要 - 種類別市場（ラノリン、オリーブオイル、ココナッツオイル、シアバター、その他） - 用途別市場（病院、薬局、マタニティショップ、その他） - 調査の目的 ・エグゼクティブサマリー - 世界の母乳育児クリーム販売量予測2017-2028 - 世界の母乳育児クリーム売上予測2017-2028 - 母乳育児クリームの地域別販売量 - 母乳育児クリームの地域別売上 - 北米市場 - ヨーロッパ市場 - アジア太平洋市場 - 中南米市場 - 中東・アフリカ市場 ・メーカーの競争状況 - 主要メーカー別母乳育児クリーム販売量 - 主要メーカー別母乳育児クリーム売上 - 主要メーカー別母乳育児クリーム価格 - 競争状況の分析 - 企業M&A動向 ・種類別市場規模（ラノリン、オリーブオイル、ココナッツオイル、シアバター、その他） - 母乳育児クリームの種類別販売量 - 母乳育児クリームの種類別売上 - 母乳育児クリームの種類別価格 ・用途別市場規模（病院、薬局、マタニティショップ、その他） - 母乳育児クリームの用途別販売量 - 母乳育児クリームの用途別売上 - 母乳育児クリームの用途別価格 ・北米市場 - 北米の母乳育児クリーム市場規模（種類別、用途別） - 主要国別の母乳育児クリーム市場規模（アメリカ、カナダ） ・ヨーロッパ市場 - ヨーロッパの母乳育児クリーム市場規模（種類別、用途別） - 主要国別の母乳育児クリーム市場規模（ドイツ、フランス、イギリス、イタリア、ロシア） ・アジア太平洋市場 - アジア太平洋の母乳育児クリーム市場規模（種類別、用途別） - 主要国別の母乳育児クリーム市場規模（日本、中国、韓国、インド、オーストラリア、台湾、インドネシア、タイ、マレーシア） ・中南米市場 - 中南米の母乳育児クリーム市場規模（種類別、用途別） - 主要国別の母乳育児クリーム市場規模（メキシコ、ブラジル、アルゼンチン） ・中東・アフリカ市場 - 中東・アフリカの母乳育児クリーム市場規模（種類別、用途別） - 主要国別の母乳育児クリーム市場規模（トルコ、サウジアラビア） ・企業情報 Medela、Lansinoh、Bamboobies、Earth Mama、Honest、Cream、Homemade Heros、Munchkin Milkmakers、My Expert Midwife、Weleda、Boots、Superdrug、Tommee Tippee、NESSA、Motherlove、Milkies、Era Organics、Camille Beckman ・産業チェーン及び販売チャネル分析 - 母乳育児クリームの産業チェーン分析 - 母乳育児クリームの原材料 - 母乳育児クリームの生産プロセス - 母乳育児クリームの販売及びマーケティング - 母乳育児クリームの主要顧客 ・マーケットドライバー、機会、課題、リスク要因分析 - 母乳育児クリームの産業動向 - 母乳育児クリームのマーケットドライバー - 母乳育児クリームの課題 - 母乳育児クリームの阻害要因 ・主な調査結果 |
Breastfeeding Cream can soothes and protects sore nipples for breastfeeding moms.
Market Analysis and Insights: Global Breastfeeding Cream Market
Due to the COVID-19 pandemic, the global Breastfeeding Cream market size is estimated to be worth US$ million in 2022 and is forecast to a readjusted size of US$ million by 2028 with a CAGR of % during the forecast period 2022-2028. Fully considering the economic change by this health crisis, Lanolin accounting for % of the Breastfeeding Cream global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR from 2022 to 2028. While Hospital segment is altered to an % CAGR throughout this forecast period.
China Breastfeeding Cream market size is valued at US$ million in 2021, while the US and Europe Breastfeeding Cream are US$ million and US$ million, severally. The proportion of the US is % in 2021, while China and Europe are % and % respectively, and it is predicted that China proportion will reach % in 2028, trailing a CAGR of % through the analysis period 2022-2028. Japan, South Korea, and Southeast Asia are noteworthy markets in Asia, with CAGR %, %, and % respectively for the next 6-year period. As for the Europe Breastfeeding Cream landscape, Germany is projected to reach US$ million by 2028 trailing a CAGR of % over the forecast period 2022-2028.
The global key manufacturers of Breastfeeding Cream include Medela, Lansinoh, Bamboobies, Earth Mama, Honest, Cream, Homemade Heros, Munchkin Milkmakers and My Expert Midwife, etc. In 2021, the global top five players have a share approximately % in terms of revenue.
Global Breastfeeding Cream Scope and Segment
Breastfeeding Cream market is segmented by Type and by Application. Players, stakeholders, and other participants in the global Breastfeeding Cream market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by Type and by Application for the period 2017-2028.
Segment by Type
Lanolin
Olive Oil
Coconut Oil
Shea Butter
Other
Segment by Application
Hospital
Pharmacy
Maternity Shop
Other
By Company
Medela
Lansinoh
Bamboobies
Earth Mama
Honest
Cream
Homemade Heros
Munchkin Milkmakers
My Expert Midwife
Weleda
Boots
Superdrug
Tommee Tippee
NESSA
Motherlove
Milkies
Era Organics
Camille Beckman
By Region
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia
Latin America
Mexico
Brazil
Argentina
Colombia
Middle East & Africa
Turkey
Saudi Arabia
UAE
1 Study Coverage
1.1 Breastfeeding Cream Product Introduction
1.2 Market by Type
1.2.1 Global Breastfeeding Cream Market Size Growth Rate by Type, 2017 VS 2021 VS 2028
1.2.2 Lanolin
1.2.3 Olive Oil
1.2.4 Coconut Oil
1.2.5 Shea Butter
1.2.6 Other
1.3 Market by Application
1.3.1 Global Breastfeeding Cream Market Size Growth Rate by Application, 2017 VS 2021 VS 2028
1.3.2 Hospital
1.3.3 Pharmacy
1.3.4 Maternity Shop
1.3.5 Other
1.4 Study Objectives
1.5 Years Considered
2 Executive Summary
2.1 Global Breastfeeding Cream Sales Estimates and Forecasts 2017-2028
2.2 Global Breastfeeding Cream Revenue Estimates and Forecasts 2017-2028
2.3 Global Breastfeeding Cream Revenue by Region: 2017 VS 2021 VS 2028
2.4 Global Breastfeeding Cream Sales by Region
2.4.1 Global Breastfeeding Cream Sales by Region (2017-2022)
2.4.2 Global Sales Breastfeeding Cream by Region (2023-2028)
2.5 Global Breastfeeding Cream Revenue by Region
2.5.1 Global Breastfeeding Cream Revenue by Region (2017-2022)
2.5.2 Global Breastfeeding Cream Revenue by Region (2023-2028)
2.6 North America
2.7 Europe
2.8 Asia-Pacific
2.9 Latin America
2.10 Middle East & Africa
3 Competition by Manufacturers
3.1 Global Breastfeeding Cream Sales by Manufacturers
3.1.1 Global Top Breastfeeding Cream Manufacturers by Sales (2017-2022)
3.1.2 Global Breastfeeding Cream Sales Market Share by Manufacturers (2017-2022)
3.1.3 Global Top 10 and Top 5 Largest Manufacturers of Breastfeeding Cream in 2021
3.2 Global Breastfeeding Cream Revenue by Manufacturers
3.2.1 Global Breastfeeding Cream Revenue by Manufacturers (2017-2022)
3.2.2 Global Breastfeeding Cream Revenue Market Share by Manufacturers (2017-2022)
3.2.3 Global Top 10 and Top 5 Companies by Breastfeeding Cream Revenue in 2021
3.3 Global Breastfeeding Cream Sales Price by Manufacturers (2017-2022)
3.4 Analysis of Competitive Landscape
3.4.1 Manufacturers Market Concentration Ratio (CR5 and HHI)
3.4.2 Global Breastfeeding Cream Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.4.3 Global Breastfeeding Cream Manufacturers Geographical Distribution
3.5 Mergers & Acquisitions, Expansion Plans
4 Market Size by Type
4.1 Global Breastfeeding Cream Sales by Type
4.1.1 Global Breastfeeding Cream Historical Sales by Type (2017-2022)
4.1.2 Global Breastfeeding Cream Forecasted Sales by Type (2023-2028)
4.1.3 Global Breastfeeding Cream Sales Market Share by Type (2017-2028)
4.2 Global Breastfeeding Cream Revenue by Type
4.2.1 Global Breastfeeding Cream Historical Revenue by Type (2017-2022)
4.2.2 Global Breastfeeding Cream Forecasted Revenue by Type (2023-2028)
4.2.3 Global Breastfeeding Cream Revenue Market Share by Type (2017-2028)
4.3 Global Breastfeeding Cream Price by Type
4.3.1 Global Breastfeeding Cream Price by Type (2017-2022)
4.3.2 Global Breastfeeding Cream Price Forecast by Type (2023-2028)
5 Market Size by Application
5.1 Global Breastfeeding Cream Sales by Application
5.1.1 Global Breastfeeding Cream Historical Sales by Application (2017-2022)
5.1.2 Global Breastfeeding Cream Forecasted Sales by Application (2023-2028)
5.1.3 Global Breastfeeding Cream Sales Market Share by Application (2017-2028)
5.2 Global Breastfeeding Cream Revenue by Application
5.2.1 Global Breastfeeding Cream Historical Revenue by Application (2017-2022)
5.2.2 Global Breastfeeding Cream Forecasted Revenue by Application (2023-2028)
5.2.3 Global Breastfeeding Cream Revenue Market Share by Application (2017-2028)
5.3 Global Breastfeeding Cream Price by Application
5.3.1 Global Breastfeeding Cream Price by Application (2017-2022)
5.3.2 Global Breastfeeding Cream Price Forecast by Application (2023-2028)
6 North America
6.1 North America Breastfeeding Cream Market Size by Type
6.1.1 North America Breastfeeding Cream Sales by Type (2017-2028)
6.1.2 North America Breastfeeding Cream Revenue by Type (2017-2028)
6.2 North America Breastfeeding Cream Market Size by Application
6.2.1 North America Breastfeeding Cream Sales by Application (2017-2028)
6.2.2 North America Breastfeeding Cream Revenue by Application (2017-2028)
6.3 North America Breastfeeding Cream Market Size by Country
6.3.1 North America Breastfeeding Cream Sales by Country (2017-2028)
6.3.2 North America Breastfeeding Cream Revenue by Country (2017-2028)
6.3.3 United States
6.3.4 Canada
7 Europe
7.1 Europe Breastfeeding Cream Market Size by Type
7.1.1 Europe Breastfeeding Cream Sales by Type (2017-2028)
7.1.2 Europe Breastfeeding Cream Revenue by Type (2017-2028)
7.2 Europe Breastfeeding Cream Market Size by Application
7.2.1 Europe Breastfeeding Cream Sales by Application (2017-2028)
7.2.2 Europe Breastfeeding Cream Revenue by Application (2017-2028)
7.3 Europe Breastfeeding Cream Market Size by Country
7.3.1 Europe Breastfeeding Cream Sales by Country (2017-2028)
7.3.2 Europe Breastfeeding Cream Revenue by Country (2017-2028)
7.3.3 Germany
7.3.4 France
7.3.5 U.K.
7.3.6 Italy
7.3.7 Russia
8 Asia Pacific
8.1 Asia Pacific Breastfeeding Cream Market Size by Type
8.1.1 Asia Pacific Breastfeeding Cream Sales by Type (2017-2028)
8.1.2 Asia Pacific Breastfeeding Cream Revenue by Type (2017-2028)
8.2 Asia Pacific Breastfeeding Cream Market Size by Application
8.2.1 Asia Pacific Breastfeeding Cream Sales by Application (2017-2028)
8.2.2 Asia Pacific Breastfeeding Cream Revenue by Application (2017-2028)
8.3 Asia Pacific Breastfeeding Cream Market Size by Region
8.3.1 Asia Pacific Breastfeeding Cream Sales by Region (2017-2028)
8.3.2 Asia Pacific Breastfeeding Cream Revenue by Region (2017-2028)
8.3.3 China
8.3.4 Japan
8.3.5 South Korea
8.3.6 India
8.3.7 Australia
8.3.8 China Taiwan
8.3.9 Indonesia
8.3.10 Thailand
8.3.11 Malaysia
9 Latin America
9.1 Latin America Breastfeeding Cream Market Size by Type
9.1.1 Latin America Breastfeeding Cream Sales by Type (2017-2028)
9.1.2 Latin America Breastfeeding Cream Revenue by Type (2017-2028)
9.2 Latin America Breastfeeding Cream Market Size by Application
9.2.1 Latin America Breastfeeding Cream Sales by Application (2017-2028)
9.2.2 Latin America Breastfeeding Cream Revenue by Application (2017-2028)
9.3 Latin America Breastfeeding Cream Market Size by Country
9.3.1 Latin America Breastfeeding Cream Sales by Country (2017-2028)
9.3.2 Latin America Breastfeeding Cream Revenue by Country (2017-2028)
9.3.3 Mexico
9.3.4 Brazil
9.3.5 Argentina
9.3.6 Colombia
10 Middle East and Africa
10.1 Middle East and Africa Breastfeeding Cream Market Size by Type
10.1.1 Middle East and Africa Breastfeeding Cream Sales by Type (2017-2028)
10.1.2 Middle East and Africa Breastfeeding Cream Revenue by Type (2017-2028)
10.2 Middle East and Africa Breastfeeding Cream Market Size by Application
10.2.1 Middle East and Africa Breastfeeding Cream Sales by Application (2017-2028)
10.2.2 Middle East and Africa Breastfeeding Cream Revenue by Application (2017-2028)
10.3 Middle East and Africa Breastfeeding Cream Market Size by Country
10.3.1 Middle East and Africa Breastfeeding Cream Sales by Country (2017-2028)
10.3.2 Middle East and Africa Breastfeeding Cream Revenue by Country (2017-2028)
10.3.3 Turkey
10.3.4 Saudi Arabia
11 Company Profiles
11.1 Medela
11.1.1 Medela Corporation Information
11.1.2 Medela Overview
11.1.3 Medela Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.1.4 Medela Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.1.5 Medela Recent Developments
11.2 Lansinoh
11.2.1 Lansinoh Corporation Information
11.2.2 Lansinoh Overview
11.2.3 Lansinoh Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.2.4 Lansinoh Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.2.5 Lansinoh Recent Developments
11.3 Bamboobies
11.3.1 Bamboobies Corporation Information
11.3.2 Bamboobies Overview
11.3.3 Bamboobies Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.3.4 Bamboobies Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.3.5 Bamboobies Recent Developments
11.4 Earth Mama
11.4.1 Earth Mama Corporation Information
11.4.2 Earth Mama Overview
11.4.3 Earth Mama Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.4.4 Earth Mama Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.4.5 Earth Mama Recent Developments
11.5 Honest
11.5.1 Honest Corporation Information
11.5.2 Honest Overview
11.5.3 Honest Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.5.4 Honest Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.5.5 Honest Recent Developments
11.6 Cream
11.6.1 Cream Corporation Information
11.6.2 Cream Overview
11.6.3 Cream Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.6.4 Cream Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.6.5 Cream Recent Developments
11.7 Homemade Heros
11.7.1 Homemade Heros Corporation Information
11.7.2 Homemade Heros Overview
11.7.3 Homemade Heros Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.7.4 Homemade Heros Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.7.5 Homemade Heros Recent Developments
11.8 Munchkin Milkmakers
11.8.1 Munchkin Milkmakers Corporation Information
11.8.2 Munchkin Milkmakers Overview
11.8.3 Munchkin Milkmakers Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.8.4 Munchkin Milkmakers Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.8.5 Munchkin Milkmakers Recent Developments
11.9 My Expert Midwife
11.9.1 My Expert Midwife Corporation Information
11.9.2 My Expert Midwife Overview
11.9.3 My Expert Midwife Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.9.4 My Expert Midwife Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.9.5 My Expert Midwife Recent Developments
11.10 Weleda
11.10.1 Weleda Corporation Information
11.10.2 Weleda Overview
11.10.3 Weleda Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.10.4 Weleda Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.10.5 Weleda Recent Developments
11.11 Boots
11.11.1 Boots Corporation Information
11.11.2 Boots Overview
11.11.3 Boots Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.11.4 Boots Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.11.5 Boots Recent Developments
11.12 Superdrug
11.12.1 Superdrug Corporation Information
11.12.2 Superdrug Overview
11.12.3 Superdrug Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.12.4 Superdrug Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.12.5 Superdrug Recent Developments
11.13 Tommee Tippee
11.13.1 Tommee Tippee Corporation Information
11.13.2 Tommee Tippee Overview
11.13.3 Tommee Tippee Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.13.4 Tommee Tippee Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.13.5 Tommee Tippee Recent Developments
11.14 NESSA
11.14.1 NESSA Corporation Information
11.14.2 NESSA Overview
11.14.3 NESSA Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.14.4 NESSA Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.14.5 NESSA Recent Developments
11.15 Motherlove
11.15.1 Motherlove Corporation Information
11.15.2 Motherlove Overview
11.15.3 Motherlove Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.15.4 Motherlove Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.15.5 Motherlove Recent Developments
11.16 Milkies
11.16.1 Milkies Corporation Information
11.16.2 Milkies Overview
11.16.3 Milkies Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.16.4 Milkies Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.16.5 Milkies Recent Developments
11.17 Era Organics
11.17.1 Era Organics Corporation Information
11.17.2 Era Organics Overview
11.17.3 Era Organics Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.17.4 Era Organics Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.17.5 Era Organics Recent Developments
11.18 Camille Beckman
11.18.1 Camille Beckman Corporation Information
11.18.2 Camille Beckman Overview
11.18.3 Camille Beckman Breastfeeding Cream Sales, Price, Revenue and Gross Margin (2017-2022)
11.18.4 Camille Beckman Breastfeeding Cream Product Model Numbers, Pictures, Descriptions and Specifications
11.18.5 Camille Beckman Recent Developments
12 Industry Chain and Sales Channels Analysis
12.1 Breastfeeding Cream Industry Chain Analysis
12.2 Breastfeeding Cream Key Raw Materials
12.2.1 Key Raw Materials
12.2.2 Raw Materials Key Suppliers
12.3 Breastfeeding Cream Production Mode & Process
12.4 Breastfeeding Cream Sales and Marketing
12.4.1 Breastfeeding Cream Sales Channels
12.4.2 Breastfeeding Cream Distributors
12.5 Breastfeeding Cream Customers
13 Market Drivers, Opportunities, Challenges and Risks Factors Analysis
13.1 Breastfeeding Cream Industry Trends
13.2 Breastfeeding Cream Market Drivers
13.3 Breastfeeding Cream Market Challenges
13.4 Breastfeeding Cream Market Restraints
14 Key Findings in The Global Breastfeeding Cream Study
15 Appendix
15.1 Research Methodology
15.1.1 Methodology/Research Approach
15.1.2 Data Source
15.2 Author Details
15.3 Disclaimer