Over the past few years, the global baby food and infant formula market has witnessed a positive growth. Some of the factors that are further fuelling the market growth are rising health concerns, soaring female employment rates, rapid urbanisation, increasing disposable incomes, etc.
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Baby food is a soft and easy-to-digest mash of vegetables, fruits, cereals and meat. It is meant for the consumption of babies in order to suffice their everyday nutritional needs. On the other hand, infant formula refers to a substitute of breast milk which can be served till the age of two years. It is manufactured via adding fatty acids, vitamins and prebiotics to processed milk. Since babies lack teeth as well as developed muscles for chewing, baby food and infant formula are intentionally made with a semi-liquid consistency. Moreover, these formulations offer ease of use and portability, which has helped in increasing their popularity among the consumers. A new research report by IMARC Group, titled “Baby Food and Infant Formula Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global baby food and infant formula market was worth US$ 50 Billion in 2017. The report further anticipates the market to cross US$ 69 Billion by 2023, at a projected CAGR of 5.5% over the forecast period.
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- One of the primary factors that have influenced the demand for baby food and infant formula globally are rising health concerns amongst the parents for the overall development of their baby.
- Nowadays, a large number of baby food and infant formula variants are available in the market ranging from organic to lactose-free products, catering to the varied requirements of the consumers. This acts as another factor driving the sales of baby food and infant formula across the globe.
- Some of the other factors, proliferating the market growth are a surge in female employment, rapid urbanisation, rise in the middle-class population, increasing disposable incomes and a mounting demand for convenient products that can also be used while travelling.
- However, there are several factors that hamper the market growth. For instance, baby food and infant formulas are costlier as compared to milk. Additionally, these products can be difficult to digest and cannot respond to the baby’s changing dietary needs.
Insights on Market Segmentation:
Market Breakup by Type:
1. Milk Formula
2. Dried Baby Food
3. Prepared Baby Food
4. Other Baby Food
Based on product type, the baby food and infant formula market is segmented as milk formula, dried baby food, prepared baby food and others. Currently, milk formula exhibits a clear dominance in the market.
Market Breakup by Distribution Channel:
1. Supermarkets and Hypermarkets
3. Convenience Stores
On the basis of distribution channel, supermarkets and hypermarkets represent the largest segment as they offer a large number of products along with enhanced convenience to the consumers. They are followed by pharmacies, convenient stores and others.
Market Breakup by Region:
1. Asia Pacific
2. North America
4. Latin America
5. Middle East and Africa
On a geographical front, Asia-Pacific enjoys a leading position in the global baby food and infant formula market accounting for the largest market share. Asia-Pacific is followed by North America, Europe, Latin America, and Middle East and Africa.
The market is highly fragmented with the presence of both small as well as large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are Abbott Laboratories, Nestle, Danone, Mead Johnson and Kraft Heinz.
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