Baby food and infant formula are food products specifically made for babies till the age of two years. Infant formula serves as a replacement of mother’s milk as it exhibits similar nutritional attributes. Whereas, baby foods are soft minced and mashed vegetables, fruits, meats, cereals, etc. for baby’s consumption. Since babies lack developed muscles and teeth to chew effectively, these products act as the main source of calories and nutrients for them. Over the years, parents have shifted to packaged baby foods owing to the convenience and better nutrition offered by these products. The latest report by IMARC Group, “Baby Food and Infant Formula Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global baby food and infant formula market reached a value of US$ 52.9 Billion in 2018.
Today, the parents are ready to spend on high-quality, expensive baby foods to ensure the well-being of their infants. Rising health concerns towards the overall development of the baby and growing number of malnutritional cases are the key factors driving the growth of the market. Furthermore, increasing awareness among people about the various health benefits of feeding baby foods to infants and young babies is fuelling the demand for baby foods across the globe. Increasing number of working women and the need for convenient and portable nutrition for their babies has created a large market for baby foods and infant formula. Additionally, increasing spending on children’s healthcare coupled with continuous innovation and aggressive marketing by various baby food manufacturers has facilitated the global baby food and infant formula market. According to the report, the market is expected to reach a value of US$ 74.4 Billion by 2024, registering a CAGR of 5.7% during 2019-2024.
The report has segmented the global baby food and infant formula market on the basis of type including milk formula, dried baby food, prepared baby food and others. Amongst these, milk formula represents the largest product type. The market is also segmented on the basis of the distribution channels, wherein supermarkets and hypermarkets are the largest distribution channels, followed by pharmacies, convenience stores and others. The market is also segmented on a regional basis, covering Asia-Pacific, North America, Europe, Latin America, and Middle East and Africa. Amongst these, Asia-Pacific is the largest market. On the basis of imports and exports, China is the largest importer, whereas Netherlands is the largest exporter of baby food and infant formula. An analysis of the competitive landscape provides the details of the key players operating in the market. Some of the major players are Abbott Laboratories, Nestle, Danone, Mead Johnson and Kraft Heinz.
This report provides a deep insight into the global baby food and infant formula market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the baby food and infant formula industry in any manner.
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