The global baby food and infant formula market reached a value of US$ 52.9 Billion in 2018. Baby food refers to a soft mash of fruits, vegetables and cereals, which is prepared for children between the age of four months to two years. On the other hand, infant formula is manufactured and targeted for babies that are under the age of 12 months. It is considered to be an ideal substitute for breast-milk, owing to the presence of essential nutrients that play a vital role in the infants’ growth. As babies lack developed muscles and teeth for chewing adequately, baby food and infant formula act as the primary source of nutrients for them. Over the years, parents have shifted to packaged foods owing to the convenience and better nutrition offered by these products.
Parents nowadays are becoming more aware of the impact of right nutrition on the child’s overall growth and development. As a result, they are shifting toward baby food and infant formula products that are rich in proteins, vitamins, minerals and carbohydrates. These products are mostly available in the powdered form, which can be mixed with water or milk. Apart from this, due to the increasing consciousness among consumers, manufacturers are introducing organic, premium and minimally-processed baby food and infant formula variants to increase their sales. Furthermore, the burgeoning e-commerce sector is also boosting the sales of these products since it enhances the consumers’ convenience as compared to the conventional retail formats. Looking forward, IMARC Group expects the market value to reach US$ 74.4 Billion by 2024, growing at a CAGR of 5.7% during 2019-2024.
Breakup by Type:
Milk formula, also known as infant formula, represents the most preferred product type.
Breakup by Distribution Channel:
Supermarkets and hypermarkets account for the majority of the total market share.
Asia Pacific currently represents the largest market, owing to a large population in the region.
On assessing the import and export scenario of the market, it has been found that China and the Netherlands are the biggest importer and exporter, respectively.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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