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The global baby food and infant formula market size was valued at US$ 42.7 Billion in 2020.
According to the estimates by IMARC Group, the global baby food and infant formula market is expected to witness a CAGR of around 6% from 2021 to 2026.
The improving consumer living standards, coupled with the increasing parental consciousness towards proper growth and nourishment of their children, represent some of the key drivers for the global baby food and infant formula market.
The rising consumer inclination towards high-quality and premium product variants, along with the emergence of organic, vegan, lactose-free, and gluten-free baby food and infant formulas, represent some of the key trends in the global baby food and infant formula market.
Sudden outbreak of the COVID-19 pandemic has resulted in a dynamic shift in the sales of baby food and infant formula from brick-and-mortar distribution channels towards e-commerce platforms.
On the basis of the product type, the market has been bifurcated into milk formula, dried baby food, prepared baby food and other baby food. Currently, milk formula holds the majority of the total market share.
On the basis of the distribution channel, the market has been segmented into supermarkets and hypermarkets, pharmacies, convenience stores, and others. At present, supermarkets and hypermarkets exhibit a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global baby food and infant formula market are Abbott Nutrition, Nestle S.A., Danone S.A., Mead Johnson & Company, LLC and Kraft Heinz Company.
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