The latest report by IMARC Group, titled “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 size reached US$ 52.9 Billion in 2018. Infant formula is an artificially synthesized substitute of breast milk used to feed babies under twelve months of age. Baby food, on the other hand, is soft and mashed food that caters to kids of age up to two years. Baby food and infant formula are fortified with several additives like vitamins, prebiotics and fatty acids to improve their nutrient quotient. Parents widely utilize these products for feeding their children as they aid in fulfilling their nutritional requirements, and consequently contribute to their physical growth and development.
Global Baby Food and Infant Formula Market Trends:
Rising awareness among parents about the importance of health and nutrition is the key factor driving the market growth. With growing urbanization and changing lifestyles, the shift toward convenience-oriented packaged baby food products has been witnessed worldwide. Moreover, the increasing participation of women in the workforce, and the consequent rise in their purchasing power is another key trend driving the demand for infant nutrition products. In addition to this, modernization and rising prosperity have led to the introduction of niche products categories made with high-quality, minimally processed, organic or natural ingredients. The sales of baby food and infant formula products through online retail channels has further influenced the market growth positively since they offer the customers enhanced convenience at a better price point as compared to traditional retailers. On account of these factors, the market value is expected to reach US$ 74.4 Billion by 2024, expanding at a CAGR of 5.7% during 2019-2024.
- On the basis of the product type, milk formula represents the most preferred product. Other major segments include dried baby food, prepared baby food and others.
- Based on the distribution channel, the market has been divided into supermarkets and hypermarkets, pharmacies, convenience stores, and others. Amongst these, supermarkets and hypermarkets exhibit a clear dominance in the market since these stores offer a large selection of products.
- On the geographical front, the market has been categorized into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. At present, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players. Some of the major players include Abbott Nutrition, Nestle, Danone, Mead Johnson and Kraft Heinz.
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