Market Overview
As per Market Research Future (MRFR) analysis, the global baby food and infant formula market is estimated to account for nearly USD 42.18 billion with a CAGR of 7.78% from 2019 to 2024 (forecast period). The report offers an aggregated analysis of the COVID-19 outbreak to provide the latest insights into the acute features of the baby food and infant formula market. The report contains different market forecasts related to market size, sales, growth, CAGR, consumption, gross margin, price, and other significant factors.
Infant formulas are artificially synthesized substitutes for breast milk. On the other hand, baby food is a pureed form of solid food that helps babies easily consume and digest food. These are made available to babies aged at least six months of age and above.
Key Players
Some of the major participants in the global baby food and infant formula market are Abbott Nutrition Manufacturing Inc. (US), Beingmate Baby & Child Food Co., Ltd. (China), Holle baby food GmbH (Switzerland), FrieslandCampina (Netherlands), Danone SA (France), Glanbia PLC (Ireland), Kraft Heinz Foods Company (US), Bellamy's Organic (Australia), Hain Celestial Group (US), Nestle SA (Switzerland), Plum Organics (US), Mead Johnson & Company, LLC (US), Sprout Organic Foods (US), Beech-Nut Nutrition Corporation (US), HiPP (Germany).
Market Dynamics
Increased disposable per capita income of consumers in developing countries is resulting in increased expenditure on the health and well-being of infants, which is pushing the growth of the baby food and infant formula market. The rising trend of fortifying baby food with different vitamins and minerals would further boost the growth of the market. Furthermore, high investment by manufacturers in advertising contributes to an increase in product awareness among parents, which has a positive effect on the growth of the industry.
Parents are willing to spend high on premium food categories to provide their children with the best food. Nevertheless, as lifestyles are changing with the increasing working population, particularly women, the demand for ready-made baby food products has increased significantly. Issues of lactation among women due to ill-health and delayed pregnancy have contributed to the rapid adoption of infant milk products among women. This further complemented the growth of the global infant milk formula market and, as a result, helped the development of the baby food industry.
Segmentation
The global market for baby food and infant formula has been segmented based on type, packaging type, distribution channel, and region.
By type, the global market for baby food and infant formula has been classified as infant formula and baby food. The infant formula segment is further divided into starting, growing-up, and follow-on. Whereas, the baby food segment is further divided into meals, cereals, beverages, snack foods, and others.
Based on the packaging type, the global market for baby food and infant formula market has been classified as bottles, pouches, cans, and others.
Based on the distribution channel, the global baby food and infant formula baby food and infant formula market has been categorized as store-based and non-store-based. The segment for store-based is further sub-segmented into convenience stores, supermarkets and hypermarkets, and others.
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Regional Analysis
The global market for baby food and infant formula has been segmented into North America the Asia Pacific, Europe, and the rest of the world.
The Asia Pacific is expected to dominate the baby food and infant formula market during the forecast period. China is the main contributor to the growth of baby food and infant formula markets in the world. Increasing population growth and rising disposable per capita income are key factors driving demand growth in China. In addition, heavy investment by leading players in countries such as India, Japan, and Indonesia will further propel the market growth in the region.
Europe also has a large market share with the involvement of major players in the area and their continuous product developments.
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