The latest report by IMARC Group, titled “Baby Food and Infant Formula Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global baby food and infant formula market reached a value of nearly US$ 48 Billion in 2016. Since babies lack teeth to chew effectively, mashed and minced fruits, vegetables, cereals, etc. are provided to complete the essential nutrients required by their body for further growth and development. Baby food refers to any soft food which can be easily consumed by babies under the age of 2 years, whereas, infant formula is made from processed food for infants as a replacement for breast milk.
Highlights of the global baby food and infant formula market:
- Increasing expenditure on high-quality products by the parents remains the major growth factor for the market.
- Milk formula is the most popular product type, accounting for the majority of the total market.
- Asia Pacific represents the largest market for baby food and infant formula and holds the majority of the global share.
Rising health awareness among the parents about the development of the baby and rising instances of malnutrition are the major growth-inducing factors for the market. An increase in the number of working women and the growing need for portable nutritious food for their babies has further encouraged the market growth. Further, several mothers are unable to breastfeed their baby due to insufficient production of milk resulting from breast reduction surgery, having multiple kids or giving birth at a later age. This has facilitated the demand for baby food and infant formula. Moreover, organic baby foods have garnered much attention in recent years as they are free from pesticides and chemicals. Owing to this, parents are ready to spend more for the wellbeing of their baby, thereby increasing the demand for the products globally. According to the report, the market is expected to reach a value of around US$ 65 Billion by 2022, exhibiting a CAGR of more than 5% during 2017-2022.
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The market is segregated on the basis of product type, wherein milk formula represents the largest type. Other major types include dried baby food and prepared baby food. The market is further segmented on the basis of distribution channels. Supermarkets and hypermarkets account for the majority of the market share, followed by pharmacies and convenience stores. Region-wise, Asia Pacific represents the leading market of baby food and infant formula. Asia Pacific is followed by North America, Europe, Latin America, and Middle East and Africa. On evaluating the competitive landscape of the market, it is found that the key players include Abbott Laboratories, Nestle, Danone, Mead Johnson and Kraft Heinz.
The report by IMARC Group has examined the global baby food and infant formula market on the basis of:
- Milk Formula
- Dried Baby Food
- Prepared Baby Food
- Other Baby Food
- Supermarkets and Hypermarkets
- Convenience Stores
- Asia Pacific
- North America
- Latin America
- Middle East and Africa
- Abbott Nutrition
- Mead Johnson
- Kraft Heinz
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