Global Baby Food & Infant Formula Market were valued at UЅD $94,198.8 Мn in 2020 and is projected to register а САGR of 9.2% over the next 10 years.
This comprehensive market research report on the baby food & infant formula industry contains inputs, as well as information & data from both primary and secondary sources, that have been validated and verified by target market experts. Apart from critical data and other related information, the report also includes factors that could be or are potential restraints to market growth, present & future key trends, recourses that can be leveraged for potential market expansion in untapped regions or countries, as well as factors that are presently fueling growth in the baby food & infant formula market. It also covers challenges or threats for new, as well as existing market entrants. The report presents a thorough study of revenues, key developments, strategies, historical data and information by major players that offer crucial perspectives/insights into various market scenarios. The global baby food & infant formula market has been segmented on the basis of product type, distribution channel, as well as regions and countries.
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Infant formula is a manufactured food designed and marketed for feeding infants or babies under the age of 12 months. Baby food is any soft, easily consumed food other than breastmilk that is specifically made for consumption by human babies, usually between the ages of 4 months to 2 years.
The growing number of women joining the workforce is reducing the overall time most people designate for essential household chores. Moreover, drastic changes in general lifestyles owing to robust urbanization across the world is leading more individuals to seek healthy alternatives to traditional food supply sources. Factors such as these are expected to continue to fuel the revenue growth of the global baby food & infant formula market in the coming years.
In light of the recent COVID-19 outbreak, the manufacturing and supply-chain operations of key industry players in the baby food & infant formula market have been drastically affected, resulting in decreased outputs. This is a major factor that is slated to negatively impact the revenue growth of this global market in the foreseeable future.
Nonetheless, increasing investments by key players to develop improved and more nutritious products, as well as the gradual increase in working-class household incomes is allowing more individuals to afford quality baby food goods. These factors are slated to positively influence future market growth prospects of the global baby food & infant formula industry.
On the basis of product type, the baby food segment accounted for the maximum number of revenue shares (60.5%) of the global baby food & infant formula market in 2020, and is slated to index the highest CAGR of 8.9% over the next 10 years. The infant formula segment also made up for considerable revenue shares of this global market in 2020, and is anticipated to continue to do so over the forecast period.
In terms of distribution channel, the hypermarkets/supermarkets segment accounted for the majority revenue shares (43.5%) of the global baby food & infant formula market in 2020, and is slated to register the highest CAGR of 8.9%, with an attractiveness index of 5.4, over the next 10 years. The pharmacies segment is also anticipated to expand at a considerable rate of revenue growth in the coming years.
The markets in the Asia Pacific region accounted for the majority revenue shares of the global baby food & infant formula market in 2020, and is slated to index a CAGR of 8.9% over the next decade. The markets in Europe and North America accounted for the second and third-most number of revenue shares (USD $23,477.4 Mn and $19,196.7 Mn respectively) of this global market in 2020.
Key industry players of the global baby food & infant formula market are Nestlé S.A., Abbott Laboratories, Sofina S.A., The Kraft Heinz Co. (H.J. Heinz Company Australia Limited.), Reckitt Benckiser Group Plc (Mead Johnson & Company LLC), Inner Mongolia Yili Industrial Group Co. Ltd., China Mengniu Dairy Co. Ltd. (Bellamy’s Organic), Arla Foods A.M.B.A, The Campbell Soup Co. Brands (Plum Organics), Perrigo Co. Plc., The Hain Celestial Group Inc., and Hipp GmbH & Co. Vertrieb KG, among others.