Increasing Parental Concerns Is Proliferating the Demand of Global Baby Food & Infant Formula Market to Hit at 5.12% of Cagr by 2026
“According to the new market research report published by Inkwood Research, the global baby food & infant formula market is expected to increase $ 95.45 billion by 2026. The market is anticipated to grow at 5.12% of CAGR over the forecast period.”
“Browse 21 market Data Tables and 105 Figures spread over 200 Pages, along with an in-depth TOC on global baby food & infant formula market forecast 2018-2026.”
Infant formula is the partial or complete absence of mother’s milk for infants aged under one year. It is sold in various forms such as powder, concentrated liquid, or ready-to-use. It aids in meeting the nutritional requirement and boost the mental and physical requirements in the infants. On the other hand, baby food products are offered to children above the age of four. These products are soft, easy to prepare, and gives the right nutrient balance for the development of the babies. The varied kinds of baby foods available in the market are juices, cereals, snacks, soups, vegetables, comprising grains, and fruits. Manufacturers are offering baby food and infant formula products in various forms such as flavors, packaging, nutritional value, and sizes.
The rising concerns of parents in regards to health and nutritional requirements, increasing popularity of infant formula are the drivers propelling the growth of the infant formula and baby food market. Also, growing number of working parents, specifically women, urbanization and changing lifestyles, increasing disposable income, and E-commerce or online retailing are further uplifting the market growth. However, decreasing rate of birth, easy accessibility to homemade products, and the usage of chemical in the production of baby food are some of the key factors declining the market for infant formula and baby food across the globe.
Supermarkets/Hypermarkets and Chemists/Pharmacies – Key Distribution Channels in the global baby food & infant formula market
The key distributors of baby food and infant formula are hypermarkets/supermarkets and pharmacies/chemists. These two segments together contribute the maximum share and are increasing the demand for the overall market. The hypermarkets/supermarkets segment dominate by holding the largest share as people often visit supermarkets and hypermarkets for their routine grocery shopping which also include baby food & infant formula, so it becomes the matter of convenience and choice, resulting in increased sales through this distribution channel. The chemists/pharmacies segment growth is attributed to the increased reliance of consumers on chemists/pharmacies for information before making purchase decisions.
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Flexible packaging is the rapidly evolving in the global baby food & infant formula packaging market
The flexible packaging segment is expected to be the fastest growing segment over the forecasting years. Flexible packaging is the accumulation of blister and strip packs, aluminum foil, flexible plastic and stands up pouches, and flexible aluminum/paper. It is the most prevalent type of packaging across the globe. It also gives room for innovation and marketability to the product. The essential advantages of flexible packaging are easy to carry, lightweight, use of less material, less wastage, more environment-friendly, usage of less energy and water, and decreased transportation costs.
The Asia Pacific, Middle East & Africa– the most promising marketplaces
The established players in the baby food & infant formula market are focusing on emerging and populous economies such as United Arab Emirates, China, Turkey, Saudi Arabia, and India. The developed economy has petite growth opportunity, owing to the static market condition and low birth rates. Therefore, the Asia Pacific & Middle East and Africa are the most lucrative regions for the global baby food & infant formula market. Moreover, Asia Pacific is the fastest growing region in the global scenario. Economic development is the key driver exhibiting the growth of the market in this region.
Companies are adopting various strategies to sustain their competitive edge in the market
The leading players are adopting varied strategies such as partnership, mergers & acquisitions, new product launch, agreements, contracts, to sustain their presence in the competitive market. Some of the prominent players in the market are Nestle SA, Abbott Nutrition, Danone SA, The Hain Celestial Group Inc. Mead Johnson Nutrition Company, The Kraft Heinz Company, and others.
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