“Baby food market to grow at a lucrative rate over the forecast period”, says Visiongain
31 October 2019
Visiongain has launched a new Consumer goods report Baby Food Market Report 2019-2029 Forecasts by Product (Milk formula, Dried baby food, Prepared baby food, Other baby food), by Distribution Channel (Hypermarkets, Supermarkets, Health & Beauty Retailers, Others), by Age Group (Under 1, Under 3, Under 6 years)) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global baby food market is expected to grow at a lucrative rate during the forecast period. Some of the key factors driving the market include the increasing use of ease to use products, growing number of working women, and lactation concerns due to lifestyle factors. However, the concerns associated with adequate nutritional value and falling birth rate may pose as market restraints. The baby food market can be segmented based on product, distribution channel, age group, and region.
According to the statistics published by the U.S. FDA, approximately 1 million infants are fed with milk formula since birth in the U.S. This number further increases to over 2.5 million an infant turns 3 months old. Factors such as increase in the number of malnutrition cases, improved economic conditions, and growing need for ready to use baby products among working professionals are expected to fuel the market growth. By Distribution channel, supermarkets captured the leading market share and the segment is expected to maintain its lead over the forecast period. Furthermore, increasing awareness, rise in retail penetration, and growing urbanization are also fueling the growth in the baby foods market. Asia Pacific is expected to witness the fastest growth during the forecast period owing to a high birth rate and availability of multiple local players. The region is considered as the world’s largest market for milk formula and is anticipated to capture a significant share in the global baby food products market. The LATAM market is also expected to witness stable growth owing to rising disposable income and declining poverty rate in the Latin American countries.
Key players such as Nestle SA, Danone, Reckitt Benckiser Group plc, Abbott Laboratories are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. Few of other companies operating in the market include RoyalFrieslandCampina N.V., Bellamy’s Organic, Kraft Heinz Company, Hero, Mead Johnson & Company, LLC, Perrigo Company plc, Hain Celestial Group, Inc., Arla Food, and Beech-Nut Nutrition Corporation. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market. For instance, in April 2017, Danone a leading player in the baby foods market completed the acquisition of WhiteWave Foods Co. for USD 12.5 billion. The acquisition would expand Danone’s product portfolio and help the company to maintain its position in the market.
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