Increase in the participation of women in labor force has led to rise in the number of women professionals who prefer infant formula for their babies. This is expected to boost the growth of the baby infant formula market.
Portland, OR -- (SBWIRE) -- 12/08/2017 -- According to a new report published by Allied Market Research, titled, Baby Infant Formula Market by Type, Ingredient, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global baby infant formula market was valued at $19,892 million in 2016, and is projected to reach $39,541 million by 2023, registering a CAGR of 10.4% from 2017 to 2023. In 2016, the infant milk segment accounted for more than five-ninths share of the global market, in terms of revenue.
Baby infant formula comprises infant milk, follow-on-milk, specialty baby milk, and growing-up milk designed for the consumption of infants and toddlers. Infant milk contains the necessary nutrients, minerals, and vitamins for normal development of the baby. Physicians recommend infant formula as an alternative to breastmilk, as it can be fed anywhere and at any time, which makes it a convenient for working mothers. Many working mothers return to their jobs shortly after giving birth. Thus, infant formula can be fed at convenience and provides a healthy and nutritious alternative.
High nutrition content in baby infant formula, change in lifestyle, rise in middle-class population, and increase in disposable income of people in emerging economies, such as India, China, Indonesia, are expected to propel the market growth from 2017 to 2023.
In 2016, infant milk accounted for the highest share in the market, and is expected to maintain its dominance during the forecast period. It contains vitamins and nutrients, such as iron that can help prevent anemia. Some types of infant formula are supplemented with probiotic called Bifidobacterium Lactis, which prevent diarrhea, ease colic, and lower the risk of food allergies. Active launch activities and promotion of infant formula in the U.S. and UK have led to its high penetration rate.
Growth in awareness among consumers has led to increase in preference for organic baby food products. Thus, baby infant formula free from ingredients such as added sugar, sodium, and preservatives may present novel opportunities for the baby infant formula manufacturers. However, concerns related to food safety and decline in global birth rate may hamper the market growth.
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Key Findings of the Baby Infant Formula Market:
- Asia-Pacific is expected to maintain its dominant position in the market, in terms of value, from 2017 to 2023, followed by North America.
- The infant milk segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 10.6%.
- The hypermarkets segment is the largest distribution channel in the global baby infant formula market, registering a significant CAGR of 9.3%.
- LAMEA accounted for approximately one-tenth share of the global baby infant formula market in 2016.
- The Asia-Pacific baby infant formula market is anticipated to grow at a CAGR of 11.1%.
- North America accounted for approximately one-fourth share in the global baby infant formula market, and is expected to grow at a CAGR of 9.3%.
- Asia-Pacific and LAMEA collectively contributed approximately three-fifths share of the global market by revenue in 2016.
The key players profiled in the report include Abbott Laboratories, Arla Foods, Beingmate Group Co. Ltd., Campbell Soup Company, D. SIGNSTORE, Danone, Heinz and Hain Celestial Group, HiPP GmbH & Co., Mead Johnson Nutrition Company, LLC, and Nestle S.A.