Allied Market Research published a report, titled, “Baby food Market by Product Type (Dried Baby Food, Milk Formula, Prepared Baby Food, and Other Baby Food), Distribution Channel (Supermarkets, Hypermarkets, Small Grocery Retailers, Health and Beauty Retailers, and Others), by Category (Organic, and Conventional: Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global baby food industry generated $67.8 billion in 2021, and is anticipated to generate $116.5 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.
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Prime determinants of growth
The global baby food market is driven by factors such as increase in population of women professionals, increase in awareness about adequate nutritional requirements of babies, and increase in organized retailing. However, increase in breastfeeding due to government initiatives and falling birth rates restrain the market growth. Conversely, product innovations coupled with innovative packaging strategies are expected to provide several opportunities for the market growth.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2031 |
|
Base Year |
2021 |
|
Market Size in 2021 |
$67.8 billion |
|
Market Size in 2031 |
$116.5 billion |
|
CAGR |
5.7 % |
|
No. of Pages in Report |
448 |
|
Segments covered |
Product Type, Distribution Channel, Category, and Region. |
|
Drivers |
Increase in population of women professionals Increase in awareness about adequate nutritional requirements of babies Increase in organized retailing |
|
Opportunities |
Lifestyle change and increase in birth rate Product innovations coupled with innovative packaging strategies |
|
Restraints |
Increase in breastfeeding due to government initiatives Falling birth rates Safety of food |
COVID-19 Scenario
- The Covid-19 pandemic had negatively influenced the global baby food industry. Key players and vendors faced challenges in raw material supply, owing to poor logistics, traffic control, and restrictions on public movement in several countries across the globe.
- However, as limitations are gradually loosened, distribution routes for baby food have become more resilient and sales of the product have gradually resumed to their pre-pandemic levels, particularly in emerging economies.
The milk formula segment to maintain its leadership status throughout the forecast period
Based on product type, the milk formula segment held the highest market share in 2021, accounting for around three-fifths of the global baby food market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to an increase in incidence of lactating issues in mothers, which increased the adoption of milk-based baby food products. However, the other baby food segment is projected to manifest the highest CAGR of 8.6% from 2022 to 2031. The key players in the market manufacture these food products made from premium quality fruits and vegetables to ensure proper nutrition for the babies.
The supermarkets segment to maintain its lead position during the forecast period
Based on distribution channel, the supermarkets segment accounted for the largest share in 2021, contributing to nearly one-third of the global baby food market revenue, and is projected to maintain its lead position during the forecast period. Improved lifestyle due to considerable surge in disposable income and increase in influence of western culture are the major factors that contribute toward popularity of supermarkets. In addition, the share of local baby food brands in supermarkets is expected to witness substantial growth in years to come. However, the small grocery retailers segment is expected to portray the largest CAGR of 6.0% from 2022 to 2031. Small grocery retailers are popular among local consumers. Supermarkets & hypermarkets have their presence restricted to urban areas. This gives a competitive edge to small grocery retailers to maintain their dominance in rural and semi-urban areas.
The conventional segment to maintain its leadership status throughout the forecast period
Based on category, the conventional segment held the highest market share in 2021, accounting for more than three-fifths of the global baby food market, and is estimated to maintain its leadership status throughout the forecast period. However, the organic segment is projected to manifest the highest CAGR of 6.2% from 2022 to 2031. Organic baby food is witnessing increasing popularity in recent years as parents have become more aware of the potential health risks of eating foods treated with synthetic chemicals.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global baby food market revenue, and is likely to dominate the market during the forecast period. High birth rates and rise in purchasing power of population in Asia-Pacific have significantly increased demand for baby food and milk formula-based products in this region. Intensive R&D activities by various companies in the baby food segment is expected to help companies to offer affordable baby food products in this region. However, the LAMEA region is expected to witness the fastest CAGR of 6.6% from 2022 to 2031. Increase in population of women professionals, high disposable income, and time constraints for cooking majorly boost growth of the baby food market in this region.
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Leading Market Players:
- Nestle
- Danone
- Mead Johnson
- Abbott Laboratories
- Hero-Group
- Perrigo Company
- Bellamy Organics
- Hain Celestial Group
- Campbell Soups
- Friesland Campina
The report provides a detailed analysis of these key players in the global baby food market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Source From:- https://www.prnewswire.com/news-releases/baby-food-market-worth-116-5-billion-by-2031-at-5-7-cagr-allied-market-research-301808382.html
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