Infant formula is the food manufactured especially for feeding to infants or babies under 12 months of age. The starting milk formula – a type of infant formula is particularly manufactured for infants of 0 to 6 months of old. Rising prosperity, combined with modernization is strengthening the demand for baby products across the globe.
According to the report published by Future Market Insights on global infant formula market, the market is anticipated to expand at 9.5% CAGR over the forecast period (2017-2027) to reach valuation of approximately US$ 66 Bn by 2027-end, up from US$ 26.5 Bn in the year 2017.
What are the factors influencing growth of the market?
Increasing demand for probiotic infant formula, growth in premium infant nutrition products, rising number of working men, increased birth rates in emerging economies, rising packaging developments in infant formula, prevalence of online stores, as well as increasing demand for eco-friendly packaging for infant formula products are anticipated to fuel the growth of global market for infant formula. However, rising scandals in infant formula, utilization of GMOs in infant formula as well as higher costs are hindering the growth of this market.
Starting milk formula, by product type is the largest with a highest market value and is anticipated to expand at high double-digit CAGR over the assessment period. The segment is projected to reach valuation of over US$ 33 Bn by 2027-end, up from US$ 13 Bn in 2017. The pharmacy stores in 2016 had accounted for the highest revenue share and is projected retain its dominance throughout the assessment period. However, supermarkets segment is anticipated to expand at the fastest growth rate over the forecast period.
What is the performance of the infant formula market across the globe?
The report provides key insights on regional segmentation of the market over the forecast period. The market has been segmented into 7 key regions such as the Middle East & Africa (MEA), Asia Pacific Excluding Japan (APEJ), North America, Eastern Europe, Japan, Western Europe, and Latin America. The market in the APEJ region is anticipated to retain its dominance in the market over the forecast period, in terms of revenue share. The market in the APEJ region is projected to collect significant market value and will retain its dominance in the market over the assessment period. The market in North America and APEJ region collective will account for more than two-third share of the global market for infant formula through 2027. On the other hand, the market in MEA region is estimated to expand at considerable growth rate over the forecast period.
What are the prominent market players operating in the market and their strategies?
The report comprises of several leading market players across the globe such as The Kraft Heinz Company, FrieslandCampina, Nestle S.A., Pfizer Inc., Abbott Nutrition Manufacturing Inc., Synutra International, Inc., Mead Johnson Nutrition, Beingmate Baby & Child Food Co. Ltd., Meiji Holdings Co. Ltd., and Groupe Danone. The report also reveals strategies of these leading players in terms of developing their product portfolio, product offerings, making latest market techniques, as well as mergers and acquisition.
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