According to a new report published by Allied Market Research, titled, “Baby Food Market,” The baby food market was valued at $67.8 billion in 2021, and is estimated to reach $116.5 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
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Presently, the milk formula segment leads the market with 60.7% share in terms of revenue. However, the prepared baby food segment is estimated to witness highest CAGR of 5.7% during the forecast period.
In the baby food industry Manufacturers are focusing on key innovations that cater to the requirements of the large consumer base. Increase in awareness toward health benefits and increase in mobility & physical activity are expected to boost the demand for baby food in emerging nations. Furthermore, increase has been witnessed in the number of netizens along with rise in internet penetration.
Taking this into consideration, most of the key players in the market strategize on promoting their products on various social media platforms. Thus, through social media marketing strategy, the baby food market sights critical growth opportunity.
According to the baby food market analysis, the market is segmented into product type, distribution channel, category, and region. By product type, the market is segregated into dried baby food, milk formula, prepared baby food, and others. Presently, the milk formula segment leads the market around 60% share in terms of revenue, results in baby food market trends. Increase in health and nutrition concerns for babies and limited time for food preparations are the major factors driving the growth of the market.
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Healthy dietary practice adopted by mothers is the key factor responsible to maintain the health of babies. In addition, rise in literacy rate of females in developing and developed countries has led to increase in awareness of nutritional requirements of babies. However, delayed weaning was observed among infants, especially during the age of 6–7 months, in some developed countries. Conversely, these cases of delayed weaning are expected to decrease gradually with rise in awareness among parents, which, in turn, is expected to boost the market growth during baby food market forecast.
Breastfeeding is prerequisite for infants during the first 6 months of birth, as it contains nearly all essential nutrients required for growth of a baby. Collaborative initiatives of various organizations, such as the WHO and UNICEF, have increased overall awareness about breastfeeding among women. Awareness programs such as “World Breastfeeding Week,” celebrated during the first week of August every year in more than 120 countries, is a major initiative for these organizations to encourage breastfeeding among lactating mothers. This, in turn, limits the overall revenue generation for the global baby food market growth.
Emerging economies of the world offer lucrative opportunities to players operating in the market. Major factors responsible for market growth in developing economies are changes in lifestyle and an increase in birth rates. As an attempt to diversify the consumer group, companies are implementing region-based strategies.
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For instance, companies operating in India have launched affordable products to tap the lower income groups. Companies such as Nestle S.A are investing on product development activities by setting up new R&D centers in India. In addition, surge in working females is expected to propel the demand for baby food in developing countries. Moreover, increase in birth rates in countries such as China and India fosters the baby food market size.
Depending on the distribution channel, the market is categorized into supermarkets, hypermarkets, small grocery retailers, health & beauty retailers, and others. The supermarket was the most preferred sales channel, accounting for 31.5% of the overall market. The segment is estimated to garner $36.6 billion by 2031, registering a CAGR 5.6% during the forecast period. However, the small grocery retailers segment is estimated to witness highest CAGR of 6.0% during the forecast period.
As per category, the organic segment is estimated to reach $46.3 billion by 2031, at a significant CAGR of 6.2% during the forecast period.
Region-wise, Asia-Pacific was the prominent market in 2021, garnering maximum share, owing to the presence of huge consumer base and increase in population. Established players, with their major operation in Asia-Pacific, dominates the global market. In addition, strong brand image plays a significant role in the sale of baby food products. This has restricted the entry of new players in the market. Intensive campaigning and promotional activities drive the sale of infant formula in the global market. The industrial leaders have adopted product launches, awareness campaigns, acquisitions, and collaborations as their major growth strategy to sustain the competition and improve their market share.
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The key players profiled in this report include Nestle, Danone, Mead Johnson, Abbott Laboratories, Hero-Group, Perrigo Company, Bellamy Organics, Hain Celestial Group, Campbell Soups, and Friesland Campina. The key players provide current trends, financial statement, and products development.
Key findings of the study
The milk formula baby food market was valued at $40.9 billion in 2021 and is anticipated to reach $68.4 billion by 2031, with a CAGR of 5.4% during the forecast period.
By distribution channel, the supermarket segment held the highest share, accounting for 31.5% of the global baby food market share.
In 2021, Asia-Pacific was the most prominent market and is expected to grow at a significant CAGR throughout the forecast period.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.