Pune, India, June 21, 2022 (GLOBE NEWSWIRE) -- The global baby formula market size stood at USD 50.46 billion in 2019. It is projected to reach USD 109.10 billion by 2027 at a CAGR of 10.6% during the forecast period. The market thrives due to increased awareness about food security and high nutritional content in infant formula. Fortune Business Insights™ stated this in a report titled, “Baby Formula Market, 2020-2027."
COVID-19 Impact-
Growing Concerns about Infection Could Hindered Opportunities for Market Players
The mixed impact of COVID-19 was observed during the initial phase of the outbreak. Owing to the huge demand-supply gap, the global trade of the products was disrupted significantly, leading to decreased market growth. Meanwhile, due to the high risk of infection, parents have become more concerned about their babies' health, increasing the demand for the product. To increase the global presence, various companies started investing in digitalization and partnership during the pandemic to increase their market value.
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List of the Companies Profiled in the Baby Formula Market:
- Abbott (Chicago, United States)
- Yili Group (Hohhot, China)
- Nestle S.A. (Vevey, Switzerland)
- Perrigo Company plc (Michigan, United States)
- Reckitt Benckiser Group plc. (Slough, United Kingdom)
- Royal FrieslandCampina N.V. (Amersfoot, Netherlands)
- Danone SA (Paris, France)
Segmentation-
Growing Environmental Awareness Spurs Absorption Chillers Segment
On the basis of type, the market is classified into follow-on-milk, infant milk, and others. The follow-on-milk segment will dominate due to its characteristics of upholding the low iron levels in the infants to maintain their healthy diet.
Growing Trend for Online Shopping Surges demand in Specialty Stores Segment
In terms of Distribution channel, the market is categorized into specialty stores, hypermarkets/supermarkets, pharmacy/medical stores and others. The supermarkets/hypermarkets segment will gain traction due to the growing trend for online shopping, which gives consumers a chance to buy necessary products under one roof.
Baby Formula Market Report Scope & Segmentation:
| Report Attribute | Details |
| Market size value in 2019 | USD 50.46 billion |
| Revenue forecast in 2027 | USD 109.10 billion |
| Growth Rate | CAGR of almost 10.6% 2020-2027 |
| Base Year | 2019 |
| Historic Years | 2016 - 2018 |
| Forecast Years | 2020- 2027 |
| Segments Covered | By Type, By Flavor, By Application, By Packaging, By Distribution Channel and By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Abbott (Chicago, United States), Yili Group (Hohhot, China), Nestle S.A. (Vevey, Switzerland), Perrigo Company plc (Michigan, United States), Reckitt Benckiser Group plc. (Slough, United Kingdom), Royal FrieslandCampina N.V. (Amersfoot, Netherlands), Danone SA (Paris, France) and more |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
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Drivers and Restraints
Increased Investment in the R&D of Innovative Products to Stimulate Product Demand
The product's expansion is driven by the modernity and progression of the consumer’s lifestyle. In addition, the ease of the product, in conjunction with improvements to its overall composition, is driving demand among parents. Another reason that causes the baby formula market growth is the increased investment in the R&D of innovative products. Meanwhile, the growth of the new products is expected to be stifled by strict laws and regulations and a complicated process for registering new products.
Regional Insights
Increased Consumption of Baby and Infant Food Products to Propel Growth in the Asia Pacific and North America
Stakeholders have projected remarkable growth in countries such as Japan, India, and China due to high living standards, busy lifestyles, and rising demand for quality and premium products. Another factor that drives the product market is the increased consumption of baby and infant food products across the region.
The Middle East & Africa is expected to showcase a significant rise due to growth in female participation in the labor force. Moreover, increased familiarity with the western lifestyle will likely impact the baby formula market share.
Competitive Landscape
Major Players Invests in New Products to Secure Their Brand Values in Global Market
Leading companies will likely invest in R&D activities, technological advancements, and product rollouts to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
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Industry Developments:
February 2020: Else Nutrition launched the 100% organic, plant-based formula to balance regular nutritional value among toddlers.
January 2019: Arla Foods Ingredients launched easy digesting whey protein baby food for optimized comfort.
Market Segmentation
By Type
- Infant Milk
- Follow-on-Milk
- Others
By Distribution Channel
- Hypermarkets/Supermarkets
- Pharmacy/Medical Stores
- Specialty Stores
- Others
By Geography
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