The global baby formula market size was valued at $ 28.66 Billion in 2022 and is expected to reach $70.79 Billion by 2033 growing at the CAGR of 8.44% from 2023 to 2033. This growth is attributed to several macro and micro economic factors such as
Increasing population of newborns
The global population of newborns is increasing, which is a major driver for the baby formula market. The newborns population is increasing due to several factors, including the decline in infant mortality rates, the increasing number of births in developing countries, and the rising trend of delayed childbearing.
According to the World Health Organization (WHO), there were an estimated 140 million births in 2020. This number is expected to increase to 150 million by 2030. The majority of the world’s population growth is occurring in developing countries. This is due to a number of factors, including the decline in fertility rates in developed countries and the increasing number of women of childbearing age in developing countries.
The increasing population of newborns leads to increase in demand for baby formula as many parents choose to use baby formula when they are unable to breastfeed their babies. The baby formula market is expected to continue to grow in the coming years, as the global population of newborns continues to increase.
Rising number of working mothers helps to grow global baby formula market
Another major driver for the baby formula market is the rising number of working mothers. In many countries, more and more women are entering the workforce. This means that they have less time to breastfeed their babies, and they may choose to use baby formula instead.
In many countries, women are becoming more economically active. This is due to a number of factors, including the increasing educational attainment of women and the changing social norms. In several developing economies, the availability of affordable child care is limited. This means that working mothers may have to choose between working and breastfeeding their babies. The working mothers are often away from their babies for long periods of time. As a result, they choose to use baby formula instead.
The baby formula market is expected to continue to grow in the coming years, as the number of working mothers continues to rise.
Further several factors restraining the market growth include
- Stringent regulations regarding baby formula products
- High cost of ready-to-eat baby formulas
Collaborations and Alliances in the Baby formula market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the baby formula market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the baby formula market report also includes following data points:
- Impact on baby formula market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in baby formula market
Key Insight in the report:
The global baby formula market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Baby formula market is analyzed across below-mentioned different segments:
- Product Type
- Infant Milk
- Follow on milk
- Specialty baby milk
- Growing-up milk
- Ingredient
- Carbohydrate
- Fats
- Proteins
- Minerals
- Vitamin
- Others
- Distribution Channel
- Online
- Offline
- Hypermarkets
- Supermarkets
- Medical Stores
- Specialty Stores
Baby formula market is also analyzed across below-mentioned regions/countries:
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
The some of the key players in of Baby formula market include:
- Dana Dairy Group Ltd
- Arla Foods Amba
- Campbell Soups
- Danone
- D-Signstore
- HiPP GmbH & Co. Vertrieb KG
- Reckitt Benckiser
- The Hain Celestial Group
- Nestle S.A.
- Abbott
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Baby formula market estimates for 2020 and forecast from 2021 to 2028
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
Target Audience
- Manufacturers
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of baby formula market
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