Dublin, May 20, 2024 (GLOBE NEWSWIRE) -- The "Global Infant Nutrition Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global infant nutrition market accounted for USD 365.7 million in 2023 and is expected to reach at USD 828.6 million by 2034 with a CAGR of 7.72% during the forecast period 2024-2034.
Rising awareness & acceptance regarding infant nutrition products, surge in urbanization & evolving lifestyles, growing investments to boost birth rates, increasing working mothers, rising expenditure on infant health, surge in demand for organic baby food, and growing introduction of new infant nutrition offerings are some of the key factors boosting the market growth.
Growing introduction of new infant nutrition offerings is predicted to boost the market growth during the forecast period. There is a growing demand for specialized infant nutrition products that cater to specific nutritional requirements during key developmental stages of infancy. Hence, market participants are launching new infant nutrition offerings. For instance, in May 2023, Arla Foods Ingredients has unveiled a novel ingredient for infant formula, enriched with alpha-lactalbumin, in response to the rising need for formulations with reduced protein content.
By product, infant milk formula was the highest revenue-grossing segment in the global infant nutrition market in 2023 owing to the ease of using formula for feeding infants, growing consumer awareness of the healthy nutrition for infants, continuous improvements in infant formula that closely resemble the nutrient composition of breast milk, and a rise in the introduction of new products. For instance, in September 2022, Nestle has introduced Nutrilearn Connect, which includes myelin, an exclusive ingredient, in the Hong Kong market. Additionally, baby food is predicted to grow at the fastest CAGR during the forecast period. Firms are strategically providing a varied selection of convenient and nourishing choices for parents, taking advantage of the increasing favorability of ready-made and simple-to-prepare baby food to fulfill the need for time-efficient solutions.
By form, solid form was the highest revenue-grossing segment in the global infant nutrition market in 2023 owing to their enhanced convenience, portability, & cost-effectiveness, making them the preferred selection for busy parents or those who value flexibility in preparation. Additionally, liquid form is predicted to grow at the fastest CAGR during the forecast period owing to the availability of pre-packaged & sealed choices addresses concerns about contamination, which is attractive to parents who prioritize cleanliness & safety, contributing to the growing introduction of new products. For instance, in October 2023, Nestle has launched a fresh commercial mixture of infant nutrition called Sinergity, which incorporates a probiotic strain along with six different stages of human milk oligosaccharides (HMOs), aimed at supporting the developmental needs of infants as they progress through various life stages.
By sales channel, hypermarket/supermarket was the highest revenue-grossing segment in the global infant nutrition market in 2023 as they offer a convenient solution for parents looking for infant nutrition products alongside groceries and household essentials, increasing preference among consumers, growing trend of launching new products in hypermarkets & supermarkets to boost sales within these outlets. For instance, in July 2023, Else Nutrition has broadened its presence in the Midwest market by collaborating with Schnucks, a prominent regional supermarket chain. The Else Toddler Organic 22oz product can now be found in around 110 Schnucks stores spread across Missouri, Wisconsin, Illinois, and Indiana. Additionally, online channels is predicted to grow at the fastest CAGR during the forecast period owing to the rise in internet usage, growing trend toward online shopping, online platforms now provide a wide array of infant nutrition products, ranging from different formulas to baby food and supplements. This diverse product range enables consumers to explore various options and select products that align with their preferences and needs.
North America region is anticipated for the highest revenue share during the forecast period owing to the uptick in the population of employed women, rise in government funding for high-quality healthcare, the presence of significant market leaders, increase in the number of working women, and the emergence of initiatives by prominent market players. For instance, in August 2023, ByHeart has revealed its inaugural retail release: a newborn formula with clinically proven, easily digestible, and certified-clean ingredients, set to hit Target stores nationwide in the U.S. Furthermore, the company has announced plans to reintroduce its product to consumers via ByHeart.com later this year. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increased investment from prominent market participants, surge in childbirth rates, and rising introduction of new products. For instance, in October 2022, Else Nutrition Holdings Inc. opened its main Chinese storefront on Tmall Global, where Chinese customers can now purchase Else Nutrition baby cereal and toddler formula directly from the company. This marks the third international market for Else as part of its expansion efforts.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Market Forecast by Product, Form, and Sales Channel
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Company Profiles of Top 10+ Major Market Players
- Nestle
- Abbott
- Nutricia
- Walgreen Co.
- Holle baby food
- DANA Dairy Group
- Perrigo Company plc
- The Hain Celestial Group
- The Kraft Heinz Company
- China Mengniu Dairy Company Limited
Report Segmentation:
Infant Nutrition Market Analysis & Forecast by Product
- Infant Milk Formula
- Follow-on Milk
- Baby Food
- Others
Infant Nutrition Market Analysis & Forecast by Form
- Liquid
- Solid
Infant Nutrition Market Analysis & Forecast by Sales Channel
- Pharmacy/Medical Stores
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Channels
- Others
For more information about this report visit https://www.researchandmarkets.com/r/agu6ti
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