NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- The global baby food market is expected to witness a CAGR of 6.3%, and is projected to reach USD 91.2 billion by 2024. The growth in the baby food market is attributed to the increasing disposable income in developing economies coupled with growing number of women in workforce across the globe. Moreover, growing awareness about children healthcare and nutrition is also expected to drive the market growth during the forecast period.
The growing number of women in workforce is a key driver of the baby food market. The gaps in labour force participation rates between men and women have been narrowing in most of the regions. There has been a decrease in women working as contributing family members globally. Many new mothers tend to return to work shortly after giving birth, which has led to a surge in demand for baby food products. Prepared baby foods provide an alternative to the home cooked meals.
Growing popularity of organic and clean label baby food
Concerns regarding quality of food are on the rise across the globe. Organic food typically contains lower levels of pesticides than conventional food. Growing awareness about children healthcare has led to an increase in demand for organic baby food products. Infants and toddlers are more vulnerable to the chemicals as their immune system is less developed and their diet is limited to few foods. Organic baby food might limit exposure to these substances. The sales of organic baby food has increased considerably over the years. Key players in the baby food market are constantly expanding their product lines of organic baby foods to meet the increasing demand of baby food products.
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Baby Food Market - Regional insight
Geographically, Asia-Pacific held the major share of the baby food market in 2017 and expected to show the highest CAGR during the forecast period. The growth in the region is mainly driven by rapid urbanization and increasing disposable income in the emerging economies. China holds the largest share of the baby food market in terms of revenue. The North American baby food market is projected to show sluggish growth rate during the forecast period.
Key findings from the report:
- On the basis of distribution channel,
- Supermarkets/ Hypermarkets held the major share of the baby food industry
- The online store segment is expected to grow at the highest CAGR during the forecast period
- On the Basis of Region
- Asia-Pacific held the major share of the baby food market in 2017 and is expected to show the highest CAGR during the forecast period
- China held the largest share of the market in 2017
- The key players dealing in baby food sector are Abbott Nutrition; H. J. Heinz Company; Hain Celestial Group; HiPP GmbH & Co.; Nestle; Hero Group; Danone; Bristol-Myers Squibb; among others
- Danone’s (DANO.PA) venture capital division has invested in French organic baby food start-up Yooji.
By Product Type
- Milk Formula
- Prepared Baby Food
- Dried Baby Food
- Others
By Distribution Channel
- Supermarkets/Hypermarkets
- Grocery stores
- Health & Beauty Retailers
- Online stores
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East & Africa(MEA)
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