NEWARK, Del, March 07, 2024 (GLOBE NEWSWIRE) -- The global baby food market value is estimated to total US$ 84 billion in 2024. It will likely register steady growth during the next ten years, with global baby food demand rising at 5.0% CAGR. By 2024, the total market valuation is projected to reach US$ 137 billion.
The milk formula segment is expected to lead the global market, holding a value share of 47.1% in 2024. This can be attributed to the growing acceptance of infant formula as an option to breast milk.
Several factors are anticipated to provide impetus for the growth of the baby food industry during the assessment period. These include:
- Increasing popularity and consumption of baby food products globally
- Rapid population growth and urbanization
- Rising rates of women's employment
- Rising concerns over childhood obesity and other risks related to early introduction of
- Booming E-commerce, coupled with rising sales of baby food products through online shopping platforms
- Surging popularity of organic baby food among health-conscious parents
Baby foods provide essential nutrients to newborn babies and children up to 3 years. As a result, their demand is increasing steadily with an exploding population, and the trend will likely continue during the forecast period.
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Parents across the globe are focusing on providing the best nutrition to their infants. This is expected to create demand for healthy and nutritious baby food products during the next ten years.
Baby food products are designed to meet the unique dietary needs and developmental stages of babies and support their growth, health, and well-being. Hence, a growing focus on infant nutrition is expected to boost market growth.
Various types of baby foods are available to cater to different dietary needs or specific health conditions. For example, there are formulas for premature infants, hypoallergenic formulas for infants with cow's milk protein allergies, and specialized formulas for infants with certain medical conditions.
The demand for convenient, nutritionally balanced, and safe baby food options continues growing, leading to product formulations and packaging advancements. Key players are incorporating additional ingredients into their products to make them appealing to parents.
Key Takeaways from the Baby Food Market Report:
- The baby food market is anticipated to total US$ 137 billion in 2034.
- Based on product type, the milk formula category is set to account for a value share of 47.1% in 2024.
- By distribution channel, the supermarkets/hypermarkets segment will likely grow at 5.9% CAGR through 2034.
- Based on category, the organic segment will likely total US$ 48.0 billion by 2034.
- Total revenue in the United States is expected to reach US$ 9.2 billion in 2024.
- Baby food demand in the United Kingdom is anticipated to rise at 6.0% CAGR through 2034.
- India is poised to register a CAGR of 5.5% between 2024 and 2034.
“Increasing women’s participation in the workforce globally is anticipated to play a crucial role in boosting the baby food industry during the forecast period. To gain maximum profits, key players will look to develop new infant food products with added benefits,” - Nandini Roy Choudhury, Client Partner at Future Market Insights
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Who is Winning?
- Danone S.A.
- Abbott Laboratories
- Ausnutria Dairy Corporation Ltd
- The Kraft Heinz Company.
- Hipp
- Kewpie Corporation
- Nestlé
- Yili Group
- Royal Friesland Campina NV
- Reckitt Benckiser Group plc
- Hero Group
- Feihe International Inc.
- Bellamy's Organic
- Mead Johnson & Company, LLC
- Shijiazhuang Junlebao Dairy Co. Ltd
are the key manufacturers of baby foods listed in the report.
Top players are focusing on developing novel baby food products to meet different requirements of consumers. They also implement strategies like partnerships, advertisements, partnerships, distribution agreements, acquisitions, and mergers to gain a competitive edge in the market.
For instance,
- In January 2024, Danone India introduced AptaGrow, a new toddler nutrition line that aims to provide health benefits to as many children as possible.
Baby Food Market Segmentation
By Product Type:
- Milk Formula
- Ready to Feed Baby Food
- Dried Baby Food
- Other Types
By Category:
- Organic
- Conventional
By Distribution Channel:
- Drugstores/ Pharmacies
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Channels
- Other Distribution Channels
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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