According to a new market research report published by Credence Research “Baby Food and Formula (Product – Infant Formula, Baby Cereals and Dried Baby Food, Prepared Baby Food, Others) Market – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”, the global baby food and formula market was valued at US$ 28.12 Bn in 2015 and is estimated to expand with a CAGR of 6.1% from 2016 to 2023.
Market Insights:
The rising discretionary income of people, especially in the developing economies, coupled with the increasing expenditure over brand-named baby care products is the prime factor bolstering the baby food and formula market. Parents across the world are increasingly looking towards more convenient and healthy products for their babies. As a result, the demand for brand-named baby food and formula has risen substantially since the past few years.
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The female workforce ratio in developing economies such as India and China has grown dramatically in the past few years. This has led to increased demand for convenient baby food products that can satisfactorily fulfil the nutrition need of infants. Today, baby food products are available in various forms such as cereals, milk solids, readymade bottled food, snacks and others. Consequently, large number of people have adopted baby food products thereby resulting into strong overall market growth.
Another significant factor bolstering the market growth is the rising birth rate worldwide. Although the overall birth rate per year is has decreased significantly since the past few years, the rate is estimated to remain steady in the coming years. Over the period of time, India and China have emerged as the most promising markets for baby food, mainly due to their strong birth rate and rising expenditure over baby care products.
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Competitive Insights:
The global baby food and formula market is consolidated in nature with a few major international players contributing to more than fifty percent of the total market revenue. The market players primarily compete on the basis of their products (material and comfort), price and brand-name. Another major area of competition is product development for babies aging below six months and organic baby food products.
Apart from product development and brand-name, baby food and formula providers focus on attractive packaging of their products. Attractive packaging plays crucial role in case of baby products as it largely helps driving the consumers. This makes attractive packaging is one of the most important strategies adopted by the baby food and formula manufacturers.
Key Trends:
- Organic baby food products for better health
- Focus on India and China by launching price competitive products
- Online product promotion
- Brand-name promotion
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