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Asia Pacific is one promising region in terms of increasing consumption of infant formula market. The region held 35.6% share by volume in global infant formula market in 2018. Growing infant population in India, Vietnam, Pakistan, Thailand, Indonesia will be accelerating product demand over the forecast timeframe.On the basis of product, the infant formula market has been segmented into standard, follow-on, toddler and specialty. Among the aforementioned segments, the follow-on segment generated maximum revenue over USD 20 billion in 2018, whereas the toddler’s segment is likely to exhibit the highest CAGR over the forecast timeframe. The rising disposable income across the globe along with the growing adoption of infant formula are major factors augmenting the infant formula market size.
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On the basis of distribution channels, the global market has been segregated into hypermarket, supermarket, convenience store, online and others. Among the aforementioned segments, supermarkets contributed highest to the revenue share amounting more than USD 18 billion in 2018 and will hold the highest revenue share throughout the assessment period. The growing penetration of supermarkets in the developing economies along with the presence of various sales promotion schemes attracts large consumer groups which in turn is positively contributing to the growth of the supermarket segment.
Global Infant Formula Market is expected to surpass USD 98 billion by 2025; according to a new research report by Global Market Insights, Inc. Global market will be primarily driven by the growing number of working-class women across the globe. Infant formula are widely accepted alternatives of breast milk hence the rising population of working mothers shall drive product demand during the forecast period. Moreover, the increasing per capita income in developing economies has resulted surge in the purchasing power of the population which in turn is anticipated to act as one of the major market driving factors during the assessment period.
According to The Federal Food, Drug, and Cosmetic Act (FFDCA), by U.S. Food and Drug Administration, infant formula is defined as a food which purports to be or is represented for special dietary use, solely as a food for infants by reason of its simulation of human milk or its suitability as a complete or partial substitute for human milk. Infant formula consists of various vital ingredients such as fats, carbohydrates, proteins, minerals, vitamins and others which acts as an import source of infant nutrients. Although, breast milk is highly recommended by physicians as the best source of nutrients for infants however, the product acts as an effective substitute of breast milk. The rising awareness about baby health coupled with growing infant population across the globe shall substantially boost the infant formula market size through the review period.
Follow-on segment accounted for the largest share in global infant formula market in 2018. This segment food caters to babies aged 6 to 12 months. This age group requires proteins and other essential elements as present in mother?s milk. This category has highest demand for infant formula because at this stage, breastfeeding is generally stopped, and infants are introduced to other foods.
Supermarkets segment of infant formula market is expected to register maximum gains in in the coming years. The segment will expand at CAGR of 9.5% over the forecast timeframe. The steadily growing retail industry across the globe, will benefit supermarket formats the most, as they have wide product range and offer products at affordable prices.
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Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/infant-formula-market
Release ID: 513016
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