Global Baby Food and Infant Formula Market Report and Forecast 2024-2032

Global Baby Food and Infant Formula Market Outlook

The global baby food and infant formula market attained a value of almost USD 66.69 billion in 2023. The market is expected to grow at a CAGR of almost 5.80% over the forecast period of 2024-2032. The industry is further expected to attain a value of around USD 111.08 billion by 2032.

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The global baby food and infant formula market is being driven by the rising consumer awareness and the growing demand for convenient, packaged, and nutritious food products with the changing lifestyle and rising living standards.

Milk formula, also known as infant formula, is the most preferred type, accounting for a significant share in the global industry. Currently, the Asia Pacific dominates the global baby food and infant formula industry owing to the presence of a large population and the rising consumer disposable incomes in the region. The leading players are shifting their focus towards the emerging markets within the Asia Pacific, such as India and China, which is expected to provide various growth opportunities to the industry in the forecast period. China and the Netherlands are the leading importer and exporter of baby food and infant formula, respectively.

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Properties and Applications

While baby food refers to a mixture or soft mash of fruits, vegetables and cereals, manufactured for toddlers between the age of four months and two years, the infant formula is a solution especially prepared and targeted for babies that are under the age of 12 months. Infant formula, which is prepared keeping in mind the nutritious requirements of infants, is an ideal substitute for breast-milk. Baby food and infant formula is emerging as a primary source of nutrients for babies as they lack developed muscles and teeth for chewing adequately. Further, these products can be found in powdered as well as liquid form.

The market, based on type, can be divided into:

• Milk Formula
• Dried Baby Food
• Prepared Baby Food
• Others

On the basis of the distribution channel, the industry is segmented into:

• Supermarkets and Hypermarkets
• Pharmacies
• Convenience Stores
• Others

Currently, supermarkets and hypermarkets, among various distribution channels, leads the industry.

The report also covers the regional markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Market Analysis

The global market for baby food and infant formula is being driven by the increasing consumer demand for packaged foods owing to the convenience and enhanced nutrition offered by such products. As the right nutrition intake helps in the child's overall growth and development, parents are increasingly adopting baby food and infant formula products as they are rich in proteins, vitamins, minerals and carbohydrates. With rising disposable incomes and growing consumer awareness, the industry is witnessing increased growth. Further, the thriving e-commerce industry is providing a boost to the sales of such products via online platforms.

To satisfy consumer demand, manufacturers are continuously developing enhanced product range. They are launching baby food and infant formula variants in different forms, textures, and flavours, without compromising on their nutritious value. The production and consumption of organic, premium, and minimally-processed variants is also increasing, propelling the industry growth. Thus, the growing expenditure in the research and development activities by the major players will further aid the growth of the industry over the forecast period.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global baby food and infant formula market, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, capacity expansion, and plant turnarounds:

• Abbott Nutrition
• Nestlé S.A.
• Danone S.A.
• Mead Johnson & Company, LLC
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report