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Baby Food Market to Hit at $96.3 billion by 2027, Supported by a CAGR of 6.0%
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The Baby Food Market is set to reach $96.3 billion by 2027, growing at a CAGR of 6.0%. Milk formula leads the market, with supermarkets as the top sales channel.
According to a new report published by Allied Market Research, titled, “Baby Food Market by Product Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”
The global baby food market size was valued at $67.3 billion in 2019, and is projected to reach at $96.3 billion by 2027, growing at a CAGR of 6.0% from 2021 to 2027. Baby foods are ready-to-eat foods for infants between the age group of four to six months until two years. Dried cereals, milk formula, prepared baby food and other are the major baby food available in the market. Rising economic trends in emerging markets of Asia-Pacific and Europe, increasing women participation at workplace, increasing awareness about adequate nutrition, growing urbanization and organized retailing are the major baby food market trends which spurs the market growth. Food safety concerns, increased awareness of breast-feeding and low birth rates in some region are some of the restraining factors that limits the growth of the global baby food industry.
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Presently, milk formula segment leads the market with 60.18% share in terms of revenue. Several manufacturers promote these formulas as a supplement to breast milk. Hence, companies are launching milk formulations in different tastes and flavors to increase their brand awareness among consumers. Growing health and nutrition concern for babies and limited time for food preparations are the major factors driving the baby food market growth.
Manufacturers are focusing on key innovations that cater to the requirements of the large consumer base. Increase in awareness toward health benefits such as reduction in pain and increase in mobility & physical activity are expected to boost the demand for baby food in emerging nations. Furthermore, increase has been witnessed in the number of netizens along with rise in internet penetration. Taking this into consideration, most of the key players in the baby food market strategize on promoting their products on various social media platforms. Thus, through social media marketing strategy, the Baby food market sights critical growth opportunity.
Moreover, halt in the production of baby food products and its processing due to lockdown and social distancing being practiced all around the world have adversely affected the growth of this industry. The market on the other hand has not experienced a steep down trend, in terms of demand, as it remains somewhat similar prior to the virus outbreak being a daily consumable item. This disparity in the availability of product and its demand is expected foster quick recovery for the baby food market once the pandemic ends.
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According to the baby food market analysis, the market is segmented into product type, distribution channel, and region. Based on product type, the market is bifurcated into dried baby food, milk formula, prepared baby food, and other. Presently, milk formula segment leads the market around 63% share in terms of revenue. Growing health and nutrition concern for babies and limited time for food preparations are the major factors driving the growth of the market.
Depending on distribution channel, the market is categorized into Supermarkets, Hypermarkets, small grocery retailers, health and beauty retailers, and others. Supermarket was the most preferred sales channel, accounting around 33% of the overall market and is likely to remain dominant during the baby food market forecast period. Supermarkets is gaining popularity owing to the availability of broad range of consumer goods under a single roof, ample parking space and convenient operation timings. These stores offer variety of brands in a particular product category, offering more options for the consumers. Moreover, some of the supermarkets have company representatives to assist the consumers in their selection of baby food products.
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The key players profiled in this report include Nestle, Danone, Mead Johnson, Abbott Laboratories, Hero-Group, Perrigo Company, Bellamy Organics, Hain Celestial Group, Campbell soups and Friesland Campina.
Key findings of the study
The milk formula was valued at $40.9 billion in 2019, and is anticipated to reach $56.6 billion by 2027, with a CAGR of 5.6% during the forecast period.
On the basis of distribution channel, the supermarket led the market, garnering 31.71% of the global baby food market share in 2019.
In 2019, North America was the most prominent market, and is expected to grow at a significant CAGR throughout the forecast period.
In 2019, Asia-Pacific held the major share of 42% in market and is expected to grow at a significant CAGR during the forecast period.
The article discusses the growth and trends of the global baby food market, projected to reach $96.3 billion by 2027.
Key factors include rising economic trends, increased women workforce participation, and growing urbanization.
COVID-19 caused production halts, but demand remained steady due to the essential nature of baby food.
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