Baby Specialty Milk Formula Market worth to USD 3400 Million by the end of 2024
The global baby specialty milk formula market is segmented into product type such as new born (0-3 months), infant (3-12 months) and toddler (1-3 years). Among these segments, toddler segment is expected to emerge as a fastest growing segment in overall baby specialty milk formula market. The key reasons behind the growth of this segment are increasing concerns amongst the parents towards baby’s nutrition across the globe. Furthermore, babies of age group of 1-3 years are majorly advised to have specialty milk formulas. This factor is expected to drive the growth of this segment in upcoming years.
Global baby specialty milk formula market is expected to register an 8.2% CAGR over the forecast period. Moreover, the global baby specialty milk formula market was valued at USD 1600 Million in 2016 and is expected to reach at revenue of USD 3400 Million by the end of 2024. The market is expected to expand on the back of growing birth rates across the globe especially in emerging countries. Apart from this, swelled disposable income of the consumers and growing spending on baby’s health and wellness are estimated to intensify the growth of global baby specialty milk formula market in future.
The online store segment by distribution channel is likely to grow significantly during the forecast period. Growing e-commerce business and increasing penetration of smartphones and laptops are expected to be the major factors behind the expansion of online store segment over the forecast period. Apart from this, producers of baby specialty milk formulas are also strengthening their online distribution channel in order to capture maximum size of market. This factor is expected to foster the growth of this segment during the forecast period.
High Birth Rate
The major factor behind the increased consumption of baby specialty milk formula is elevated birth rate in emerging economies such as India and China. According to UNICEF, around 353,000 babies are born every day across the globe.
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Occurrence of Health Issue in New Born Babies
Rising incidences of health issues in new born babies such as low birth weight, weak immune systems are fuelling the demand for additional nutrients for kids which in turn likely to increase the consumption of baby specialty milk formulas in upcoming years.However, high cost of baby specialty milk formula is a major factor which is restricting low income parents to adopt baby specialty milk formula is one of the major factors that are likely to inhibit the growth of the baby specialty milk formula market in the near future.
The report titled “Baby Specialty Milk Formula Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global baby specialty milk formula market in terms of market segmentation by age group, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global baby specialty milk formula market which includes company profiling of Perrigo Nutritionals LLC, Nestle SA, Piermen B.V., Bebelan Lacta Ltd., Abbott Laboratories, Danone Nutricia, Mead Johnson & Company LLC , Savencia Fromage & Dairy, Abbott Laboratories and AptaNutrition. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global baby specialty milk formula market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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