Selbyville, Delaware – Increasing global infant population could generate new growth strides in the infant formula market over the coming years. According to reports by the UN, the world infant population is expected to rise to 733.3 million in 2025. The surge in the number of working mothers in the general workforce is one of the main factors behind industry growth and product demand.
Growing number of middle-class households in economies like South Korea, Thailand, Malaysia, Indonesia, and India is leading to population growth, socio-economic development, and an increase in consumers who are able to afford infant formula for their children.
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Considering robust demand, companies operating in the infant formula market are developing new products and solutions. For example, in 2018, Nestle introduced its own brand of A2-only baby formula in New Zealand and Australia. The product consists of all the proteins present in regular cow milk except for the A1 beta-casein protein, which is believed to cause indigestion.
Meanwhile, in 2020, another key infant formula brand, Danone announced the launch of Track & Connect, a digitally driven baby formula service that will provide consumers and retailers more transparency on the product’s entire journey from farm-to-fork, as well as offer new personalized, data-driven after-sales services for its baby formula brands. Based on such launches, Global Market Insights, Inc., reports that the infant formula market is projected to register over USD 98 billion by 2025.
Elaborated below are some of the trends that may propel infant formula market outlook:
- High demand for follow-on formula
The follow-on formula segment held the largest market share in 2018 and is experiencing the highest demand owing to the halt in breastfeeding during the later stage and the introduction of other foods for infants. The follow-on segment caters to babies aged from 6 to 12 months, as this age group needs proteins and other essential nutrients present in breastmilk.
- Easy availability across supermarkets
The supermarket segment is likely to witness significant growth at a 9.5% CAGR over the forecast period owing to a steady expansion in the global retail industry. Supermarkets are expected to benefit abundantly from this rise, as they offer a wide range of products at affordable prices.
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- Europe emerging as a promising business ground
The Europe infant formula market is anticipated to grow at a rate of 9% in the upcoming years backed by the presence of several industry players such as Danone, HiPP, DMK GmbH, and Nestle. There is intense competition among firms to efficiently reach their target audience, given to rising awareness among parents regarding the right selection of foods for their infants.
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