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World 08.02.2024

Global Baby Food and Infant Formula Market Projected to Surge by USD 34.37 Billion

Source: The DairyNews
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In a comprehensive market analysis, Technavio forecasts substantial growth in the baby food and infant formula market, with a projected increase of USD 34.37 billion from 2023 to 2027, translating to a remarkable Compound Annual Growth Rate (CAGR) of 6.96% during the forecast period.
Global Baby Food and Infant Formula Market Projected to Surge by USD 34.37 Billion
Source: freepik.com
Key Drivers:
The surge in market growth is attributed to the escalating health concerns among parents worldwide, who prioritize optimal nutrition for their infants. This has led to an increasing reliance on packaged baby food alongside breastfeeding. Major brands' marketing endeavors have successfully heightened awareness, and improved economic conditions have made high-quality products more accessible. Notably, organic options are gaining popularity due to their perceived safety and nutritional advantages over conventional products.

Trends and Challenges:
An evident trend in the market is the rising demand for organic products, reflecting a broader consumer preference for natural and healthy choices. However, a significant challenge hindering market expansion is the increasing number of product recalls, posing a constraint on overall growth.

Market Segmentation:
The market is segmented by product into infant formula and baby food, further categorized by type – including milk formula, dried baby food, prepared baby food, and others. Geographically, the market is divided into regions such as APAC, Europe, North America, South America, and the Middle East and Africa.

Segmental Growth:
The infant formula segment is anticipated to witness significant market share growth during the forecast period. This surge is driven by factors such as the rising number of working mothers and increased health awareness. Infant formulas, comprising casein and whey proteins, differ from breast milk in amino acid and protein content. They offer essential nutrients crucial for infant growth. The market also showcases diverse formula types, including refrigerated, powdered, and liquid options, each catering to specific preferences and requirements.

Role in Infant Nutrition:
Baby food and infant formula play vital roles in providing essential nutrients for the healthy growth and development of infants. Recognizing the importance of balanced nutrition in early childhood, baby formula brands are innovating to meet evolving nutritional needs and consumer preferences. The market trends emphasize a growing demand for organic baby food, aligning with consumer preferences for natural and health-conscious options.

In summary, the global baby food and infant formula market is poised for significant expansion, fueled by a convergence of health-conscious parenting trends, increasing demand for organic options, and innovations in meeting evolving nutritional needs.
Aaron Smith
Aaron Smith
Professor of Agricultural and Resource Economics at the University of California
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February 2024
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