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Baby Infant Formula Market to Garner $56.6 Billion by 2031 : Allied Market Research
The global baby infant formula market is experiencing growth due to various factors, such as an increase in the number of women participating in the labor force, the high nutritional value of infant formula, and the rise in the middle-class population in emerging economies. However, the industry is also facing challenges, including concerns regarding food safety and a decrease in the global birth rate. Despite these challenges, there are opportunities for growth in the market, such as the growing preference for organic baby food and the development of new products resulting from advances in technology.
By type, the infant milk segment contributed to nearly three-fifths of the global baby infant formula market share in 2021 and is expected to retain its dominance by the end of 2021. The demand for infant milk is rising as it is specially designed to meet the growing needs of babies under six months of age. The specialty baby milk segment, on the other hand, would register the fastest CAGR of 11.1% by 2031.
By ingredient, the carbohydrate segment held the highest share in 2021, accounting for nearly three-fifths of the global baby infant formula market revenue. The demand for carbohydrate in baby infant formula is rising as carbohydrates are an important source of energy for growing infants, as they account for almost 40% of their daily energy intake. The vitamins segment, simultaneously, would showcase the fastest CAGR of 14.0% from 2022 to 2031.
By distribution channel, the offline segment accounted for more than three-fourths of the global baby infant formula market revenue in 2021 and is anticipated to lead the trail throughout the forecast period. This is attributed to the rise in the number of hypermarkets and supermarkets, pharmacy/medical stores, specialty stores, and hard discount stores in developed countries. Simultaneously, the online segment would manifest the fastest CAGR of 9.0% by 2031.
By Region, Asia-Pacific held the major share in 2021, garnering more than half of the global baby infant formula market revenue. Developing economies such as
Indonesia and Vietnam are rapidly industrializing and have a young population and millions of mothers entering the workforce in the coming years, which is expected to lead to the growth in formula feeding. Simultaneously, LAMEA would grow at the fastest CAGR of 8.7% from 2022 to 2031.
The report analyzes these key players in the global baby infant formula market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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