Baby food refers to any soft, mashed, or semi-solid food other than breastmilk or infant formula which is specially prepared for feeding babies ages 6 months to 2 years of age. The global baby food market includes major categories such as infant formula, dried baby food, prepared baby food and other baby food. With increasing awareness about nutrition and health benefits of baby food products, these food items have become increasingly popular.
The global Baby Food Market is estimated to be valued at US$ 50.47 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global baby food market is primarily driven by rise in health conscious parents. Parents nowadays are increasingly aware of the importance of nutrition in early childhood development and its role in building a strong immune system. This has boosted demand for baby food products globally. Another key driver for the market growth is growing working women population. With dual income families becoming a norm, packaged and ready-to-eat baby foods provide convenience to working mothers. Further, rising disposable incomes in developing regions of Asia Pacific and Latin America have also augmented the demand. Stringent regulations regarding safety and quality of baby food products by regulatory authorities like FDA and EU in major markets further ensures high quality of products in the market and parental confidence. However, availability of cheaper private label brands pose competition to established brands. This acts as a major challenge for leading players in the market.
Market Dynamics:
SWOT Analysis
Strength: Baby food offers complete balanced nutrition for infants and babies in first few years. Ready-to-eat baby food saves time for parents compared to home-made baby food. Many baby food manufacturers offer variety of flavors and textures for babies of different age groups.
Weakness: Some parents prefer homemade baby food due to perception of high sugar and salt content in packaged baby food. Packaged baby food has lower nutritional value compared to homemade food prepared from fresh ingredients.
Opportunity: Growing number of working mothers increases demand for convenient ready-to-eat packaged baby food. Introduction of organic and non-GMO baby food broadens product offerings to target health conscious parents.
Threats: Stringent regulations regarding ingredients and nutrition labeling increases compliance cost for baby food manufacturers. Online grocery shopping and direct-to-consumer brands pose price competition in the market.
Key Takeaways
The global Baby Food Market Share is expected to witness high growth. Rapid urbanization coupled with rising women workforce has boosted the demand for convenient and nutritious ready-to-eat baby food products. The global Baby Food Market is estimated to be valued at US$ 50.47 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
North America dominates the global baby food market currently. Early adoption of western culture and busy lifestyles of working parents drives the baby food market in the region. However, Asia Pacific is expected to be the fastest growing market during the forecast period due to rising birth rate, growing middle class population and their increasing disposable income in developing countries such as China and India.
Key players operating in the baby food market are Abbott Nutrition, Beingmate Baby & Child Food Co Ltd., Danone, HiPP, Kraft Heinz, Mead Johnson Nutrition, Nestle, Perrigo, Pinier and Reckitt Benckiser. These players are focusing on new product launches, facility expansion and mergers & acquisitions to strengthen their market position. For instance, Nestle acquired majority stakes in childhood nutrition brands from GSK in 2017 to enhance its product portfolio.
Explore more related article on this topic: https://www.ukwebwire.com/the-global-baby-food-market-demand-analysis/
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