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The Baby Food and Infant Formula Market, valued at USD 25.11 billion in 2022, is expected to grow from USD 27.1 billion in 2023 to USD 42.5 billion by 2030, with a projected CAGR of 7.80% during the forecast period. Key drivers include the rise in working mothers and increased spending on newborn health.
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The demand for organic baby food is on the rise due to perceived health benefits and a desire for products free from harmful substances. Parents are increasingly aware of the negative impact of toxic chemicals, leading to a surge in sales of organic baby food. Stringent regulations govern the production of organic infant food, ensuring safety and quality. Notable companies in this segment include Other Nutrition Holdings Inc., Greenspace Brands Inc., and Plum Organics.
Baby Food and Infant Formula Market Segment Insights
The infant formula segment is gradually increasing its market share. Infant formulas, often modified from cow's milk, contain essential nutrients for baby growth.
Packaging Type Insights:
The pouches segment dominates the market due to its convenience and competitive nature.
Store-based distribution is the major contributor, with hypermarkets being popular. However, the market is expected to shift towards non-store-based channels due to online accessibility.
Baby Food and Infant Formula Regional Insights
Asia-Pacific holds the highest market share, with the infant formula market expected to grow rapidly. Factors include increasing birth rates, rising female labor force participation, and growing disposable income.
Europe accounts for the second-largest market share, driven by favorable economic conditions, while North America is expected to grow the fastest, fueled by demand and a high per capita healthcare spending.
Major companies like Abbott Nutrition, Danone S.A, Kraft Heinz Company, and Nestle S.A invest heavily in R&D to expand product ranges. Local manufacturing to lower operational costs is a key strategy. Product recalls, like Abbott's voluntary recall in the US and Canada in 2019, may pose challenges to market expansion.
· In May 2023, Arla Foods Ingredients introduced a new infant formula component to meet the rising demand for low-protein formulations.
· In December 2022, Bobbie, an infant formula firm, partnered with Uber Eats to deliver its organic formula directly to New Yorkers' doors.
· In November 2022, Kerry Group launched "Green LOVE+" Irish baby formula in China, made from 100% Irish milk.
· Type: Infant Formula, Baby Food
· Packaging Type: Bottles, Cans, Pouches, Others
· Distribution Channel: Store, Non-store
· Region: North America, Europe, Asia-Pacific, Rest of the World
The Baby Food and Infant Formula Market, valued at USD 25.11 billion in 2022, is expected to grow from USD 27.1 billion in 2023 to USD 42.5 billion by 2030.
The global market is projected to grow at a CAGR of 7.80% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65460
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