Global Baby Food Market to Reach $96.36 Billion by 2027: Says, Allied Market Research
Increase in awareness for adequate nutrition of babies, advent of organized retail marketing, huge population shift to urban areas, and rise in the number of working women fuel the growth of the global baby food market. Moreover, based on region, the market across Asia-Pacific held the highest market share in 2019 and is anticipated to rule the roost throughout the forecast period.
Portland, OR, Jan. 12, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global baby food industry was pegged at $67.3 billion in 2019, and is expected to hit $96.36 billion by 2027, manifesting a CAGR of 6.0% from 2021 to 2027.The report offers an extensive analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, and business performance of key market players.
Increase in awareness for adequate nutrition of babies, advent of organized retail marketing, huge population shift to urban areas, and rise in the number of working women fuel the growth of the global baby food market. However, concerns related to food safety, growth in the drift toward increased breastfeeding driven by government initiatives, and falling birth rates decrease the growth to some extent. Nevertheless, initiatives for product innovation & safety compliances are anticipated to usher a plethora of opportunities for the market players in the near future.
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Covid-19 scenario-
- The covid-19 outbreak has led to disrupt manufacturing processes and supply chain management, which in turn resulted into shortage of raw materials across the globe. This impacted the market negatively.
- The government bodies, however, are now easing off the regulations in order to maintain economic benefits. Also, the initiatives to ensure the availability of necessary products would assist the market during the pandemic.
Based on product type, the milk formula segment held the largest share with around three-fifths of the global market share in 2019, and is anticipated rule the roost by the end of 2027. On the other hand, the dried baby food segment is expected to register the fastest CAGR of 6.6% throughout the forecast period. The report also analyzes segments including milk formula and other baby food.
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Based on distribution channel, the supermarkets segment held lion’s share with nearly one-thirds of the global revenue share in 2019, and is anticipated to lead the trial till 2027. However, the small grocery retailers segment is expected to portray the highest CAGR of 6.6% from 2021 to 2027. Other segments analyzed in the report includes hypermarkets, health and beauty retailers, and others.
Based on geography, the market is analyzed across various regions including Asia-Pacific, Europe, North America, and LAMEA. The market across Asia-pacific dominated with largest share, accounting for more than two-fifths of the global market. On the other hand, the LAMEA region is expected to showcase the fastest CAGR of 7.5% during the forecast period.
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Key players in the industry in the report include Danone, Mead Johnson, Friesland Campina, Abbott laboratories, Hero-Group, Perrigo Company, Bellamy Organics, Nestle, Hain Celestial Group, andCampbell soups.
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