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Infant Formula Milk Powder Market: Segmented by Type (infant milk, follow up milk, specialty baby milk and growing up milk); By Distribution Channel (Convenience stores, Hypermarkets & supermarkets, E-commerce platforms and Other); and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Infant Formula Milk Powder Market to surpass USD 47.73 billion by 2030 from USD 31.95 billion in 2020 at a CAGR of 9.13%in the coming years, i.e., 2021-30.
Infant formula is the closest replacement for an infant's maternal breast milk. A mixture of dairy & other dietary ingredients makes baby formula. Infant formula is typically produced to feed infants under the age of 12 months to help them in promoting healthy growth and maintaining good health. Baby formula is mixed by mixing powder and liquid for bottle-feeding or cup-feeding. The making of formula for infants follows a certain protocol. The most basic steps involved in producing baby milk are liquid preparation from skim milk and a mixture of ingredients, then the processing of the mixture is finished, followed by powder preparation and packaging of that powdered baby formula. There are different types of infant formulas available in the market which is made up of specific ingredients such as nutritional content, calorie count, taste, and digestive capacity. Cow milk, soy-based, protein hydrolysate, lactose-free, special, and newer formula is some of the popular baby formula used.
Global Infant Formula Milk Powder market is expected to project a notable CAGR of 9.13%in 2030.
The growth of online stores is also propelling the selling of high-end products. Due to many growth drivers including high female workforce share, growing middle class & dual-income families as well as increasing premium nutrition expenditure.
Expanded snacks segment to grow with the highest CAGR during 2020-30
Global Infant Formula Milk Powder market is segmented by type into infant milk, follow-up milk, specialty baby milk, and growing up milk. Infant milk segment held the largest market share in the year 2020 due to an increase in physician's preference to use infant milk as a replacement for breastfeeding, as it is a safe and nutritious alternative along with greater convenience. Infant milk is also high in iron and helps avoid anemia. Specific baby milks are fortified with probiotics, which help avoid diarrhea, relieve colic and reduce the risk of allergies to food.
Hypermarkets & supermarkets segment to grow with the highest CAGR during 2020-30
Global Infant Formula Milk Powder market is segmented by distribution channel into Convenience stores, Hypermarkets & supermarkets, E-commerce platforms, and others. Hypermarkets & Supermarkets segment held the largest market share in the year 2020. During the forecast period, it is predicted to be the largest and fastest-growing market. The wide variety of products available and the convenience of real-time brand comparison for customers are the primary reasons for hypermarkets and supermarkets' popularity in this market.
High Female Workforce and Lifestyle Changes to Increase Market Growth
The infant formula market is expected to rise due to many growth drivers including high female workforce share, growing middle class & dual-income families as well as increasing premium nutrition expenditure. Furthermore, lifestyle change, rise in the middle-class population, growth in disposable income in emerging economies, and increased awareness of high nutritional content in the infant formula also drive market growth.
Variety of Nutrients and Rise in Number of Employed Women
Infant formula is made up of a variety of nutrients that are fed to babies for their overall growth, including carbohydrates, fats, proteins, vitamins, minerals, and others. While doctors suggest exclusive breastfeeding for babies under the age of six months, an infant formula may be used as a substitute since it contains similar nutrients. The demand is being driven by an increase in the number of women employed outside the home.
Food Safety Concerns and Low Birth Rate to Hinder the Market Growth
Declining number of births of newborns and foreign brands dominating the market of infant formula are factors likely to hamper the growth of the market. Additionally, concerns related to food safety are also a major factor restricting the growth of the baby formula market.
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Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Infant Formula Milk Powder market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Infant Formula Milk Powder in Asia Pacific held the largest market share in the year 2020. The increasing adoption of Western culture in the area, rising disposable income, and the on-the-go snacking trend among the urban population due to busy lifestyles are all factors driving the Asia Pacific region's development. Consumers in the region tend to buy cheaper goods due to the developing economic conditions in the majority of countries and therefore prefer generic or domestic brands. The availability of such snacks has become much easier due to the increasing trend of hypermarkets and supermarkets in the area, which is further bolstering market growth in APAC.
Global Infant Formula Milk Powder Market is further segmented by region into:
Infant Formula Milk Powder Market Segments:
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