According to the report published by Fortune Business Insights™, The global infant formula marke is expected to reach USD 109.10 billion by 2027, exhibiting a CAGR of 10.6% during the forecast period. The increasing demand for clean label and organically produced products among parents will act as a key factor for the growth of the market, states Fortune Business Insights, in a report, titled “Infant Formula Market Size, Share & COVID-19 Impact Analysis, By Type (Infant Milk, Follow-on-Milk, and Others), Distribution Channel (Hypermarkets/ Supermarkets, Pharmacy/ Medical Stores, Specialty Stores, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 50.46 billion in 2019.
The whole world is combating with the newly discovered coronavirus. Coronavirus outbreak has disrupted many industries around the globe. The government authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused instabilities in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of very market so that you can adopt the necessary strategies accordingly.
List of Top Players Profiled in the Infant Formula Market are:
Nestle S.A. (Vevey, Switzerland)
Danone SA (Paris, France)
Abbott (Chicago, United States)
Arla Foods amba (Viby, Denmark)
Yili Group (Hohhot, China)
The Kraft Heinz Company (Chicago, United States)
Bellamy’s Organic (Launceston, Australia)
Perrigo Company plc (Michigan, United States)
Reckitt Benckiser Group plc. (Slough, United Kingdom)
Royal FrieslandCampina N.V. (Amersfoot, Netherlands)
Key Market Driver:
Rising Consideration towards Nutrition to Drive Market
The increasing focus on the nutritional needs of infants is expected to have an excellent impact on the market. The rising number of working females and mothers is likely to create opportunities for the market. The rising disposable income has led to high spending, which, in turn, will promote the sales of infant formula. The growing incidence of lactation has resulted in the demand for baby formulas, therefore boosting the market. The lack of support and medication for mothers will further enable the speedy expansion of the market. The shortage of qualified lactation experts and unfavorable work culture for mothers are likely to fuel demand for the market in the forthcoming years.
Coronavirus Occurrence to Negatively Distress Market Prospects
The coronavirus outbreak has disrupted the supply chain of the market like any other industry around the world. The growing fear regarding the health of newborns and high risk of disease infection can fuel demand for baby formula and help elevate the market in these times. Nevertheless, companies are strategizing to recoup the losses ensued by the coronavirus pandemic. For instance, in March 2020, The Kraft Heinz Company, a leading American food company collaborated with childcare websites in China i.e. Babytree, to donate approx. 4,000 boxes of the company’s infant nutrition to families in need through the Shanghai Fosun Foundation.
Heavy Demand for Quality Products to Propel Market in Asia Pacific
The market in Asia Pacific is expected to witness a rapid growth of 10.88% during the forecast period. The growth in the region is attributed to the inflated demand for baby products. The growing population is expected to augur well for the market in Asia Pacific. The growing demand for higher-end premium products is likely to encourage the healthy growth of the market in the region. China is a major consumer of infant and baby food products. The Middle East & Africa is expected to hold a significant share in the global market due to the growing working woman population. The growing awareness about the benefits of baby products and their nutrition value will have a tremendous impact on the market
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