The Asia-Pacific baby infant formula market size was valued at $11.4 billion in 2017, and is estimated to reach $26.8 billion by 2026 with a CAGR of 9.8% from 2019 to 2026.
Nutrition is one of the most significant factors that influences a child’s development and growth. The baby infant formula market comprises a diversified range of products from various infant formulas to baby food products. According to the Federal Food, Drug, and Cosmetic Act, infant formula refers to the food for dietary use that is solely fed to infants, owing to the fact that it simulates the nutritious properties of human milk or serves as a complete or partial substitute of human milk.
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The growth of the Asia-Pacific baby infant formula market is majorly driven by increase in awareness offered by baby infant formula such as it facilitates healthy growth & development of babies, improves cognitive performance & development, prevents them from allergies, and enhances gastrointestinal health & immunity.
The growth of infant formula is highly dependent on the awareness among the consumers to provide complete nutrition to their child. Demand for infant formula is higher in the emerging countries, as they are equally growing in terms of money and population. Countries such as China and India occupy larger market share, as companies need to address rapidly changing consumer needs to cater to their emerging demand. Moreover, upsurge in online sale of infant formula products would is expected to increase the overall revenue for the industry.
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The key players operating in the Asia-Pacific baby infant formula industry include Abbott, Arla Foods Amba, Campbell Soups, Dana Dairy Group Ltd., Danone, Nestle S.A., Reckitt Benckiser (Mead Johnson & Company LLC), Perrigo Company Plc, Heinz Baby, and Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF).
Key Findings of the Study:
- On the basis of type, the infant milk segment dominated the Asia-Pacific baby infant formula market in 2017, and is expected to retain its dominance throughout the forecast period.
- Depending on ingredient, the carbohydrate segment accounted for highest share in the Asia-Pacific baby infant formula market analysis in 2018, and is projected to grow at a CAGR of 9.8% from 2019 to 2026.
- By distribution channel, the hypermarket segment was the major shareholder during the Asia-Pacific baby infant formula forecast period, and is projected to register a CAGR of 9.5% from 2019 to 2026.
- Country wise, China exhibited the highest growth in the Asia-Pacific baby infant formula market share in 2017, and is expected to continue this trend during the forecast period.
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