PORTLAND, Ore., Aug. 6, 2020 /PRNewswire/ — Allied Market Research published a report titled, “Infant Nutrition Market by Product Type (Follow-on Milk, Specialty Baby Milk, Infant Milk, Prepared Baby Food, and Dried Baby Food), Form (Solid and Liquid), and Distribution Channel (Hypermarket/ Supermarket, Convenience Stores, Pharmacy, Online, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2026″ According to the report, the global infant nutrition industry was estimated at $34.2 billion in 2018, and is expected to hit $61.6 billion by 2026, registering a CAGR of 7.7% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in awareness on adequate nutrition, increase in disposable income, and innovative packaging to influence buying behavior drive the growth of the global infant nutrition market. In addition, the busy lifestyle of consumers have fueled the growth of the market. On the other hand,increased breastfeeding due to government initiatives hamper the growth of the market. Nevertheless,organic baby food and prebiotic and probiotics in baby food are expected to create lucrative opportunities in the near future.
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- Due to COVID-19 outbreak, the production volumes in the global infant nutrition market have reduced to certain extent.
- In addition, the supply of infant nutrition is carried out by following the government measures in various regions.
- Moreover, the governments across various regions are taking initiatives to meet the rising demands for food, medical supplies, and other crucial requirements during the pandemic.
The infant milk segment to maintain the lion’s share by 2026-
Based on product type, the infant milk segment contributed to more than two-fifths of the global infant nutrition market revenue in 2018, and is expected to retain its dominance by the end of 2026. The infant milk acts as a substitute to breast milk. In addition, the Infant milk debuts in gas-tight composites, which helps in keeping the infant milk fresh and also helps in increasing the shelf life of the product which drives the growth of the segment. On the other hand, the prepared baby food segment would register the fastest CAGR of 10.4% throughout the forecast period.The longer shelf life of prepared baby food, and wholesome ingredients used to prepare the baby food have augmented the growth of the segment.
The consumer electronics segment to dominate during the estimated period-
Based on distribution channel, the hypermarket/supermarket segment accounted for around two-fifths of the global infant nutrition market share in 2018, and is anticipated to rule the roost during the study period. This is owing to the availability of broad range of consumer goods under a single roof, ample parking space and convenient operation timings.In addition, the increase in urbanization, rise in working class population, and competitive pricing augment the growth of the segment. On the other hand, the online segment is anticipated to manifest the fastest CAGR of 10.2% from 2019 to 2026.The increase in penetration of various online portals in developing regions and the rise in number of offers and discounts have augmented the growth of the segment.
Asia-Pacific to dominate in terms of revenue, North America to grow significantly-
Based on region, Asia-Pacific held the largest share in 2018, garnering more than two-fifths of the global infant nutrition market, owing to increase in purchasing power of population in the Asia-Pacific region. On the other hand,the LAMEA region is projected to manifest the fastest CAGR of 10.6% by 2026. Increase in human immunodeficiency virus (HIV) in breastfeeding women, and expansion of infant food business in LAMEA region have propelled the growth of the market. Moreover, North America, is anticipated to manifest the CAGR of 6.0% by 2026.
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Frontrunners in the industry-
- Arla Foods Amba
- Campbell Soups
- Dana Dairy Group Ltd
- Nestle S.A.
- Reckitt Benckise (Mead Johnson & Company LLC)
- Perrigo Company Plc
- Heinz Baby
- Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF)
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SOURCE Allied Market Research