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Baby Food Market size to hit $150 Bn by 2032
- Published Date: February 3, 2023
Baby Food Market size is expected to cross USD 150 billion by 2032, according to a new research report by Global Market Insights Inc.
Increasing number of working women and a rise in the middle-class population are projected to boost the sales of baby food products worldwide. Changes in lifestyles and educational opportunities have enabled women to join the workforce across the Asia Pacific region. To illustrate, in China, women account for 43.7% of the workforce, which the government plans to raise to 45% over the next decade. Due to the rising employment rate of women, the demand for baby food products should elevate in the ensuing years. Increased concerns regarding child nutrition among working parents would further augment the sales of premium baby food items.
New product developments by major baby formula brands
Baby food market share from the baby formula segment is anticipated to surpass USD 60 billion by 2032. Baby formula works as an alternative to breast milk and is fortified with various minerals and vitamins. The nutrients in the formula support a baby's growth during the first six months of life as it is the crucial period of growth for a newborn. Milk protein-based formulas are one of the most tolerable formulas as it contains lactose and minerals which becomes relatively easy to tolerate. Many leading brands are launching new products that meet specific user requirements. For instance, in July 2022, Danone launched a new dairy and plant-based baby milk formula. The new formula is rich in 60% plant protein which is sourced from high-quality soy.
High consumer footfall across hypermarkets
Based on distribution channels, the baby food market share from the hypermarket segment will witness over 4.8% CAGR from 2023 to 2032. The hypermarket distribution channels hold a large portion of the baby food supply chain with departmental stores contributing to considerable market growth. These stores are a preferred shopping channel for low and medium-income consumers due to the affordability and easy availability of baby food products. High consumer footfall and attractive discounts across such stores will drive strong product sales.
Browse key industry insights spread across 700 pages with 530 market data tables and 26 figures & charts from the report, “Baby Food Market Size, By Product (Prepared, Dried, Baby Formula), Distribution Channel (Hypermarket, Supermarket, Convenience Stores, Online), Age Group (Infant, Toddler, Pre-school), and Category (Organic, Conventional), COVID-19 Impact Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032” in detail along with the table of contents:
Rise in demand for organic baby food
The organic baby food segment is estimated to reach USD 23 billion by 2032. Patients these days are choosing organic baby food products that include natural ingredients as they eliminate the consumption of synthetic chemicals, hormones, and antibiotics. For instance, in 2020, American consumers spent over USD 56 billion on organic goods, up 13% from 2019. As infants are more vulnerable to the potential damages caused by pesticides than adults, the sales of organic baby food are slated to pick up pace.
Growing working women population across North America
North America baby food market worth over USD 8 billion by 2032. The U.S. is witnessing a greater demand for baby food products due to a rise in the number of working women and single mothers. Awareness regarding the benefits of organic baby food and the growing e-commerce sector would support regional market growth. Many brands across the region are also targeting the working woman population which may contribute to product demand. The growing single-mother population and high preference for premium organic baby foods will likely be crucial contributors to the industry expansion.
New product innovations by market competitors
Major players involved in the baby food market include Abbott Laboratories, The Kraft Heinz Company, Reckitt Benckiser Group plc., Hero Group, Kewpie Corporation, HiPP, Symrise AG, DMK Group GmbH, Friesland Campina, Milupa GmbH, and PZ Cussons. Companies are working on research and development (R&D) to create new products that are beneficial to infant health. For instance, in November 2021, Abbot introduced the Similac 360 Total Care, a combination of five HMO prebiotics, for infants to support their immune systems. The substance helps young children's developing brains and good digestion.