According to a new report published by Acumen Research and Consulting titled “Baby Food & Infant Formula Market (By Type: Dried Baby Food, Infant Milk Formula, Prepared Baby Food, Others; By Distribution Channel: Health & Beauty Retailers, Online Sales, Supermarkets, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026", the global market for Baby Food & Infant Formula is estimated to grow at a significant rate and reach the market value at 70 billion USD in 2018. Some of the major factors responsible for the market growth are increasing per capita income of the people, rising awareness among the people and changing lifestyle.
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The global baby food & infant formula market is majorly driven by increasing prevalence of the nutritional deficiency in new born children, changing lifestyle, and rising spending power of the people. During last few years, there is a significant increase in the prevalence of the lifestyle diseases which is sometimes genetically transferred to the mew borns. To avoid this a number of people have adopted the modified nutritional food. Increased the demand for the better nutritional products, increasing government support, rising per capita income, and continuously increasing prevalence of the children suffering from nutritional deficient have boosted the growth of the market during the forecast period. However, lack of awareness among the people is responsible for affecting the growth of the market negatively.
Asia Pacific to dominate the global market for baby food & infant formulas
Asia Pacific baby food & infant formulas market was estimated to holds over 40% of the total share in the global market. Huge population base with increasing birth rate in the developing countries have boosted the growth of the market. During last few years, there is a significant increase in the prevalence of nutritional deficiency in the children, additionally the preterm births is also increased owing to the changing lifestyle has driven the market growth. India and China are the major contributor for the market owing to the huge population base. Recently, a number of favorable government policies which have boosted the growth of the market. Many companies and organization are using various marketing strategy to educate the people and ultimately leads in the increasing demand for the products.
Similarly in other developing regions like Indonesia, Thailand, Malaysia, and other south east asian countries the market is expected a healthy growth. Continuously rising per capita income, and rapidly developing economies in this region have driven the market in this region.
Europe, North America, and other developed countries will expected to have a steady growth owing to the developed market.
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Top strategies adopted by top players to minimize the competition
Being a nascent market a number of manufacturers have entered in the market; which has increased the competition among the players. Many small and local players are present in the market offering their products at comparatively low prices which has intensified the competition in the market. To sustain in the increasing competition a many players are adoping various stratigies.
For instance, the company behind Durex, is moving into baby food with the USD 16.6 Billion acquisition of a US infant formula maker Mead. Mead is the third leading baby food company across the globe, after Nestlé and Danone.
Some of the leading companies operating in the global baby food & infant formula market include Danone, Nestle S.A, Hain Celestial Group, Campbell Soups, Perrigo Company Plc., Mead Johnson & Company, LLC, Abbott Laboratories, Bellamy Organics, Hero Group, and Friesland Campina.
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