by Baby food, also known as infant formula or baby formula, is especially made for infants between 4 months to 2 years of age as an alternative for breast milk or a follow-up to it after weaning. It is prepared from cereals, vegetables, fruits, meat, fish and various nutrient additives. With increasing number of working mothers and rising adoption of nuclear family structure, the demand for baby food is increasing substantially. This is further fuelling the growth of the global baby food market.
The global Baby Food Market is estimated to be valued at US$ 50.47 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising health consciousness among parents regarding balanced nutrition for babies is one of the major driver for the global baby food market. Parents are increasingly informed about the importance of adopting baby food products with balanced macronutrients and micronutrients for healthy growth and development of babies. This is encouraging the manufacturers to launch innovative and nutritious products in order to cater increasing demand. Another significant driver for the market is growing working women population. With rising number of dual income households, demand for baby products with convenience is rising significantly. This is propelling the demand for ready-to-eat and on-the-go baby food products. Moreover, rising disposable income of parents is also contributing towards growth of the market by allowing them to spend more on high quality baby food products.
Segment Analysis
The global baby food market is dominated by cereal sub-segment which holds around 30% of the market share. Cereal based baby food products such as rice cereal, oat cereal, multigrain cereal are popular among parents as they are easy to prepare and digestible for babies. These products are also inexpensive compared to other baby food variants like snacks, prepared baby food. With increasing awareness about nutrition, homemade baby food is gaining popularity but ready-to-eat packaged cereal still dominates as it is convenient option for busy parents.
PEST Analysis
Political: Stringent regulations regarding the safety, ingredients and labeling of baby food products by regulatory bodies like FDA is influencing the market.
Economic: Rising disposable income and spending on infant nutrition is fueling the growth of baby food market. Working women population preferring convenience products.
Social: Changing lifestyle, increase in number of working women and busy schedule has increased demand for ready-to-eat packaged baby food products. Rising awareness regarding baby health and nutrition through digital platforms also supports the market growth.
Technological: Companies are focusing on developing innovative packaging, recipes and formats to make products more nutritious and appealing for picky eaters. Advancements in processing technology is helping manufacturers to improve shelf-life and supply chain efficiency.
Key Takeaways
The global Baby Food Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global baby food market is estimated to be valued at US$ 50.47 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
Regional analysis comprises- The Asia Pacific region dominates the global market and is projected to grow at fastest CAGR during the forecast period. Factors such as increasing birth rate, growing middle class population and their shifting preference towards Western nutrition trends drive the market in the region.
Key players operating in the baby food market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. These players focus on new product launches and enhancement, collaborations and expansion to cater to increasing demand. Increasing health awareness and nutrition perception is pushing the demand for next-gen baby food products with simplified ingredients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
