The global Pediatric Nutrition Market is estimated to be valued at US$ 3.73 billion in 2022 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Pediatric Nutrition Market consists of products specifically designed to meet the nutritional needs of infants and children. These products include infant formula, baby food, and supplements. The market offers a wide range of products that provide essential nutrients such as proteins, vitamins, minerals, and carbohydrates, which are crucial for the healthy growth and development of children.
The need for pediatric nutrition products arises due to various reasons, including inadequate breastfeeding, premature birth, medical conditions, and picky eating habits among children. These products have become essential in providing the necessary nutrients to support optimal growth during the early stages of life.
B) Market Key Trends:
One key trend in the Pediatric Nutrition Market is the rising focus on child health. With increasing awareness about the importance of nutrition for the overall well-being of children, parents are becoming more conscious of providing their children with the best possible nutrition. This has led to a growing demand for high-quality pediatric nutrition products that can cater to the specific nutritional needs of infants and children.
For example, there is a growing demand for organic and natural baby food products, as parents seek healthier alternatives to conventional processed foods. Moreover, the inclusion of probiotics and prebiotics in infant formula and baby food products has gained popularity due to their potential benefits for gut health and immunity.
C) Porter’s Analysis:
Threat of new entrants: The Pediatric Nutrition Market is characterized by high entry barriers, including stringent regulations and the need for significant investments in research and development. Established players have a strong foothold in the market, making it difficult for new entrants to gain significant market share.
Bargaining power of buyers: The bargaining power of buyers in the Pediatric Nutrition Market is moderate. While parents have a wide range of options to choose from, the critical nature of pediatric nutrition products makes price less of a determining factor. In this market, quality and safety are of paramount importance to parents.
Bargaining power of suppliers: The bargaining power of suppliers in the Pediatric Nutrition Market is moderate to high. Suppliers of key ingredients such as milk, grains, and vitamins have a significant influence on the market. However, established players often have long-term contracts with suppliers, ensuring a steady supply of raw materials.
Threat of new substitutes: The threat of new substitutes in the Pediatric Nutrition Market is low. Pediatric nutrition products are specifically formulated to meet the unique nutritional needs of infants and children. It would be challenging for alternative products to replicate the nutritional composition and safety standards of these specialized products.
Competitive rivalry: The Pediatric Nutrition Market is highly competitive, with several key players vying for market share. Companies are focusing on product innovation, partnerships, and acquisitions to gain a competitive edge. The market is characterized by strong brand loyalty and a high level of trust in established players.
D) Key Takeaways:
Market size related content: The global Pediatric Nutrition Market is expected to witness high growth, exhibiting a CAGR of 6.4% over the forecast period. The increasing focus on child health and the rising demand for nutritional products among parents are major drivers contributing to market growth.
Regional analysis related content: North America is expected to be the fastest-growing and dominating region in the Pediatric Nutrition Market. The region has a high awareness of child health and is witnessing an increasing number of working parents, leading to higher demand for convenient and nutritious products.
Key players related content: Key players operating in the global Pediatric Nutrition Market are Reckitt Benckiser Group Plc, Nestlé S.A., Abbott Laboratories, Groupe Danone, Royal FrieslandCampina, Baxter International Inc., Fresenius Kabi, and B. Braun Melsungen AG. These companies are investing in research and development activities to create innovative products and strengthen their market position.
In conclusion, the Pediatric Nutrition Market is expected to experience significant growth due to the increasing focus on child health.