DUBLIN--(BUSINESS WIRE)--The "Global Baby Food Market - Forecasts from 2019 to 2024" report has been added to ResearchAndMarkets.com's offering.
The global baby food market is projected to grow at a CAGR of 4.93% during the forecast period to reach US$92,809.073 million in 2024 from US$69,517.786 million in 2018.
Growing urbanization and changes in the lifestyle of people have resulted in a rise in the consumption of baby foods in place of the traditional soft-cooked home food. Furthermore, the growing awareness regarding child nutrition and healthcare have also resulted in an increase in the demand for higher quality or premium baby food.
The demand for baby foods is further anticipated to see a rise in the coming years owing to the growing popularity of organic food products. Moreover, the improvement in standards of living in developing and underdeveloped economies also provides a potential opportunity for the baby food market to grow.
Geographically, the Asia Pacific is projected to hold a substantial share in the market and will also witness multiple growth opportunities during the forecast period.
The major players profiled in the baby food market include Nestle, Danone, HiPP, Abbott, and Reckitt Benckiser Group among others.
- Growing awareness regarding child nutrition and paediatrics
- The budding trend towards adoption of organic baby food
- Increasing adoption in developing economies
- In June 2019, Lotte Food introduced a new baby food formula Nubone in Vietnam. The company also got a sales contract with Viet Australia for distribution in the country. It is an export-only product aimed at children under 6 years of age.
- In June 2019, China's National Development and Reform Commission, with six other ministries, stated that China aims to increase the local production of baby formula to supply more than 60% of the market domestically.
The baby food market has been analyzed through the following segments:
By Product Type
- Dried Baby Food
- Milk Formula
- Prepared Baby Food
By Distribution Channel
- Reckitt Benckiser Group
- Lotte Foods Ltd.
- Hero Group
- Bellamy's Organic
- Hain Celestial
- Plum, PBC (a Subsidiary under Campbell Soup Co.)
For more information about this report visit https://www.researchandmarkets.com/r/c4uw85