Market Overview:
The Asia Pacific baby food Market in 2018 was valued at USD 10.26 billion and is estimated to reach approximately USD 14.68 billion by 2023, registering a CAGR of 7.42% during the forecast period 2018-2023. Conventionally, babies are fed with soft home-cooked food, a ritual that is still very popular in underdeveloped and developing regions. Nevertheless, rising urbanization and changing lifestyles have escalated the call for packaged baby food products in different parts of the globe.
Market drivers and restraints:
Some of the significant reasons like differing socio-economic trends, rising end-user awareness, developed industrialization and mass production of packaged goods, increasing publicity and the detection of vitamins, and the mounting number of working women are the key drivers augmenting the market expansion int he APAC. However, deteriorating birth rates and shortage of practice to nourish home-cooked meals to babies are some limitations of this market.
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Report segmented as:
By type:
- dried baby food
- milk formula
- prepared baby food
- other baby food
By distribution:
- Supermarkets
- Hypermarkets
- small grocery retailers
- health & beauty retailers
Geographical analysis:
On the basis of region, the Asia Pacific region is segregated into India, China, Japan, South Korea and Australia. Asia Pacific is the biggest market for milk formula, which occupies more than half of the overall baby food market share. China and India are driving the Asia Pacific market and are estimated to showcase high annual compound growth rate in the coming years.
Important market players:
Key companies in this business include Nestlé SA., Bristol-Myers Squibb., H.J. Heinz., Mead Johnson Nutrition Co., DANONE., Inner Mongolia Yili Industrial Group Co Ltd., Abbott Laboratories Inc., Hangzhou Beingmate Group Co Ltd., Royal FrieslandCampina NV., GlaxoSmithKline Plc., The Hain Celestial Group Inc, Pfizer Inc., Hero Group GmbH, and Arla Foods Amba.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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