The Pediatric Nutrition Market is estimated to be valued at US$ 14.22 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pediatric nutrition products include milk formulas, nutritional drinks, baby foods, and other products that aim to provide balanced nutrition to children. Growing need for easily digestible and nutritious foods among babies and young children is driving the demand for pediatric nutrition products. Leading players offer a wide range of products suitable for children of different age groups ranging from infants to toddlers and young kids. Innovation in formulations to match nutritional requirements at different growth stages further boost the market growth.
Market Dynamics:
Rising health awareness among parents and growing focus on offering balanced nutrition to babies and young children since infancy are some key factors driving the pediatric nutrition market growth. Parents are increasingly conscious about the nutrients required for healthy growth and development of children. This is increasing the adoption of pediatric nutrition products that contain important macro and micronutrients. Additionally, rising women workforce participation has fueled the demand for convenient pediatric nutrition options such as nutritional drinks and baby meals, which can be easily prepared or served. Moreover, increasing disposable income in developing regions is also contributing to the market growth as parents are willing to pay more for high-quality nutrition products for their children.
Segment Analysis
The pediatric nutrition market is segmented into formula, DHA/ARA infant formula, growing up/follow on formula, specialty baby formula, milk-based formula, soy-based formula, organic formula, prepared baby food, bottled baby food, canned baby food, frozen baby food, baby snacks and others. Among these, the milk-based formula segment is currently dominating the pediatric nutrition market and accounts for more than 50% share due to its availability, cost-effectiveness and similar composition to breast milk. This helps support baby's growth and development.
PEST Analysis
Political: The implementation of various government programs to raise awareness regarding baby nutrition and healthcare is driving the pediatric nutrition market growth. For instance, in the U.S., the Special Supplemental Nutrition Program encourages breastfeeding.
Economic: Rising awareness among parents about balanced nutrition for babies during formative years and increasing per capita income in developing nations are fueling the market size.
Social: Changing lifestyles, working mothers, and nutritional awareness are prompting parents to opt for packaged baby food products that are easy to prepare.
Technological: Technological advancements in formula composition maintain optimal nutritional levels tailored for each stage of baby development and make products closer to breast milk.
Key Takeaways
Global Pediatric Nutrition Market Size is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing middle-class population globally demanding quality nutrition products for babies.
Regionally, North America currently dominates the pediatric nutrition market owing to increasing participation of working mothers and nutritional awareness among parents. Asia Pacific is expected to be the fastest growing market due to rising birth rates and improving economic conditions.
Key players operating in the 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 players focus on new product launches, strategic collaborations and expansion in developing countries to strengthen their market position.
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