Baby food refers to any soft, easily consumed food other than breastmilk or infant formula that is made specifically for human babies between four months to two years of age. It comes in various forms such as baby cereals, bottled food, and spoonable pouches. Baby food products are an excellent source of nutrients like protein, vitamins, and minerals which aids in the overall growth and development of infants. The Global Baby Food Market Size is estimated to be valued at US$ 58.15 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The Asia Pacific region is estimated to provide high growth opportunities to the global baby food market over the forecast period. This is attributed to improving income levels and increasing awareness regarding baby nutrition among parents. Furthermore, rapid urbanization and rising number of working women are leading to more options like ready to feed baby foods which is further augmenting market growth. Countries like China and India have the highest number of births globally and account for majority share of the population in Asia Pacific. With increasing spending on baby care products, the baby food market players can leverage the opportunities in Asia Pacific region through expanding distribution channels and focusing on product innovation.
Porter's Analysis
Threat of new entrants: The threat is moderate as the baby food market is growing but it requires high capital to establish manufacturing facilities and distribution network.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established brands and private labels providing variety of options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materialslike cereals, fruits and vegetables are easily available.
Threat of new substitutes: The threat is low as there are very few substitutes for basic nutritional requirements provided by baby food.
Competitive rivalry: The competition is high among existing major players.
SWOT Analysis
Strength: Baby food offers balanced nutrition and convenience to new parents. It reduces risk of allergies and infections.
Weakness: Shelf life is limited for some products. Homemade foods are perceived as healthier by some.
Opportunity: Rising working women population fuels the demand. Developing markets will drive future growth.
Threats: Stringent regulations around ingredients and packaging increase compliance cost. Intense price wars among dominant players.
Key Takeaways
The global baby food market is expected to witness high growth at a CAGR of 3.5% during the forecast period of 2024 to 2031. The Asia Pacific region is growing at the fastest rate led by China, India and other Southeast Asian countries. Rising income levels and increasing awareness about baby nutritional needs are fueling sales in the region.
Key players operating in the baby food market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Regional analysis shows that the Asia Pacific is the fastest growing market for baby food attributed to improving economic conditions and larger family sizes. The market size for baby food is projected to reach US$ 58.15 Mn by 2024.
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