According to a new market research report published by Credence Research “Infant Formula Market (Protein Source – Cow Milk Protein-based, Soy-based, Hypoallergenic and Specialized Infant Formula) - Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 - 2023”, the global infant formula market was valued at US$ 9.40 Bn in 2015 and is estimated to expand with a CAGR of 6.7% from 2016 to 2023.
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The infant formula market is highly driven by the rising ratio of females in workforce worldwide. People are more inclined towards purchasing baby care products that are convenient and also ensure baby nutrition. Thus, further rise in female workforce may substantially fuel the market growth especially in the developing economies. Another major factor propelling the market growth is the rising discretionary income of people worldwide. Manufacturers are more focused towards designing nutrition-rich products and offering organic infant formula products. With the rising purchasing power of people worldwide, such infant formula products are expected to witness warm demand in the coming years.
However, major factor affecting the market growth is the regulations supporting breastfeeding and controversies over infant formula products. The market has been facing the hurdles of controversies over infant formula products since several years. Organizations such as WHO and UNICEF highly recommend and promote breastfeeding over its substitutes in order to ensure infant health. Infant formula products are recommended only in cases where breastfeeding is not possible. This acts as a major challenge for the market.
The global infant formula market is consolidated and regulated in nature with a few major international players contributing to more than fifty percent of the total market revenue. The most significant concern for the market players is to comply with the standards issued by various food regulatory bodies worldwide. Thus, market players majorly compete upon the quality of their products thereby designing nutritious infant formula products causing no harm to the babies.
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Apart from product development and brand-name, infant formula providers focus on attractive packaging of their products. Attractive packaging plays crucial role in case of baby products as it largely helps driving the consumers. This makes attractive packaging is one of the most important strategies adopted by the infant formula manufacturers. Another major trend among the companies is the promotion of breastfeeding over infant formula at least for the first six months of babies.
Organic baby food products for better health
High focus on quality in order to meet food standards
Focus on India and China by launching price competitive products
Online product promotion
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