Recent report published by Research Nester titled “Baby Specialty Milk Formula Market : Global Demand Analysis & Opportunity Outlook 2024″ delivers detailed overview of the global baby specialty milk formula market in terms of market segmentation by age group, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global baby specialty milk formula market is segmented into product type such as new born (0-3 months), infant (3-12 months) and toddler (1-3 years). Among these segments, toddler segment is expected to emerge as a fastest growing segment in overall baby specialty milk formula market.
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The key reasons behind the growth of this segment are increasing concerns amongst the parents towards baby’s nutrition across the globe. Furthermore, babies of age group of 1-3 years are majorly advised to have specialty milk formulas. This factor is expected to drive the growth of this segment in upcoming years.
Global baby specialty milk formula market is expected to register an 8.2% CAGR over the forecast period. Moreover, the global baby specialty milk formula market was valued at USD 1600 Million in 2016 and is expected to reach at revenue of USD 3400 Million by the end of 2024.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The market is expected to expand on the back of growing birth rates across the globe especially in emerging countries. Apart from this, swelled disposable income of the consumers and growing spending on baby’s health and wellness are estimated to intensify the growth of global baby specialty milk formula market in future.
The online store segment by distribution channel is likely to grow significantly during the forecast period. Growing e-commerce business and increasing penetration of smartphones and laptops are expected to be the major factors behind the expansion of online store segment over the forecast period. Apart from this, producers of baby specialty milk formulas are also strengthening their online distribution channel in order to capture maximum size of market. This factor is expected to foster the growth of this segment during the forecast period.
High Birth Rate
The major factor behind the increased consumption of baby specialty milk formula is elevated birth rate in emerging economies such as India and China. According to UNICEF, around 353,000 babies are born every day across the globe.
Occurrence of Health Issue in New Born Babies
Rising incidences of health issues in new born babies such as low birth weight, weak immune systems are fuelling the demand for additional nutrients for kids which in turn likely to increase the consumption of baby specialty milk formulas in upcoming years.However, high cost of baby specialty milk formula is a major factor which is restricting low income parents to adopt baby specialty milk formula is one of the major factors that are likely to inhibit the growth of the baby specialty milk formula market in the near future.
This report also provides the existing competitive scenario of some of the key players of the global baby specialty milk formula market which includes company profiling of Perrigo Nutritionals LLC, Nestle SA, Piermen B.V., Bebelan Lacta Ltd., Abbott Laboratories, Danone Nutricia, Mead Johnson & Company LLC , Savencia Fromage & Dairy, Abbott Laboratories and AptaNutrition.
The Final Report will cover the impact analysis of COVID-19 on this industry @https://www.researchnester.com/sample-request-327
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global baby specialty milk formula market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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