Global Infant Nutrition Market - Segmented by Type of Milk Formula and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global infant nutrition market is expected to register a CAGR of approximately 7.0% during the forecast period, 2018 to 2023. Infant nutrition refers to the additional diet that is exclusively provided to infants, like various type of milk formulas. The high consumer base, rising economy, and high birth rate are expected to contribute heavily to the expected large market share of Asia-Pacific in the forecast period.
Rise in the Population of Working Mothers
In the last decade, there has been a growing population of young working mothers, which has been one of the primary factors for the growth of this market. By 2017, according to the International Labor Organization, female population participation above the age of 15, was 48.67%, which was marginally lower from 48.78% in 2015. As in most of the regions, a higher proportion of women aged 25 - 54 are participating in the labor force. Moreover, in a study published in 2017, in the Journal of Taibah University Medical Sciences, it was reported that the maternal occupation often affected the duration and frequency of breastfeeding per day, with reduced milk production, affecting the infants’ health. Thus, the rise of adoption of infant formulas and baby foods highly contribute to the growth of this market.
Other factors playing a vital role include the rise in the spending on baby health in developed nations, increasing demand for organic baby food, and rising birth rate, especially in the emerging markets.
Concerns Regarding Food Security and Regulation of Infant Food
The food security and food regulations for infant nutrition in recent years have been one of the primary factors for impeding the infant nutrition market. Breast milk products are not sterile and are at risk of microbial contamination and chemical and foreign body contamination. In several global studies, it has been observed that infant formula is not regulated in some countries. By 2015, the government of China released stricter food safety standards. Further, in 2018, the Chinese Food and Drug Administration (CFDA) reduced the number of permitted milk powder products by 1,400 to boost the bigger domestic brands in the country. Therefore, the food security and regulation in each country needs better speculation, which at present impedes the growth of this market.
Other factors are the risk of allergies or autoimmune diseases associated with infant nutrition products.
Asia-Pacific to Register High Growth
The Asia-Pacific region is expected to register a high growth rate and hold the largest market share in the forecast period due to growing birth rate, rising adoption of infant formula, consumer inclination toward organic infant nutrition products, and improving economic conditions. The population of Asia has risen from 4.16 billion in 2010 to 4.43 billion in 2016. Europe is also expected to have one of the major market shares, but steady decline in birth rate in this region is expected to lower the growth in the European market.
Key Developments in the Market