BANGALORE, India, July 24, 2019 /PRNewswire/ -- Infant formula is a food designed to be used as a replacement for breast milk in humans. It is one of the most complicated foods, requiring particular production capacities and advanced protocols for quality assurance. Infant formula sits on the line of division between food and pharmaceuticals.
The reality is that major pharmaceutical companies like Danone Nutricia, Abbott Laboratories etc. have historically dominated the infant formulation sector.
As one of the fastest increasing packaged food products globally, the global infant formula industry is extremely lucrative. Because of factors such as infant lactose intolerance and absence of time among working females, companies focus on improving infant formula dietary content to replace breastfeeding.
The market for infant formulas was USD 70 billion in 2018, and the recorded CAGR was 10.2% in 2014-2019. In 2019-2024 it is expected that the CAGR value will be 4.5%.
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Rapid urbanization in developing areas, combined with middle-class development, will increase the market growth. The vast sale of prepared food is ascribed primarily to its ease of access.
As producers of prepared food, most businesses now come up with more organic food goods that are free of fertilizer and pesticide preservatives and residues.
The main factor driving the development of the infant formula industry over the projected period will be the growing number of babies born each year. In the coming years, this development in the infant population will have a beneficial effect on the development of the worldwide economy.
Furthermore, the growth of the infant formula market is directly affected by the increasing number of female workers.
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SEGMENTS AND CLASSIFICATION
The report classifies the overall infant formula market into sections based on the type and region
- Segments Based on Type:
- 0-6 Month
- 6-12 Months
- 12 Months
- North America: US, Canada, Mexico
- APAC: China, India, Japan, South Korea, Australia, New Zealand, Southeast Asia
- Europe: Germany, France, UK, Italy, Spain, Poland, Netherlands, Belgium, Czech, Russia, Turkey
- South America: Brazil, Argentina, Chile, Peru
- MEA: South Africa, GCC, Egypt
With many companies developing new technologies and countless R&D operations, the infant formula market is extremely competitive. The significant players in the worldwide market for infant formula are,
- Mead Johnson
- 6 more companies
WHAT THE REPORT HAS TO OFFER
The report provides an extensive market assessment by performing in-depth qualitative insights, collecting historical information, and verifiable market size projections. The Global Infant market further segments the market and predicts its size on the grounds of products, and geography, by quantity and value.
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