Global baby food market is booming
The global baby food and pediatric nutrition market is estimated to be $38.1 billion in 2011 and is expected to reach $41.5 billion in 2012, according to a study from Transparency Market Research, entitled Baby Food & Pediatric Nutrition Market: Global Analysis and Forecast (2007-2017). The market is further expected to grow at a CAGR of 8.93 percent over the period from 2012 to 2017, reaching $63.7 billion at the end of the projected period.
Milk formula accounted for the largest share at 54 percent of the packaged baby food market in 2011 and was also the fastest growing segment at 12.13 percent CAGR during 2007-2011. The baby cereals segment accounted for the largest share of the baby food and pediatric nutrition product market at 44.8 percent in 2011.
As parents around the globe become more aware about nutritional requirements, they are rapidly turning toward more products that enhance the development of their babies throughout the early stages of life. Parents with time constraints or concerns about their babies’ adequate nutrition and development are increasingly demanding and seeking clear and timely communication about baby food products.
While birth rates have declined in developed markets, new and emerging markets such as India, Brazil, the Middle East and Africa have opened. Enhanced participation of women in work and fast-paced lifestyles has increased the adoption of packaged baby food in these regions.
For more information, visit Transparency Market Research.