Infant food and formula markets on the rise in Asia
In India, an increasing amount of disposable income, rapid urbanization and a growing number of women in the workforce continue to drive the country’s baby food market, which is expected to reach $520 million in 2014, according to TechSci Research.
Researchers at TechSci, who recently published the report “India Baby Food Market Forecast & Opportunities, 2019,” say the country’s baby food market is one of the most promising across the globe because of the urban trends and market drivers. According to the report, milk-based baby food will continue to dominate the market and is considering the most convenient alternative to mother’s milk.
Major players operating in the country's baby food market include Nestle, Abbott Nutrition, Nutricia, Raptakos, Amul, Pristine Organics, British Life Sciences, Mead Johnson, Babyvita and Manna Foods, TechSci said.
“A growing trend of mergers and acquisitions has been witnessed in the Indian baby food industry over the last few years,” said Karan Chechi, research director with TechSci. “The competition in this segment is intensifying as majority of the major players are focusing on inorganic growth strategies.”
At the same time, an increasing penetration of e-commerce and consumer preference towards premium products is propelling the growth of the infant formula market in China, according to MarketReportsOnline.