Infant
formula is engineered food that is used as a substitute to human
breast milk. It is one of the most complex foods as it requires
specific manufacturing capabilities and sophisticated quality
assurance protocols. Infant formula sits on the dividing line between
pharmaceuticals and food. This is indicated by the fact that the
infant formula industry has historically been dominated by major
pharmaceutical firms such Danone Nutricia, Abbott Laboratories,
GlaxoSmithKline plc, Pfizer, Inc., Bristol-Myers Squibb Company, etc.
Growth in the baby food/formula market is significantly driven by
rise in number of working women. According to the World Bank, the
percentage of women workforce increased by 4% all over the world from
1990 to 2013. Currently, many working mothers resume their jobs
shortly after giving birth. In such a situation, prepared baby
formulas and foods offer an attractive alternative to working
mothers, fulfilling their need for healthy and nutritious food for
their babies.
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The
infant formula market can be segmented on the basis of formula type,
formulation, and geography. On the basis of formula type, the market
is segmented into infant milk formula, follow on milk formula,
growing up milk formula, and specialty baby milk formula. On the
basis of formulation, the market is segmented into powder, liquid
concentrate, and ready to feed formulas. On the basis of region, the
market is segmented into five major geographies; North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa.
The
infant formula market is witnessing significant growth due to rise in
baby boomers population, increasing disposable income of people in
developing regions, and growing female participation in the labor
force that has encouraged the acceptance of baby formula and prepared
baby foods. In addition, rapid urbanization and the growth of the
middle class have further propelled the infant formula market.
However, the main barrier to entry for the market is the regulatory
hurdle associated with gaining approval for manufacturing of infant
formula and food. China has recently implemented more stringent
quality and safety standards for manufacturers and distributors of
infant formula and food in the country. The China Certification and
Accreditation Administration (CNCA) stated that of the 800+ foreign
brands distributing infant formula in China, only 94 brands received
approval for sale in China. Stringent regulations associated with
infant formula products might hinder the growth of the market.
In
terms of geography, North America accounts for the largest market in
terms of revenue. Factors such as high disposable income, presence of
major players in the region, and well developed pharmaceutical and
biotechnology industry is attributed to the growth of the market in
the region. Europe is the second largest market for infant formula
owing to good manufacturing facilities and high spending power per
baby. Asia Pacific is expected to witness the highest growth rate in
the coming years. Factors such as high baby boomer population,
increasing disposable income, and high rate of urbanization
contribute to the growth of the market in Asia Pacific. Moreover,
slowdown in sales in developed regions has compelled leading players
to target emerging markets. China’s large population base and
rapidly growing volume of consumers with increasing purchasing power
is very attractive to multinational brands, however, the 2008
melamine infant formula issue still overshadows the market and has
created an environment where consumers are concerned with the health
and safety of infant formula.
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Ausnutria
Hyproca, Abbott Laboratories, Bristol-Myers Squibb Company, Glanbia
plc, Pfizer, Inc., GlaxoSmithKline plc, Mead Johnson, Nestlé S.A.,
Perrigo Nutritionals, and Danone Nutricia are some of the key players
operating in the infant formula market globally.
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