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Infant Nutrition Industry Trends and Analysis Report 2024
Infant Nutrition Industry Trends
According to The Business Research Company's, The infant nutrition market size has grown strongly in recent years. It will grow from $35.29 billion in 2023 to $38.74 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to advancements in infant formula development, urbanization and changing lifestyles, healthcare professional recommendations, economic growth and affordability, government initiatives for child health.
The infant nutrition market size is expected to see strong growth in the next few years. It will grow to $54.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing focus on immune health, rising demand for organic and natural products, innovation in packaging and convenience, expansion of e-commerce in baby products, awareness of environmental impact. Major trends in the forecast period include innovations in formula ingredients, human milk oligosaccharides, plant-based infant nutrition, digitalization in parental education, clean label and transparency.
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Market Drivers and Trends:
The increasing birth rate is expected to propel the growth of the infant nutrition market going forward. The birth rate refers to the proportion of live births to the general population per 1,000 people each year. The evolution of infant care food have attributed to rising family income levels and the rising birth rate, where consumers are always concerned about their kid's health and hygiene and prioritize high-quality items, resulting in the growth of the infant nutrition market. For instance, in July 2022, according to the 27th edition of the World Population Prospects, published by the United Nations, a US-based intergovernmental organization, the US birth rate reached 12.012 births per 1000 people, in 2022. Therefore, the increasing birth rate will drive the growth of the infant nutrition market.
Product innovation is a key trend gaining popularity in the infant nutrition market. Major companies operating in the infant nutrition market are focusing on product innovation to sustain their position in the market. For instance, in July 2022, Danone, a France-based, food and beverage manufacturing company, engaged in early life nutrition, medical nutrition, and plant-based products manufacturing, launched a brand-new Dairy & Plants Adapt baby formula to parents' preferences for foods that are primarily plant-based. It is the first blended infant formula for healthy infants, with 60% of the protein derived from plants. Along with the 60% plant-based protein, it combines, DHA, an omega-3 fatty acid, vegetable oil, and fibers, all obtained from a plant source.
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Major Key Players of the Market:
Abbott Laboratories; Bellamy's Australia Limited; Danone SA; Royal FrieslandCampina NV; Reckitt Benckiser Group plc; Nestlé SA; Perrigo Company plc; The Kraft Heinz Company; Dana Dairy Group Ltd.; Baby Gourmet Foods Inc.; Walmart Inc.; Meiji Group; Synutra International Inc.; HiPP GmbH & Co. Vertrieb KG; Glanbia plc; Arla Foods; Gujarat Cooperative Milk Marketing Federation Ltd.; Sun-Maid Growers of California Inc.; Mead Johnson & Company LLC; Beingmate Group; Beech-Nut Nutrition Corporation; Feihe International; Campbell Soup Company; Hain Celestial Group Inc.; Amara Organics Foods; Biostime Nutrition; Morinaga Milk Industry; Eurolactis Group; Bubs Australia Limited; The Hain Celestial Group Inc.
Infant Nutrition Market 2024 Key Insights:
• The infant nutrition market will grow to $54.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• The Surge In Birth Rates Fueling Growth In The Infant Nutrition Market
• Key Players Introduce Dairy And Plants Adapt Baby Formula With 60% Plant-Based Protein
• North America was the largest region in the infant nutrition market in 2023, and is expected to be the fastest-growing region in the global infant nutrition market during the forecast period
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