Portland, OR, March 17, 2020 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the Asia-Pacific baby infant formula industry garnered $11.4 billion in 2017, and is expected to reach $26.8 billion by 2026, with a CAGR of 9.8% from 2019 to 2026. The report provides comprehensive analyses of the top investment pockets, key drivers & opportunities, major market segments, and competitive landscape.
Innovative packaging to influence buying behavior, rise in disposable income, and increase in awareness toward adequate nutrition have propelled the growth of the Asia-Pacific baby infant formula market. In addition, busy consumer lifestyle has fueled the growth of the market. However, surge in breastfeeding due to government initiatives impedes the growth of the market to certain extent. Moreover, the surge in preference for organic infant formula food, rise in use of goat milk in baby infant formula, and addition of prebiotic and probiotics in infant food are expected to offer numerous opportunities in the near future.
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The Asia-Pacific baby infant formula market is segmented into type, ingredient, distribution channel, and region. Based on type, the market is categorized into infant milk, follow-on-milk, specialty baby milk, and growing-up milk. The infant milk segment accounted for the largest market share in 2017, contributing to nearly three-fifths of the total market share. However, the growing-up milk segment is expected to portray the fastest CAGR of 10.9% from 2019 to 2026.
Based on ingredient, the market is classified into carbohydrate, fat, protein, minerals, vitamins and others. The carbohydrate segment contributed for the major market share in 2017, accounting for nearly three-fifths of the market. On the other hand, the vitamins segment is estimated to grow at the highest CAGR of 11.2% in between 2019 to 2026.
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Based on distribution channel, the market is divided into hypermarket, supermarket, pharmacy/medical stores, specialty stores, hard discounter store, e-commerce, and others. The hypermarkets segment held the highest market share in 2017, accounting for nearly one-third of the total market share. On the other hand, the specialty stores segment is expected to manifest the CAGR of 10.6% from 2019 to 2026.
The key players operating in the Asia-Pacific baby infant formula market include Arla Foods Amba, Abbott, Campbell Soups, Reckitt Benckiser (Mead Johnson & Company LLC), Perrigo Company Plc, Dana Dairy Group Ltd., Heinz Baby, Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF), and Danone, Nestle S.A.
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