Global Breast Milk Substitutes Market is projected to grow at a CAGR of 9.39% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Breast Milk Substitutes Market by Substitute (Soy-based Formula, Milk-based Formula and Hypoallergenic Formula), Form (Ready to use, Powdered and Concentrated Liquid), Distribution Channel, Region and Global Forecast 2020-2027.
The global breast milk substitute market is expected to grow from USD 58.34 billion in 2019 to USD 119.61 billion by 2027, at a CAGR of 9.39% during the forecast period 2020-2027. North America is the dominant region in terms of market share. The growth can be attributed to the increasing urbanization and the growing population of working mothers. Also, the rising disposable income has increased the demand for breast milk substitutes in the region. However, Asia-Pacific is projected to grow at an impressive rate during the forecast period. The region will be leaded by China, owing to the massive demand for the product. The growth of the region can be attributed to the growing working population and the promotion of nutrient’s rich food for infants in the region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players of the breast milk substitute market are Nestle, Kraft Heinz, Abbott Nutrition, Danone, Mead Johnson (Reckitt Benckiser), Fonterra Co-operative Group, Vitagermine SAS, FrieslandCampina, Hyproca and others.
The substitute segment includes soy-based formula, milk-based formula and hypoallergenic formula. The milk-based formula constitutes the majority of the market shares. The milk-based substitutes are made from the cow’s and goat’s milk. These milk-based formulas constitute enriched nutrients such as minerals and vitamins. It contains calcium and vitamin D, which is beneficial for the development of the newborn. The form segment includes ready to use, powdered and concentrated liquid. The ready to use segment holds the majority of the market shares. These are convenient and easy to prepare for working women. Thus are mostly preferred by working women owing to time effectivity. However, the powdered segment has been projected to account for the majority of the market shares during the forecast period. The powdered milk is easy to prepare and is cost-effective as compared to other types. The distribution channel segment includes retail stores, pharmacies, e-commerce and others. Among these, the retail stores accounted for the majority of the market shares in 2019. The retail stores provide options to choose at a cheaper rate. Further, these stores have a more comprehensive presence, which is convenient for consumers.
Breast milk substitutes are used when there are complications in the health of the mother or of the infant. It is considered to be a safe alternative for the consumption of a newborn. Breast milk contains healthy substances and is made from specific formulas that have increased its demand among young parents. The growing urbanization has increased the number of working mother populations, especially in developed and developing regions, has been a major driving factor for the growth of the market. Additionally, the high disposable income, coupled with rising awareness of breast milk substitutes among working women, has also accelerated the market growth.
About the report:
The global breast milk substitute market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire