The report, named The Global Market for Baby Food (excluding infant milk formula – IMF) and Dairy Proteins 2019-2024, says the global baby food (excluding IMF) market is estimated at $17.3bn in 2018 and expected to amount around $25.6bn in 2024, corresponding to a CAGR of 7%.
Prepared baby food represents the biggest value category followed by dried baby food and “other” baby food.
Asia Pacific amounts to 29% of the global market value, followed by Eastern Europe and Western Europe. In terms of country value, Russia is the biggest market for baby food followed by China and the US.
The market for baby food is fueled by growth from innovative packaging, on-the-go products, and healthy- and convenient products. Additionally, product range is increasing within economy brands attracting the lower- and medium income consumers.
Prepared baby food remains the major baby food sales category, accounting for around 49% of global sales value, and this is expected to continue growing towards 2024.
Consumers have a greater focus on overall health and more consumers are looking for clean label products, meaning they are increasingly selective in their product choices.
Online retailing is the fastest growing distribution channel in baby food, as it offers extensive availability to product information, ingredients, prices etc., as well as being a convenient way of shopping, due to many consumers having easy and constant access to the internet through capable smartphones and tablets.
Tage Affertsholt, managing partner of 3A Business Consulting, said, “Hopefully, the information and analysis contained in this report will provide baby food companies and dairy protein companies with an important navigational tool in their strategic planning process.”