PORTLAND, Oregon and PUNE, India, November 8, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Baby Drinks Market by Product, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global baby drinks market was valued at $20,936 million in 2016, and is projected to reach $41,616 million by 2023, registering a CAGR of 10.4% from 2017 to 2023. In 2016, the infant formula segment accounted for more than nine-tenths share of the global market in terms of revenue.
Baby drinks comprise infant formula, baby juice, and baby electrolyte, which are consumed by infants and toddlers. The infant formula segment accounts for the highest share in the baby drinks market. Infant formula products contain the necessary nutrients and vitamins, which are necessary for the growth and development of the baby. Physicians recommend the use of infant formula as an alternative to breastmilk. Babies can be fed at convenience, which makes easier for working mothers.
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The market is driven by factors such as high nutrition content in baby drinks, change in lifestyle, rise in middle class population, and increase in disposable income of people in the emerging economies, such as India, China, Indonesia, among others.
In 2016, the infant formula segment accounted for the highest share in the market, and is expected to maintain its dominance during the forecast period. Infant formula contains vitamins and nutrients, such as iron, which help in preventing anemia. Some infant formula are supplemented with probiotics, especially Bifidobacterium lactis, which prevent diarrhea, ease colic, and lower the risk of food allergies. Moreover, proactive product launches and promotions of the baby drinks in the U.S. and UK have boosted the growth of the market.
At present, consumers are inclined toward healthy foods and drinks, which have high nutrient contents. Moreover, concerns related to food safety and decline in global birth rate restrain the market growth.
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Key Findings of the Baby Drinks Market:
- Asia-Pacific is expected to maintain its dominant position in the market, in terms of value during the forecast period, followed by North America.
- The infant formula segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 10.3% during the forecast period.
- Supermarkets is the largest distribution channel in the global baby drinks market, registering a significant CAGR from 2017 to 2023.
- LAMEA accounted for approximately one-tenth share of the global baby drinks market in 2016.
- The Asia-Pacific baby drinks market is anticipated to grow at a CAGR of 11.1% from 2017 to 2023.
- North America accounted for approximately one-fourth share in the global baby drinks market, and is expected to grow at a CAGR of 9.3% during the forecast period.
Asia-Pacific and LAMEA collectively contributed approximately three-fifths share of the global market by revenue in 2016. The key players operating in the global baby drinks market are Nestle S.A., Heinz and Hain Celestial Group, Abbott Laboratories, Mead Johnson Nutrition Company, LLC., Danone, Beingmate Group Co. Ltd., HiPP GmbH & Co., Campbell Soup Company, Arla Foods, and D. Signstore.
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SOURCE Allied Market Research