According to a new market research report published by Acute Market Reports “Baby Food and Formula Market (Product – Infant Formula, Baby Cereals and Dried Baby Food, Prepared Baby Food, Others) - Growth, Share, Opportunities, Competitive Analysis and Forecast 2021 - 2029”, the India and China baby food and formula market in 2020 was valued more than US$ 5.7 Bn and is estimated to expand with a CAGR of 8.5% from 2021 to 2029.
Browse the full report at https://www.acutemarketreports.com/report/india-and-china-baby-food-and-formula-market
Market Insights:
Developing economies have emerged as the most promising markets for various consumer goods in past few years. Amongst these, India and China are regarded as the markets with the largest size of consumer base. These countries have witnessed rapid urbanization coupled with strong economic growth since the past few years. People here are now more aware regarding healthcare (especially infant care) and brand-named convenient products. Thus, many international baby care product brands have focus on capturing the huge consumer base in the countries. The most significant factor fueling the baby food and formula products market is the rising discretionary income of the people along with the increasing healthcare awareness.
The female workforce ratio in developing economies such as India and China has grown dramatically in the past few years. Subsequently, women are increasingly shifting towards convenient baby care products in order to save their time as well as ensure proper baby care. This has led to increased demand for convenient baby food products that can satisfactorily fulfil the nutrition need of infants. With the rising urbanization across the two countries, the trend is expected to continue throughout the forecast period, thereby driving the demand for branded baby care products. Another major promising factor for the market growth is the phasing out of ‘one child’ policy in China. This would remarkably spur the birth rate thereby driving the demand for baby care products.
Steadily rising birth rate across India and China is another significant factor supporting the market growth. Although the overall birth rate per year is has decreased significantly since the past few years, the rate is estimated to remain steady in the coming years. India and China account for substantial share of the global population making the countries favorable for various consumer products. Over the period of time, India and China have emerged as the most promising markets for baby food, mainly due to their strong birth rate and rising expenditure over baby care products.
Competitive Insights:
The India and China baby food and formula market is consolidated in nature with a few major international players contributing to more than fifty percent of the total regional market revenue. The market players primarily compete on the basis of their products, price and brand-name. Major point of focus in competition is product development for babies aging below six months and organic baby food. Another major area of focus is attractive packaging of their products. Attractive packaging plays crucial role in case of baby products as it largely helps driving the consumers.
Key Trends:
