With the presence of a large pool of participants, the global baby food market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Abbott Laboratories, Nestlé S.A., H. J. Heinz Company, Semper AB, and Danone SA are some of the key vendors of baby food across the world. These players across baby food market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the market study.
In a major boost to the baby food market, in August 2018, Nestle S.A. declared that it is testing the use of blockchain technology to detect few of its baby food ingredients. Reportedly, the food & drink company in partnership with IBM is aiming to track pumpkin puree, sweet potato, and apple to check whether blockchain technique can help it to make the food product recall more accurate & fast.
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As estimated in this report, the global baby food market stood at US$ 53.31 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in baby food market is projected to reach US$ 76.48 billion by the end of the forecast period. The main products available in the baby food market are bottled baby food, frozen baby food, baby food cereals, baby food soup, and baby food snacks.
Urbanization And Surge In The Disposable Incomes To Augment Market Growth
“Rapidly surging population, urbanization and rise in the disposable incomes of the global population are the key factors anticipated to support the expansion of baby food market,” says the author of this study. Apart from this, shifting lifestyles and product innovations are anticipated to promote the baby food market growth.
Dip in the birth rate and rise in the child mortality rate, however, is projected to adversely impact the baby food market progression over the next few years.
Dipping Baby Food Popularity To Impact North America’s Market Dominance
Geographically, North America has been leading the worldwide baby food market in 2015 with the U.S. accounting for a major chunk of the baby food market share, states the market study. The baby food market in the region, however, is likely to exhibit a sluggish development over the coming years, owing to lower birth rate and declining popularity for baby food among the parent population base. For the record, the strict legislations governing baby food packaging, labeling, and its promotions are likely to pose a huge challenge for the baby food market expansion in the region. For instance, in May 2018, a Canadian Food Inspection Agency had issued a country-wide recall of many of the baby food pouches manufactured by PC Organics and Love Child Organics firms citing the reason of packaging defect.
The global baby food market is segmented as follows:
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