LONDON--(EON: Enhanced Online News)--Technavio’s latest report on the global baby food and infant formula market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
“Parents in different demographics show clear preferences towards different products and flavors for their offspring. Manufacturers in the market space actively seek to understand these preferences and meet the varied demand through product innovation, brand extension, and the introduction of new brands”
This research report titled ‘Global Baby Food and Infant Formula Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. Technavio analysts forecast the market to grow to USD 102.29 billion by 2021, at a CAGR of close to 9% over the forecast period.
|The APAC region is both the largest and the fastest-growing segment of the global baby food and infant formula market. The quick growth of the infant population and the favorable economic conditions in the region are acting as the key drivers for the market dominance of the regional segment.|
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The top three emerging trends driving the global baby food and infant formula market according to Technavio food and beverage research analysts are:
- Growing popularity of organic baby foods
- Innovation in packaging
- Changing market demographics and tastes
Growing popularity of organic baby foods
“Parents show a clear preference towards organic baby products for their infants due to concerns regarding their health and general wellbeing. Organic baby food typically is free from chemicals, pesticides, preservatives, hormones, and antibiotics, which is drawing increasing attention,” says Manjunath Reddy, a lead analyst at Technavio for food research.
The growing awareness regarding the detrimental effects of harmful chemicals and preservatives in non-organic food has resulted in more parents opting for organic baby foods. Also, since many stipulations govern the manufacture, packaging, and labeling of organic baby food, parents are assured regarding its safety.
Innovation in packaging
Packaging is often the deciding factor of a product’s purchase and plays a large role in deciding the consumer perception of the brand. Good packaging provides better protection, tamper-resistance, and can also be used for marketing purposes.
Baby food and infant formula manufacturers are introducing innovative and creative packaging to grab the attention of consumers. Vendors are investing heavily in the development of innovative, eco-friendly, and recyclable alternatives to conventional packaging, which is expected to further boost the growth of the market.
Changing market demographics and tastes
“Parents in different demographics show clear preferences towards different products and flavors for their offspring. Manufacturers in the market space actively seek to understand these preferences and meet the varied demand through product innovation, brand extension, and the introduction of new brands,” says Manjunath.
Manufacturers usually have several product lines with varying ingredients and flavors, depending on consumer demand. Most manufacturers specifically target the growing health-conscious parent segment, especially in the developed countries of Europe and the Americas.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Abbott Laboratories
- Kraft Heinz
- Reckitt Benckiser
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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