Baby Food Market Size to Exceed US$ 150 Bn by 2032
As per the Global Market Insights, Inc report: “Worldwide Baby Food Market was valued at USD 88 billion in 2022 and will surpass a revenue collection of over $ 150 million by 2032 with an annual growth rate of 5.3% over 2023 to 2032.”
In the US, the percentage of working women increased from 49.7% in 2019 to 50.04% in 2020. Besides, the number of middle-class families in the Indian subcontinent steadily rose from 14% in 2004-2005 to 31% in 2022, with the percentage anticipated to reach 63% by
2047.
The prepared segment will grow at more than 5% CAGR through 2032. The segmental expansion will be driven by increasing consumer awareness about the benefits of scientifically prepared baby food.
Besides, the demand for prepared baby food has recently increased in developing nations due to the increasing working women population, which will also add impetus to the market. In 2021, it was revealed that out of 60 million people in the workforce, more than 18 million are women.
The market will likely be characterised by the supermarket segment, which will grow over 5% CAGR over the next ten years. Better services coupled with an informative buying experience will result in the continual growth of supermarkets. As per a report by the US
Department of Agriculture has more than 115 food stores in the US. Besides, grocery stores which comprise supermarkets and smaller grocery stores, accounted for 92.1% of total sales.
The toddler segment is set to witness noticeable growth by 2032. This segment will grow due to the increased nutritional requirements of toddlers.
The Asia Pacific baby food market will likely expand rapidly in the coming years. The regional market expansion will be fueled by the high birth rate and increasing disposable income in this region.
As per reports, the total disposable income in the Asia Pacific region will more than double between 2021 and 2040, and this growth will be more than in any other region worldwide. Besides, the recent abolition of the ‘one-child’ policy in China will increase birth rates, driving the market in the next ten years.
The Baby Food market consists of Abbott Laboratories, The Kraft Heinz Company, Reckitt Benckiser Group plc., Hero Group, Kewpie Corporation, HiPP, Symrise AG, DMK Group GmbH, Friesland Campina, Milupa GmbH, PZ Cussons
