Baby Food Market to Reach US$ 11 Billion by 2024
Organic Baby Food Market value is projected to reach US$ 11 Billion by 2024, expanding at a CAGR of 10% during 2019-2024.
New York , Brooklyn, July 23, 2019 /KidZNewswire/ -- According to the latest report by IMARC Group, titled “Organic Baby Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global organic baby food market size was nearly US$ 6 Billion in 2018. Organic baby food is produced and processed without the use of antibiotics, pesticides, growth hormones and other chemical additives. It is manufactured under strict standards and undergoes various inspections before gaining the organic label. As the initial years of infants and babies play a pivotal role in their overall growth, parents worldwide are shifting from conventional baby food products toward the organic variants.
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Although organic baby food is relatively expensive, the growing sales of these products can be attributed to increasing disposable incomes and improved distribution channels around the world. The demand for organic baby food is also rising as they help in limiting the exposure to the harmful chemicals used in conventional food production. Apart from this, the global food industry is currently experiencing a rise in the sales of organic as well as functional food products which, in turn, is strengthening the growth of the organic baby food market. Further, on account of their health benefits, governments in several regions are undertaking initiatives to encourage the production of organic food products. Looking forward, the market value is projected to reach US$ 11 Billion by 2024, expanding at a CAGR of 10% during 2019-2024.
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Based on the product type, the market has been segregated into RTE (ready-to-eat) baby food, milk formula, dried baby food and others. Currently, RTE baby food represents one of the most widely consumed product types as it can be served immediately without the hassle of cooking.
On the basis of the distribution channel, supermarkets and hypermarkets exhibit a clear dominance, holding the largest market share as they provide a one-stop shopping experience to shoppers. Other segments include specialty stores, convenience stores and online retailers.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the biggest market, accounting for the majority of the total market share. This can be accredited to the rising parental concerns and high working female population in the region.
The competitive landscape of the market has also been examined in the report. Some of the key industry players include Abbott Nutrition, Danone, Nestlé, Hero Group and Kraft Heinz.
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