A study by Transparency Market Research highlights that from 2018 to 2026, the assessment period, a sturdy growth curve would be charted by infant formula ingredients market and a number of factors will support this growth. Market worth would shoot-up and a host of new and untapped growth opportunities would present themselves in the market landscape.
Some of these factors are increasing incomes, growing awareness about child nutrition, demand for convenient foods, and launch of interesting and wholesome products at regular intervals. Additionally, benefits of using infant formula, which includes improvement in immunity, brain development, and better intestinal functions, are catching on with mothers.
A very lucrative market over the forecast period will be that of Asia Pacific (APAC) which is seeing a massive increase in disposable incomes, and a number of women now joining in the work force, increasing their purchasing power, helping the market chart higher growth. Rise in dual income families in a nuclear set-up – an outcome of rapid urbanization and industrialization – are also pushing parents to look for easy foods and this is a major contributor of growth in the region. Additionally, it is significant to note that China will be an important country over the period.
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The global infant formula ingredients market is a competitive landscape with a large number of players operating the playfield and helping it grow higher with their active measures. Some of the players that have made a strong name for themselves in the market are AAK AB (Sweden), Fonterra Co-operative Group Limited (New Zealand), Carbery Food Ingredients Limited (Ireland), Royal Friesland Campina N.V. (Netherlands), and Sachsenmilch Leppersdorf GmbH (Germany), among others.
It is pertinent to note here that over the wide range of strategies that players often resort to in order to consolidate and improve their market position, the top ones are new product development, joint ventures, mergers and acquisitions, operational expansions, and so on.