(Health-NewsWire.Net, November 05, 2015 ) Big Market Research has added a report titled “Baby Food Market - Opportunities and Forecasts, 2014 -2020)”. As per the report, global baby food market would garner a revenue of $72.7 billion by 2020, growing at 6.4 % CAGR during the forecast period 2015 - 2020. The report offers in-depth industry insights in terms of current and future market trends, key drivers and restraints along with their impact analysis, growth opportunities and profitable trends, detailed market segmentation and forecast.
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Increasing awareness for nutrition, growing activities in organized retail marketing, urbanization along with rapidly increasing count of working women are the key factors that would drive the baby food market growth. The report segments the market on the basis of product type, type of distribution channel used and geographical regions.
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Asia Pacific region generates the maximum revenue and is expected to register highest 7.7% CAGR amid 2015 – 2020.
On the basis of types, the report further segments the market majorly into dried baby food, milk formula, and prepared baby food. Among these segments, the milk formula contributes a major market share of nearly about 2/3rd of the market, in terms of value. This is primarily due to rising global demand for milk formula, increasing rate of urbanization, rising disposable incomes and the changing lifestyles. Cow milk based formulas witness prominence among emerging economies.
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Based on types, prepared baby food is the second largest market globally and would grow at the fastest CAGR amid the forecast period. Time constraints faced by the parents fueled by changing lifestyle are the key factors driving the market demand. Developed countries majorly contribute to the demand for prepared baby food, however, the segment will witness significant adoption across developing countries along the forecast period. On the basis of distribution channels, the global baby food market is segmented into supermarkets, hypermarkets, small grocery retails, beauty and health retails. Vendors prefer the supermarket channels as the primary distribution channel, and followed health and beauty retailers segment. Asia-Pacific dominates the global baby food market, followed by European, North American and LAMEA region
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Asia Pacific region is the largest market in terms of the market demand for milk formula, contributing over 50% of the total global market share, driven largely due to improving economic condition and changing lifestyles of individuals across this region. Presence of multi nutrition along with the market availability of balanced nutrition in one pack is a major factor propelling the demand in North America.
Key market players operating in this market are adopting acquisition as dominant strategy to consolidate their market presence. Acquisition is one of the primary strategies adopted by companies operating in this market. Companies like Abbott Laboratories and Nestle are adopting competitive branding strategies in order to expand their customer base.
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