The global growing-up milk market is expected to reach USD 52,150.9 Million by the end of 2024 from USD 20,400.7 Million in 2018. Parents across the globe increasingly opting for breast milk substitutes such as cow milk, formulas and others. Further, with rise in women participation in labor force, the need for breast milk substitutes has grown remarkably across the globe. In addition to this, global growing-up milk market value is projected to witness a Y-O-Y growth of 20.1% in 2024 as compared to previous years.
Growth Drivers – Growing-up Milk Market
Rising Fertility Rate
According to the World Bank Group, the fertility rate in the Asian countries remained higher during 2010-2017, which is anticipated to create immense sales potential for growing-up milk products in the Asian countries. China is one of the leading consumers of the infant formulas. The fertility rate in China has increased by 0.4% in 2017 as compared to the previous year and is further growing at a steady pace. Since, China has dropped the one-child policy, the number of births in the country has also increased. Further, the rise in fertility & birth rates is anticipated to amplify the sales of growing-up milk products in the country and all over the region in the upcoming years.
Lactose Intolerant Among Infants
The milk intolerance can be attributed to either lactose or the protein content which occurs among infants & young children with acute diarrheal disease. The symptoms of lactose intolerance are relatively common among older children and adolescents; however, associated with intestinal injury is frequently seen among them. Basically, in lactose intolerance, the immune system is affected, which causes varying degrees of harm to the intestinal mucosal surface; this happens due to the cow milk–protein sensitivity and it is reported that 2% to 5% of infants are affected due to the cow milk–protein intolerance. Further, the adoption of growing-up milk products, among such children is likely to impact the growth of the market.
Women’s Entering the Workforce
Women's labor force participation has increased in the past years. These increase in female participation in the labor force are continuously rising in every region. According to the World Bank, in the year 2013, the Latin America region female labor force participation rate was approximately 51.42%, which has increased up to 51.50% in 2017. For working women, it's a tough call to make the best choice about how they feed their babies. So, it is essential that they have access to high-quality growing-up milk formula. Further, this rise in the female labor force is expected to strengthen the market for growing-up milk products.
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Barriers – Growing-up Milk Market
Laws & Regulations to Limit the Consumption of Breast-milk Substitutes
Breast milk is considered as ideal nutrition for babies and has been the primary source of nourishment for infants and young children. But for many reasons, that's not an option for millions of mothers around the world; hence, infant formula is a massive industry. With the emergence of infant formula in the 1860s, the world has witnessed a remarkable rise in demand for infant formulas, including growing-up milk. This rising demand for infant formulas can be attributed to factors such as powerful marketing campaigns that have led mothers to limit or abandon breastfeeding, increasing disposable income and strong concerns regarding child's health. Despite such strong demand for milk formulas, governments and public welfare organizations are restricting the growth of milk formulas market as these emergences of formulas have adversely affected the breastfeeding rate across the globe. These organizations and governments are implementing strict laws & regulation to limit the formula consumption and to promote breastfeeding among mothers across the world. Further, these strict laws & regulations are anticipated to hamper the growth of growing up milk formula market in the coming years.
The growing-up milk source market is segmented into plant-based milk and animal-based milk. Among this segment, animal-based milk segment is anticipated to capture a market share of 88.6% in 2018. The market value of the global market for animal-based milk segment is expected to rise at a CAGR of 17.0% over the forecast period. Further, the global market for animal-based milk segment is expected to reach USD 45,310.3 Million by the end of 2024. Animal-based growing up milk such as cow’s milk-based formula, goat’s milk-based formula, and others have dominated the market already and are likely to continue this dominance in coming years. In addition to this, the global market for animal-based milk segment value is projected to witness a Y-O-Y growth of 19.6% in 2024 as compared to previous years. Apart from this, the market is also segmented by form into powder and liquid, out of which, the powder segmented has acquired lion market share and is expected to grow at a CAGR of 17.4% from 2019 to 2024.
Moreover, based on sales channel, the growing-up milk market is further sub-segmented into departmental stores, modern trade channels, specialty stores, drug stores, convenience stores, online sales, and other sales channels. Among this segment, modern trade channels segment is expected to grow at a CAGR of 17.7% over the forecast period i.e., 2019-2024. The global growing-up milk market for modern trade channels segment is expected to reach USD 26,481.7 Million by the end of 2024 from USD 10,205.8 Million in 2018.
Among the packaging type segment, the cans segment is expected to register a higher revenue share in the global growing-up milk market over the forecast period. In addition to this, global growing-up milk market for cans segment value is projected to witness a Y-O-Y growth of 19.5% in 2024 as compared to previous years.
Geographically, the report offers analysis of North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In growing-up milk market, Asia Pacific is projected to capture a large market share over the forecast period. Asia Pacific growing-up milk market is expected to reach USD 32,417.0 Million by the end of 2024 from USD 12,456.7 Million in 2018. The market value of Asia Pacific growing-up milk market is expected to rise at a CAGR of 17.8% over the projected period.
The report also covers detailed competitive analysis of major market players of global growing-up milk market, such as Nestle SA, Danone SA, Abbott Laboratories, Mead Johnson & Company, Kraft Heinz Corporation, The Hain Celestial Group, Inc., Töpfer GmbH, Meiji Holdings Corporation, Royal FrieslandCampina N.V., Hero Group and others key players. The growing-up milk market is witnessing a wide range of industry activities such as product launch, acquisition, partnership and expansion across the globe. For instance, in February 2019, Abbott Laboratories announced the plan to replace the aging bottling plant in Colombia with $62 million of investment. This expansion will expand existing 25,000 square foot manufacturing plant, used for filling and sterilizing 2-ounce bottles of Abbotts's nutritional products such as ready-to-feed Similac infant formula.
- Plant-Based Milk
- Animal-Based Milk
By Sales Channel:
- Departmental Stores
- Modern Trade Channels
- Specialty Stores
- Drug Stores
- Convenience Stores
- Online Sales
- Other Sales Channels
By Packaging Type:
- Aseptic Cartons
- Pouches & Sachets
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
• Nestle SA
• Danone SA
• Abbott Laboratories
• Mead Johnson & Company
• Kraft Heinz Corporation
• The Hain Celestial Group, Inc.
• Töpfer GmbH
• Meiji Holdings Corporation
• Royal FrieslandCampina N.V.
• Hero Group
• Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in growing-up milk market.
Timeline Considered for Analysis:
- 2018: Base Year
- 2019: Estimated Year
- 2019 to 2024: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global growing-up milk market by the following segments:
- Sales Channel
- Packaging Type
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Growing-up Milk Industry Report
• What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
• Which region would have high demand for product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?