Published Date : Feb 26, 2016
Designed to feed babies or infants under 12 months of age, the infant milk formula proves to be convenient for single fathers and working women, as babies can be easily fed using milk bottles or cups. Due to the similarity in composition of the infant milk formula with that of a mother’s milk, the sale of infant milk formula, and thus the market is witnessing a rise.
Healthy Nutrient Content Drives the Infant Milk Formula Market
A WHO report stating that infant milk formula us prepared in accordance with the Codex Alimentarius standards and is perfectly safe for babies and a suitable substitute for breast milk, has increased the confidence of consumers, propelling the infant milk formula market. The infant milk formula contains all the required nutrients for a baby such as casein and lactose, responsible for the healthy growth of a baby.
Market for Infant Milk Formula is estimated to reach US$4.2 bn by 2021 in the MENA Region
Rapid economic development and increasing disposable income of the consumers in the MENA region has propelled the infant milk formula market. According to a report published by Transparency Market Research, the infant milk formula valued at USD 1.9 bn in 2015 and is estimated to reach USD 4.2 bn by 2021, exhibiting a CAGR of 13.5% from 2015 to 2021. The infant milk formula market in the GCC region is expected to contribute the highest to the overall MENA market, owing its growth to increase in the number of drugstores and the increasing presence of infant milk formula in supermarkets, online retailers, and specialty stores.
Increased Cost to Hamper the Infant Milk Formula Market
While growing nutritional concerns for infants drives the market, the infant milk formula market is hampered by high cost of raw materials, change in the preference of consumers, and the increased price of infant milk formula.