Iron-Fortified Infant Formula: Market outlook
The global infant formula market amounted for more than US$ 45 billion in the year 2016 which a volume sales of more than 2.4 million tonnes. The escalating demand for infant formula is owing to increasing health and wellness consciousness among consumers, growing per capita expenditure and booming working population, growing birth rates, and prevailing dietary and nutritional deficiencies in the infant. The iron-fortified infant formula is fortified or added with extra iron to provide infants with supplements of iron. The lack of iron in the dietary intake of infants and prevailing deficiencies of iron is giving rise to the shifting consumer preference towards iron-fortified infant formula. The iron-fortified infant formula market has seen considerable amalgamation, which has led to four multi-national companies ruling the industry. These companies include Danone, Nestlé, Abbott and Mead Johnson which offer iron-fortified infant formula to the consumers.
Prevalence of Iron Deficiency and Growing Demand for Nutritious Infant Formula is Giving Rise to Iron-Fortified Infant Formula
There has been an astounding rise in the number of premium infant formula brands in both developed as well as developing economies. Escalating per capita expenditure and purchasing power of parents, in turn, is heightening the demand and adoption of premium infant formula products across the globe. Consumers are becoming more conscious regarding the health and wellness and hence are opting for the paramount quality infant formula which is further strengthening the growth of the market for premium nutrition products. Mounting urban population, coupled with the change in consumer lifestyle, is also stimulating the demand for premium infant formula products, especially in case of elite customers. The growing market for infant formula is escalating the growth for iron-fortified infant formula. The consumers are shifting towards iron-fortified infant formula to meet the nutrient demands of their infant and prevent iron deficiencies. The growing cases of anemia in the infants are the primary driver for the increasing demand of iron-fortified infant formula. Anemia is a condition wherein the infant or an individual lacks healthy red blood cells or hemoglobin which is generally caused due to iron deficiency. Anemia results in skin pallor, shortness of breath, fatigue, dizziness, light-headedness, or a fast heartbeat, hence, infants having low iron or having iron deficiencies are given iron-fortified infant formula to prevent anemia.
Global Iron-Fortified Infant Formula: Market Segmentation
On the basis of nature, the global iron-fortified infant formula market has been segmented as-
- Organic iron-fortified infant formula
- Conventional iron-fortified infant formula
On the basis of form, the global iron-fortified infant formula market has been segmented as-
- Liquid iron-fortified infant formula
- Powder iron-fortified infant formula
On the basis of formula type, the global iron-fortified infant formula market has been segmented as-
- Standard Infant Formula (Formula 1)
- Follow-on Infant Formula (Formula 2)
- Toddler Infant Formula (Formula 3)
- Special Infant Formula
On the basis of sales channel, the global iron-fortified infant formula market has been segmented as-
- Store-based Retailing
- Convenience Stores
- Pharmacy and Drug Stores
- Specialty Stores
- Online Retailing
On the basis of region, the global iron-fortified infant formula market has been segmented as-
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Global Iron-Fortified Infant Formula: Key Players
Some of the major players of iron-fortified infant formula market include: Mead Johnson Nutrition, Nestle S.A., The Kraft Heinz Company, Pfizer Inc., Abbott Nutrition Manufacturing Inc., Groupe Danone, Synutra International, Inc., Meiji Holdings Co. Ltd., FrieslandCampina, Beingmate Baby & Child Food Co. Ltd., and others
Opportunities for Participants of Iron-Fortified Infant Formula Market:
The iron-fortified infant formula is anticipated to witness a lucrative demand over the forecast period in both developed and developing economies. The Asia Pacific followed by North America is expected to gain maximum market share for iron-fortified infant formula. Asia Pacific region is dominated by China which offers maximum market prospects for infant formula due to higher birth rates, greater demographics of working mothers, and others. The health and wellness conscious population drives North America iron-fortified infant formula market. The consumers in North America are shifting towards iron-fortified infant formula to fulfill the nutrient demand of their infants and to provide a proper iron supplement to their body to prevent iron deficiencies. The manufacturers of infant formula are focusing on updating their inventories which specialized infant nutrition products to offer consumers with better nourishment. Manufacturers are focusing on product launches to gain a broader consumer base.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
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