According to a new market report published by Credence Research “Specialty Milk Formula Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the specialty milk formula market has been estimated to be valued at US$ 1,731.8 Mn by the end of 2016, and is expected to reach US$ 3,091.0 Mn by 2023, expanding at a CAGR of 8.6% from 2016 to 2023.
Browse the full Specialty Milk Formula Market by Distribution Channel and Geography – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/specialty-milk-formula-market
Infant nutrition is a distinct market comprised of two sub-categories such as infant formula and baby food. Infant milk formula is a dietary product manufactured, designed and marketed in order to feed infants due to its similarity with breast milk and as well as suitability as an alternative to breast milk. There are basically four types of infant formula available in the market which includes starting milk formula, follow-on milk formula, toddler’s milk formula and specialty milk formula. Majority of the infant formula are made up of cow’s milk comprises of minerals, vitamins and other related nutrients. The specialty milk formula are basically designed for specific health related ailments or situations (including premature babies, acid reflux, allergies, and others.) Presently, the segment captures miniscule share in infant formula market and is likely to observe significant potential in future.
Rapid urbanization along with increasing popularity and significant demand for specialty milk formula due to rising health related concerns among infants has strengthened the growth of global specialty milk formula market over the past few years. Apart from this, rising active participation of women in workforce is likely to positively impel the growth of specialty milk formula market over the forecast period. Easy availability and accessibility of specialty formula with organic ingredients is anticipated to further boost the revenue growth of specialty milk formula market over the forecast period. The modernization and innovative packaging options (including organic packaging) is expected to intensify the worldwide specialty milk formula market between 2016 and 2023.
Specialty milk formula market is segmented on the basis of distribution channel such as specialty outlets, supermarkets, pharmacy store, online store and others. Amongst this, pharmacy store segment captured the highest market share in the total revenue of global specialty milk formula market in 2015. The segment is likely to dominate during the period 2016-2023. Increasing awareness and advice by pediatricians for specific milk formula is expected to boost the growth of this segment over the forecast period. Supermarkets segment is expected to be second largest revenue contributor in distribution channel segment till 2023. Besides this, increasing internet penetration along with availability of specialty milk formula at various manufacturers’ product and at a discounted price is likely to impel the growth of online store segment which is anticipated to bolster the growth of global specialty milk formula market over the forecast period.
- Rising spending on premium nutrition products
- Emerging middle class and dual family income
- Entry of large number of small players
- Online purchase of specialty milk formula