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This briefing examines the key recent developments in the baby food market. While the importance of the Chinese market, especially for milk formula, cannot be overlooked by global players, they face more challenging conditions amid a slowdown and greater competition. Premiumisation is set to be a key factor for growth in developed markets, while the robust performance of toddler milk formula encourages manufacturers to focus on widening their target audience to older children.
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Developed markets continue to see stagnating baby food sales as parents and carers’ awareness of the health properties of breastfeeding rises and they attempt to rely less on baby food. However, toddler milk formula sales remain more resilient as they do not face such a strong threat from breastfeeding.
Despite being the world’s largest baby food market and remaining the largest growth contributor, thanks to the adoption of milk formula among urban parents, lower breastfeeding rates than in most other emerging markets in Asia, a slowdown in growth rates and a wave of consolidation, alongside the rise of joint ventures between local companies and global baby food manufacturers, all create more challenging conditions in China.
Growing urbanisation is forecast to remain a key growth driver in Asia between 2015 and 2020, notably in Vietnam. Toddler milk formula’s high sales per capita in large emerging markets, notably Indonesia and Thailand, are expected to remain major growth drivers.
Premium brands are outperforming standard brands in China, due to consumers’ growing affluence and their distrust of cheaper brands. In developed markets, organic ranges represent a key growth area, particularly for prepared baby food and other baby food.
In the wake of toddler milk formula’s stronger performance compared to the overall baby food market, manufacturers increasingly target older children to meet the demand for healthy and convenient meal solutions and in order to retain their customer base for a longer period.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.