Growing Up Milk Sales in Emerging Economies Gobble Over 50% Share of the Global Market, Unveils Fact.MR
According to a recent study published by Fact.MR, the Growing up Milk Market will envisage an impressive 5.9% volume y-o-y growth in 2018 over 2017. The study reveals that the growing needs of the ‘new-age’ parents to find a convenient way of meeting nutritional requirements of their toddlers is mainly providing a fillip to the growth of the growing up milk market. The study also finds new avenues of growth for growing up milk manufacturers in developing countries in the Asia Pacific and the Middle East & African region.
Some of the key findings of the Fact.MR market study include
- A significant rise in discretionary income of consumers has facilitated a larger consumer base to access ready-to-serve toddler nutrition products, such as growing up milk products.
- Increasing number of nuclear families and working parents remain the key contributors to the recent developments in growing up milk market.
- Breastfeeding rates have gone up in many developed countries, which is likely to reflect in declining sales of growing up milk products in developed regions, such as Europe and North America.
- The World Health Organization does not recommend growing up milk products, calling follow-up formulae “unnecessary” and “unsuitable” for toddler growth. This is restricting the sales, hampering growth of the growing up milk market.
- Marketing and branding strategies manufacturers in the growing up milk market of labeling growing up milk products as ‘toddler milk’ are convincing parents that growing up milk can help them to transition from breastfeeding to adult food.
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The Fact.MR study analyzes prominent parenting trends in various geographical regions to identify growth prospects of growing up milk market in various regions. It finds that the demand for growing up milk products is relatively higher in developing countries than that in developed countries.
Asia-Pacific and MEA Markets Hold a Revenue Share of around 60% in Growing Up Milk Market
The study reveals that Asia-Pacific and the Middle East & Africa are the most lucrative regional markets for growing up milk, and the trend is likely to continue to remain preeminent in the upcoming years. According to Fact.MR, high fertility rates and low mortality rates in developing countries create a positive environment for growth of growing up milk market in these regions.
The fertility rate in the Asia-Pacific has been relatively higher in the past few years. After the Chinese government dropped the one-child policy, the birth rate in China has increased back up again by 7.9% to reach 17.86 million during 2014-2015, according to the National Health and Family Planning Commission (NHFPC). Consumers are becoming more aware of the importance of child nutrition, which in combination with rising birth rate is creating a higher growth potential for growing up milk market players in the region.
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Over 5.4 million children aged 0-5 years succumbed to death in 2017, and the risks of children dying are highest in the African region, according to the World Health Organization. Reducing preventable deaths of infants and toddlers in this region is one of the Sustainable Development Goals set by the United Nations General Assembly, which may provide an impetus to the adoption of nutritional supplement products such as growing up milk in the MEA region.
Manufacturers in the growing up milk market are focusing on developing a wide range of products that can fulfill the newly identified needs of consumers in these regions. To capitalize on the lucrative opportunities in local growing up milk markets in Asia-Pacific and the MEA region, manufacturers are adopting innovative manufacturing and packaging strategies while developing high-quality growing up milk products that can attract more on-the-go parents.
Consumers Choose Animal-based Growing Up Milk Over its Plant-based Variants
According to the Fact.MR study, animal-based growing up milk products account for a whopping 82% revenue share in the growing up milk market. Despite the growing popularity of plant-based dairy products among adult consumers, the Fact.MR study finds that consumers still trust animal-based growing up milk for their young children or toddlers.
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According to a joint statement by Dietitians of Canada (DC), a national professional association for dietitians, and the Canadian Paediatric Society, a national association of pediatricians, plant-based alternatives of growing up milk must not be considered as the primary source of nutrition for toddlers. A majority of governing bodies and healthcare organizations recommend cow-milk or other alternatives of animal-based growing up milk products for toddlers.
Nevertheless, the number of vegan consumers has increased significantly across the world, which can influence the purchasing decisions of consumers in the growing up milk market in the coming future. Thereby, manufacturers and distributors in the growing up milk market are closely observing the changing preferences of modern parents to modify salient business strategies in the upcoming years.