Novel coronavirus cases continue to rise and is negatively impacting the global growing up milk market due to significant slowdown in spending during first half of 2024. A detailed outlook of growing up milk market with and COVID-19 impact on market is presented in the report. This report aims to assist our clients with valuable insights which are required to make important business decisions during and post COVID-19 period.
According to a recent report published by Fast. MR, titled, Global Growing-up Milk Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, the global growing-up milk market accounted for USD 20,400.7 Million in 2018 and is estimated to reach USD 52,150.9 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 17.4% during the forecast period i.e. 2019-2024.
The global growing-up milk market has been segmented based on source, form, sales channel and packaging type. Based on the source, this market has been segmented into plant-based milk and animal-based milk. Animal-based milk segment accounted for highest market share in 2018 and is anticipated to continue its dominance during the forecast period. There is also a rise in demand for growing-up milk formula in countries such as United States and this can be attributed to reasons such as organic labelling, absence of typical ingredients such as corn syrup, glucose, fructose, rice syrup, table sugar (sucrose) or carrageenan and other typical sweeteners.
In sales channel segment, modern trade channel market captured significant share of overall market in 2018. Addition to that, global growing-up milk market by sales channel has been segmented into departmental stores, specialty stores, drug stores, convenience stores, online sales and other sales channels.
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Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2024, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2024. The report also considers the impact the impact of COVID-19 on global growing up milk market in the upcoming years.
Nutritional Concerns Towards Toddlers
The growing-up milk contains various essential ingredients such as vitamins, minerals, calcium, protein, carbohydrate and other nutrients which are required in different growth phases of children to develop a good immune system and helps to prevent various diseases such as anemia. Further, these benefits are expected to propel the demand for growing-up milk products in the market. Also, the growing-up milk market is driven by population growth & improved living standards in emerging markets, and by nutritional concerns towards babies and young children.
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Online Sales Channel
The penetration of smartphones has led to the increase in the usage of online sales all over the world. The manufacturers prefer online sales channel over the offline sales channel to sell their products, which is opening a gateway opportunity for the online sales channel to grow shortly. In addition to this, advancements in the online marketing and continuously rising use of digital media for product marketing & promotions of the growing-up milk products are the major key factors which are anticipated to drive the growth of the market over the forecast period.
Regional Outlook:
In terms of geography, the growing-up milk market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the major share of the global growing-up milk market. Moreover, Middle East & Africa growing-up milk market is expected to showcase lucrative growth in the upcoming years. China, U.S., and Indonesia are some of the major countries witnessing the augmenting demand for growing-up milk market.
Competitive Landscape:
The report also covers detailed competitive analysis of major market players of the global growing-up milk market, such as Nestle SA, Danone SA, Abbott Laboratories, Mead Johnson & Company, Kraft Heinz Corporation, The Hain Celestial Group, Inc., Töpfer GmbH, Meiji Holdings Corporation, Royal Friesland Campina N.V., Hero Group and other key & niche players. The growing-up milk market is witnessing a wide range of industry activities such as product launch, partnership, acquisition, and expansion across the globe.
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