World Coronavirus Impact: Growing Up Milk Market Detailed Analysis of Current Industry Figures With Forecasts Growth By 2024
According to a recent report published by KD Market Insights, 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.
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, out of which, animal-based milk segment accounted for highest market share in 2018. The global market for animal-based milk segment is expected to reach USD 45,310.3 Million by the end of 2024. Apart from this, the market is also segmented by form into powder and liquid, out of which, the powder segmented has acquired lion market share and is anticipated to grow at a CAGR of 17.4% from 2019 to 2024.
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In sales channel segment, modern trade channel market captured significant share of overall market in 2018. in 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. Among the packaging type segment, the cans segment is expected to register a higher revenue share in the global growing-up milk market over the forecast period. Also, the global growing-up milk market for cans segment value is projected to witness a Y-O-Y growth of 19.5% in 2024 as compared to previous years.
Lactose Intolerant Among Infants
The milk intolerance can be attributed to either lactose or the protein content which occurs among infants & young children with acute diarrheal disease. The symptoms of lactose intolerance are relatively common among older children and adolescents; however, associated with intestinal injury is frequently seen among them. Basically, in lactose intolerance, the immune system is affected, which causes varying degrees of harm to the intestinal mucosal surface; this happens due to the cow milk–protein sensitivity and it is reported that 2% to 5% of infants are affected due to the cow milk–protein intolerance. Further, the adoption of growing-up milk products, among such children is likely to impact the growth of the market.
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 growing-up milk market was valued at USD 12,456.7 Million in 2018 and is expected to reach USD 32,417.0 Million by the end of 2024 at a CAGR of 17.8% from 2019 to 2024. Moreover, Middle East & Africa growing-up milk market is anticipated to showcase lucrative growth in the upcoming years. As the parents in MEA region are becoming increasingly aware about the significance of growing-up formula in the nutritional necessity of their child health, demand for growing-up milk is believed to rise at unprecedent rate in coming years.
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 FrieslandCampina N.V., Hero Group and other key & niche players. The growing-up milk market is witnessing a wide range of industry activities such as expansion, product launch, partnership, and acquisition across the globe.
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