The global Pediatric Nutrition Market is estimated to be valued at US$ 14.22 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Pediatric Nutrition Market comprises dietary supplements and nutritional formulas designed to fulfill the nutritional needs of infants and children. These products provide balanced nutrition and help support growth and development. They are available in several formats including drinks, powders, capsules and ready-to-eat foods. Given busy lifestyles, hectic schedules and lack of nutritional knowledge, these products ensure children get necessary vitamins, minerals, proteins and other nutrients.
Market key trends:
One of the major trends in the market is rapid urbanization worldwide. As more people migrate to cities, both parents tend to work leading to less time for home cooked meals. This drives demand for convenient packaged pediatric nutritional products that can complement regular diet. Also, growing awareness about importance of nutrition in childhood development and rising income levels are prompting parents to opt for branded pediatric supplements and formulas. Furthermore, innovation in product offerings catering to different pediatric nutrition needs and introducing organic, Non-GMO varieties is boosting market expansion.
Porter's Analysis
Threat of new entrants: The pediatric nutrition market requires large investments and regulatory approvals to enter, which act as barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as the products are medical necessities for children.
Bargaining power of suppliers: Major suppliers have significant influence over pricing due to fewer substitute products.
Threat of new substitutes: There are limited substitute products for pediatric nutrition hence threat from substitution is low.
Competitive rivalry: The market has the presence of several global and domestic players leading to high competitive rivalry.
Key Takeaways
Global Pediatric Nutrition Market Size is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing awareness regarding kids health and nutrition.
Regional analysis: North America dominates the global pediatric nutrition market and is expected to continue its dominance over the forecast period owing to growing healthcare expenditure and presence of major players in the region. The Asia Pacific region is anticipated to exhibit the fastest growth rate during the forecast period due to rising disposable incomes and growing population.
Key players operating in the pediatric nutrition market are Reckitt Benckiser Group Plc, Nestlé S.A., Abbott Laboratories, Groupe Danone, Royal FrieslandCampina, Baxter International Inc., Fresenius Kabi, and B. Braun Melsungen AG. These players are focusing on new product launches and geographical expansion to remain competitive in the market.
Explore More- https://www.ukwebwire.com/pediatric-nutrition-market-size-share-and-demand/
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