Infant formula refers to formulated breast milk substitute that is manufactured for feeding babies and infants under 12 months of age. It is usually prepared for bottle-feeding or cup-feeding from powder or liquid. These formulas are extremely regulated to meet optimal requirements for the nutrition of a baby till first year of age. Infant formula contains protein, fats, carbohydrates, vitamins, and minerals required for infant nutrition. With increasing participation of women in workforce and dual income households, the need for convenient infant feeding is growing rapidly in Singapore. This has boosted the demand for infant formulas as they provide an easy alternative to breastfeeding for working mothers.
The Global Singapore Infant Formula Market is estimated to be valued at US$ 1,005.4 Mn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Singapore infant formula market are Little Etoile, Bellamy's Organic, Nan Nestle, Similac, Enfamil, Friso Gold, Little Oak, Karihome, Hipp, and Dumex. Nestle and Danone capture majority of market share owing to their strong product portfolio and widespread distribution network across Singapore. The increasing rate of working mothers population in Singapore has spurred the sales of infant formula products over past years. Technological advancements such as products fortified with prebiotics and probiotics, and formula modifications to reduce allergens are fueling market growth.
Market Trends
Growing online sales of infant formula: Ease of purchasing infant formula products through various online retail platforms like supermarket websites is major trend. This is attributed to time convenience and product comparison factors associated with online shopping.
Rise in demand for organic and hypoallergenic formulas: Increasing health awareness among parents has boosted demand for organic formulas which are free from pesticides and harmful additives. Similarly, hypoallergenic formulas tailored as alternatives for lactose intolerant babies are gaining traction.
Market Opportunities
Introduction of infant milk formulas for newborns under 6 months age: Currently, most products available are suitable for babies above 6 months. Giving attention to formulas specific for newborns under 6 months provides huge untapped potential.
Launch of formula products tailored for different regional cuisines: With increasing multi-cultural population in Singapore representing various Asian and European countries, opportunities exist in developing customized infant formulas aligned to regional cuisines like Korean, Japanese, Chinese etc.
Impact of COVID-19 on Singapore Infant Formula Market
The outbreak of COVID-19 has impacted the sales and supply chain of the infant formula market in Singapore. During the initial months of lockdown, there was panic buying among the consumers leading to higher sales. However, with disrupted supply chains and shortage of raw materials, production capacities were reduced. Many factories faced labor shortage due to lockdowns and social distancing measures.
The biggest challenge was meeting the demand as supply could not keep pace during the peak sales period. Online sales increased significantly as people avoided stepping out. However, e-commerce platforms also struggled to cope up with the surge in orders. Post-lockdown, as facilities resumed operations, supply has been gradually improving. Nevertheless, supply chains are still recovering and full production capacities are yet to be restored.
Going forward, companies need to focus on building resilient supply chains. Diversifying sourcing locations and implementing flexible manufacturing strategies can help deal with such disruptions. Companies also need to strengthen their omni-channel presence to cater changing consumer behaviors. Emphasis on R&D for nutritional formulations supporting immunity will be important. Overall, the long-term growth outlook remains positive backed by rising population but short-term sales may be impacted until supply chains are fully normalized.
Geographical Regions: Value Concentration And Fastest Growth
In terms of value, the infant formula market in Singapore is highly concentrated in the city-state itself. Being a small country, the bulk of sales are catered by the domestic demand from Singapore. However, the country is also an important hub for exports to other Southeast Asian nations. Significant volumes are shipped from Singapore to countries like Indonesia, Philippines and Malaysia.
The fastest growing region for the Singapore infant formula market is expected to be Southeast Asia over the forecast period. Growing middle-class, rising birth rates and increasing awareness about the benefits of branded baby food are driving sales across ASEAN countries. Indonesia, Vietnam and the Philippines specifically offer huge untapped growth potential given their large and young population base. Leveraging Singapore's strong positioning as a regional distribution center, many companies are eyeing these high growth Southeast Asian markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. (LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
What Are The Key Data Covered In This Singapore Infant Formula Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Singapore Infant Formula's growth between 2024 and 2031.
:- Accurate calculation of the size of the Singapore Infant Formula and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Singapore Infant Formula Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Singapore Infant Formula vendors
FAQ’s
Q.1 What are the main factors influencing the Singapore Infant Formula?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Singapore Infant Formula companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Singapore Infant Formula’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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