The infant milk formula market in the Middle East and North Africa region is massively driven by the rapid economic development and the rising number of working women in the region. The growing consumer awareness about the need for healthy nutrients in a baby’s diet and the rising popularity of infant milk formula have also contributed to the expansion of the MENA market. Persistence Market Research, in a recent report, states that the value of the infant milk formula market in the Middle East and North Africa is forecast to increase from US$1.7 bn in 2014 to US$4.2 bn by 2021, at a 13.50% CAGR therein.
Here’s a look at some of the top trends prevalent in the market.
Chemists, Pharmacies, and Drugstores Most Trusted Sources of Infant Milk Formula: Among all the distribution channels, chemists, pharmacies, and drugstores form the strongest and largest segment of the MENA infant milk formula market, and are expected to account for a 73.40% share in the overall market by 2021. In 2014, this segment presented a value of US$1.2 bn, which rose to US$1.4 bn in 2015. Chemists, pharmacies, and drugstores are perceived to be the most trusted sources of infant milk formula by consumers in the Middle East and North Africa region, giving the segment a massive boost. This distribution channel is anticipated to expand at a 13.70% CAGR from 2015 to 2021.
Online Retail Most Rapidly Expanding Distribution Channel: The online retail segment of the MENA infant milk formula market is projected to expand at the highest CAGR of 16.20% from 2015 to 2021, rising from a value of US$33.7 mn in 2014 to US$39.1 mn in 2015. Owing to the increasing availability of several leading brands of infant milk formula on various online portals, this segment of the MENA market is anticipated to witness rapid growth.
Supermarkets, Specialty Stores, and other Distribution Channels to Witness Healthy Growth: There are many other distribution channels active in the MENA infant milk formula market, such as supermarkets and specialty stores. Exhibiting a 12.30% CAGR from 2015 to 2021, the specialty stores segment is anticipated to expand considerably in the coming years. In 2014, this segment was valued at US$89.7 mn, which rose to US$100.6 mn in 2015. The supermarkets segment, too, will experience strong growth by 2021, registering a 14% CAGR. The value of this segment increased from US$185.6 mn in 2014 to US$211.3 mn in 2015.
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Price Constraints Impacting Sales of Starting Milk Formula: Among the major types of infant milk formula, starting milk formula is the largest product segment, accounting for a 51% share in the overall revenue in 2015. The rising number of consumers in the middle-income group in the Middle East and North Africa region is the key factor driving this segment. In 2014, the value of this product segment was pegged at US$886.3 mn, which increased to just over US$1 bn in 2015. However, the mounting prices of starting milk formula threaten the sales of this product segment.