Baby Milk & Infant Formula - Cyprus

Cyprus

Highlights

Revenue in the Baby Milk & Infant Formula market amounts to US$4.10m in 2024. The market is expected to grow annually by 5.31% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$17bn in 2024).
In relation to total population figures, per person revenues of US$3.23 are generated in 2024.
In the Baby Milk & Infant Formula market, volume is expected to amount to 175.00k kg by 2029. The Baby Milk & Infant Formula market is expected to show a volume growth of 3.0% in 2025.0.
The average volume per person in the Baby Milk & Infant Formula market is expected to amount to 0.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Baby Milk & Infant Formula Market in Cyprus has seen minimal growth, influenced by factors like low birth rates, increasing breastfeeding rates, and stricter regulations. However, rising health consciousness and convenience of online shopping are expected to drive growth in the coming years.

Customer preferences: In Cyprus, there has been a noticeable increase in demand for organic and natural baby milk and infant formula, as parents become more health-conscious and seek out products with fewer additives and preservatives. Additionally, with a growing number of working mothers, there is a rising demand for convenient and easy-to-prepare formulas. This trend is further fueled by the increasing adoption of Western dietary habits and a shift towards a more urban lifestyle.

Trends in the market: In Cyprus, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a shift towards organic and natural products, as consumers become more health-conscious. This trend is expected to continue, with a focus on clean labels and transparency in ingredients. This presents an opportunity for companies to differentiate themselves and gain a competitive edge. Additionally, there is a growing demand for plant-based and allergen-free options, as well as fortified products with added vitamins and minerals. This trend towards healthier options is likely to have a significant impact on industry stakeholders, as they adapt to changing consumer preferences and invest in product innovation. Furthermore, with the rise of e-commerce and online shopping, companies are increasingly utilizing digital platforms to reach a wider consumer base and provide convenient purchasing options. This trend is expected to continue, with potential implications for the distribution and marketing strategies of industry players.

Local special circumstances: In Cyprus, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily influenced by the country's geographical location and cultural preferences. Due to its Mediterranean climate, there is a high demand for infant formula that is suitable for warm weather conditions. Additionally, Cypriot culture places a strong emphasis on breastfeeding, leading to a smaller market for baby milk and formula. However, with the rise in working mothers, there has been an increase in demand for convenient and affordable baby food options, driving the growth of the market. Strict regulations on baby food labeling and ingredients also play a significant role in shaping the market dynamics.

Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is greatly affected by macroeconomic factors such as economic stability, consumer spending, and government policies. In countries with a strong economy and high consumer spending, there is a higher demand for infant formula products, leading to market growth. Furthermore, government policies and regulations regarding food safety and nutrition also play a significant role in influencing the market. Countries with strict regulations and enforcement tend to have a higher demand for high-quality infant formula products, leading to market growth. On the other hand, regions with economic instability and weak government policies may experience slower market growth due to lower consumer spending and trust in the safety of the products.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.