Definition:
Baby milk and infant formula are types of milk made specifically for infants and young children who are not yet able to consume solid food or who cannot be breastfed. They are also intended for children aged between 1 and 3 who do not get enough nutrients from their regular diet.
Baby milk is typically made from cow’s milk that has been modified to make it more easily digestible for babies. It may also contain added nutrients, such as vitamins and minerals, to ensure that infants or young children receive all the nutrients they need for healthy growth and development. Infant formula is specially designed to mimic the nutrient content of breast milk as closely as possible. Baby milk and infant formula may come in different forms, such as in powdered form, as a liquid concentrate, or in a ready-to-feed form.
Additional information:
The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram). The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption, out-of-home consumption is not included.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The Baby Milk & Infant Formula market in Iceland is experiencing negligible growth, likely impacted by factors such as declining birth rates and increasing awareness of breastfeeding benefits. However, convenience and busy lifestyles continue to drive demand for online baby food options.
Customer preferences: As Icelandic consumers become more health-conscious, there has been a noticeable increase in demand for organic and natural baby milk and infant formula. This trend is driven by a growing awareness of the benefits of using clean and natural ingredients for infant nutrition. Additionally, there is a rising preference for convenience among busy parents, leading to a surge in online purchases of baby milk and infant formula. This trend is expected to continue as consumers prioritize quality and ease of use in their purchasing decisions.
Trends in the market: In Iceland, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a growing demand for organic and natural products. This trend is driven by the increasing awareness of health and wellness among consumers, as well as the rising concerns over the use of synthetic ingredients in traditional baby formula. As a result, major players in the industry are expanding their organic product lines and investing in sustainable sourcing and production methods. This trend is expected to continue, as consumers become more conscious of the impact of their purchasing decisions on the environment and their own health. Industry stakeholders should take note of this trend and adapt their strategies to meet the changing demands of the market.
Local special circumstances: In Iceland, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily influenced by the country's strict regulations on advertising and labeling of infant formula. Additionally, the cold climate and limited agricultural resources pose challenges for local production, leading to a reliance on imported products. The country's small population also creates a niche market, with a focus on high-quality and organic options. These unique factors contribute to a different market landscape compared to other countries, with a strong emphasis on health and safety.
Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. For instance, countries with stable and growing economies tend to have higher demand for baby milk and infant formula products due to increased purchasing power and consumer confidence. Additionally, government policies and regulations, particularly in regards to food safety and nutrition, can greatly influence the market performance. Furthermore, the increasing focus on health and wellness, coupled with the rising awareness of the benefits of breastfeeding, may also impact the demand for baby milk and infant formula products in the market.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights