Key regions: South Korea, India, United Kingdom, United States, Japan
The Baby Milk & Infant Formula Market in Sri Lanka is experiencing minimal growth due to factors such as limited consumer awareness and preference for traditional feeding methods. This is impacting the market's growth rate, which remains negligible. However, increasing urbanization and rising disposable income in the country may drive future growth.
Customer preferences: With the rising awareness of the benefits of breastfeeding, there has been a noticeable decline in the consumption of baby milk and infant formula in Sri Lanka. This trend is further fueled by the increasing popularity of organic and natural food products among health-conscious consumers. Additionally, there is a growing demand for lactose-free and hypoallergenic formulas, reflecting the rising prevalence of lactose intolerance and allergies among infants. This shift towards more specialized and natural options is also influenced by the cultural emphasis on traditional and homemade remedies for infant health and nutrition.
Trends in the market: In Sri Lanka, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a shift towards organic and natural products. This trend is driven by increasing consumer awareness and demand for healthier options for their infants. Additionally, there is a growing preference for locally sourced products, leading to the emergence of domestic brands in the market. This trend is expected to continue, creating opportunities for industry stakeholders to cater to the changing consumer preferences and expand their market share.
Local special circumstances: In Sri Lanka, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily influenced by the country's cultural and religious practices. Breastfeeding is strongly encouraged, leading to a lower demand for infant formula products. Additionally, strict regulations on marketing and advertising of baby food products have been put in place to protect breastfeeding practices. This has resulted in a unique market dynamic, with a smaller market size but a strong emphasis on locally-sourced and organic products.
Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending power, population growth, and government policies. In Sri Lanka, for example, the increasing disposable income of the middle class and the growing demand for convenience foods have contributed to the growth of the market. Moreover, the country's stable economic growth, favorable investment climate, and government initiatives to promote breastfeeding have also positively impacted the market. Furthermore, the rising awareness about the benefits of infant formula among working mothers and the increasing number of working women in the country have also played a significant role in driving market growth.
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.
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