Key regions: South Korea, India, United Kingdom, United States, Japan
The Baby Milk & Infant Formula Market in Taiwan is experiencing negligible growth, influenced by factors such as shifting consumer preferences towards organic options and strict regulations on formula advertising. Convenience and health concerns also play a role in the market's growth.
Customer preferences: As health and wellness become increasingly prioritized in Taiwan, parents are seeking out more organic and natural options for their babies' diets. This has led to a rise in demand for organic and locally-sourced baby formula, as well as an increase in specialty formula for babies with dietary restrictions or sensitivities. Additionally, there is a growing trend towards eco-friendly and sustainable packaging in the baby food market, reflecting a shift towards more environmentally-conscious purchasing habits.
Trends in the market: In Taiwan, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a shift towards healthier and organic options. This is driven by increasing awareness about the benefits of natural ingredients and concerns about the use of additives in conventional formulas. This trend is expected to continue, with more parents opting for premium and niche brands. Additionally, there is a rising demand for plant-based formulas, reflecting the growing trend of plant-based diets in Taiwan. These developments present opportunities for industry stakeholders to cater to evolving consumer preferences and expand their product portfolios.
Local special circumstances: In Taiwan, 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 promotion of infant formula. This has led to a strong emphasis on word-of-mouth recommendations and brand loyalty among consumers. Additionally, the country's high education and income levels have created a demand for premium and organic formula products. Furthermore, the cultural preference for breastfeeding has resulted in a smaller market size compared to other countries in the region.
Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is strongly impacted by macroeconomic factors such as consumer spending, population growth, and government policies. Countries with a large population and increasing disposable income are expected to witness higher demand for baby food products. Additionally, favorable government policies, such as subsidies and initiatives to promote breastfeeding, can also influence market growth. Furthermore, global economic trends, such as trade policies and currency fluctuations, can also impact the production and distribution of baby milk and infant formula, affecting market performance.
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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