New York:, Feb. 09, 2016 (GLOBE NEWSWIRE) -- According to the latest market report published by Persistence Market Research, titled “Middle East and North Africa (MENA) Market Study on Infant Milk Formula: Driven By Increasing Consumer Awareness of Healthy Nutrients,” the MENA infant milk formula market is estimated to be valued at US$ 1,976.3 Mn by the end of 2015 and is anticipated to expand at a CAGR of 13.5% from 2015 to 2021, to account for US$ 4,219.3 Mn by 2021.
Currently, the infant milk formula market in the MENA region is mainly driven by factors such as increasing number of working women and rising popularity of infant formula, coupled with the rapid economic growth witnessed in the region. However, factors such as rising per unit prices of infant formula and high volatile raw material prices, coupled with changing consumer preferences towards local brands that manufacture cost effective products, are some of the major factors expected to restrain the growth of the market during the forecast period. The MENA infant milk formula market is anticipated to expand at a CAGR of 13.5% in terms of revenue from 2015 to 2021, to account for US$ 4,219.3 Mn by 2021.
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The infant milk formula market is segmented on the basis of the region into GCC, North Africa and the Rest of Middle East. The GCC market is expected to be the highest contributor to the overall MENA market in terms of value share, followed by North Africa, by 2015 end. GCC is expected to be the fastest growing market over the forecast period (2015–2021). The growth of the GCC infant milk formula market is primarily attributed to the high presence of foreign infant milk formula manufacturers and rapid economic development in the region. Moreover, the rise in the number of drugstores is also expected to support the growth of the infant milk formula market in the MENA region.
The GCC market is expected to account CAGR of 13.8% in terms of value over the forecast period. The rest of the Middle East market is expected to witness moderate growth over the forecast period, accounting for 14.1% value share of the overall market, and is expected to register a moderate CAGR of 13.5% in terms of value over the forecast period (2015–2021). An increasing number of working women and rapid economic development are the major factors expected to drive the growth of the infant milk formula market in the region.
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The report provides detailed information about various market trends and offers analysis and insights into the potential of the infant milk formula market in the MENA region. Furthermore, the infant milk formula market is segmented on the basis of type into starting milk formula, follow-on milk formula, and toddler’s milk formula. The starting milk formula segment is expected to be the highest contributor to the MENA market in terms of value share, followed by the follow on milk formula segment by 2015 end. The starting milk formula segment is expected to be the fastest-growing segment of the overall market over the forecast period (2015–2021). The segment is expected to expand at a CAGR of 13.9% over the forecast period in terms of revenue. The follow-on milk formula segment is expected to witness moderate growth over the forecast period. The segment is expected to register a moderate CAGR of 13.3% in terms of value over the forecast period (2015–2021).
Key players operating in the infant milk formula market that is covered in the report include GroupeDanone, Aspen Pharmacare Holdings Limited, Almarai, Nestlé S.A., Behdashtkar, Lacto Misr, Nutridar Company Plc, AusnutriaHyproca B.V., Saudi Centre Group, Abbott Laboratories, RIRI Baby Food Co.
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The MENA infant milk formula market is segmented as follows:
By region
- GCC
- Bahrain
- Kuwait
- Oman
- Qatar
- Kingdom of Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- North Africa
- Algeria
- Egypt
- Morocco
- Tunisia
- Rest of Middle East
- Iraq
- Jordan
- Lebanon
- Yemen
By product type
- Starting milk formula
- Follow-on milk formula
- Toddlers milk formula
By distribution channel
- Specialty store
- Supermarkets
- Online retail
- Chemist/pharmacies/drugstore
- Others
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