China baby food

BABY FOOD IN CHINA
Euromonitor International
November 2012

BABY FOOD IN CHINA

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LIST OF CONTENTS AND TABLES
Headlines ..................................................................................................................................... 1
Trend ............................................................................................................................................ 1
Competitive Landscape ................................................................................................................ 2
Prospects ..................................................................................................................................... 3
Category Data .............................................................................................................................. 4
Table 1
Table 2
Table 3
Table 4
Table 5
Table 6
Table 7
Table 8
Table 9
Table 10
Table 11
Table 12

Sales of Baby Food by Category: Volume 2007-2012.................................. 4
Sales of Baby Food by Category: Value 2007-2012 .................................... 4
Sales of Baby Food by Category: % Volume Growth 2007-2012 ................. 5
Sales of Baby Food by Category: % Value Growth 2007-2012 .................... 5
Soy-based Vs Dairy-based Special Baby Milk Formula % Breakdown
2012 ............................................................................................................. 5
Baby Food Company Shares 2008-2012 ..................................................... 6
Baby Food Brand Shares 2009-2012 ........................................................... 7
Sales of Baby Food by Distribution Format: % Analysis 2007-2012 ............ 8
Forecast Sales of Baby Food by Category: Volume 2012-2017................... 8
Forecast Sales of Baby Food by Category: Value 2012-2017...................... 9
Forecast Sales of Baby Food by Category: % Volume Growth 20122017 ............................................................................................................. 9
Forecast Sales of Baby Food by Category: % Value Growth 20122017 ............................................................................................................. 9

© Euromonitor International

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BABY FOOD IN CHINA

BABY FOOD IN CHINA
HEADLINES
 Current value sales grow by 25% in 2012 to reach RMB85.2 billion
 The Chinese Year of the Dragon drives the fast growth in new born babies
 Special baby milk formula registers the highest current value growth of 36% in 2012
 In 2012 current unit prices rise significantly
 Mead Johnson (Guangzhou) leads baby food with a 13% share of retail value sales in 2012
 Baby food sales are expected to grow by a 15% constant value CAGR over the forecast
period

TREND
 2012 is the Chinese Year of the Dragon. In ancient times, the dragon was a symbol reserved
for the Chinese emperor, signifying wealth and high social status. Many Chinese parents
believe that having a baby in the Year of the Dragon will bring them strength and good luck.
According to official estimates, China expects a 5% increase in the number of babies born in
2012. The baby boom has had a significant impact on baby food, especially on standard milk
formula, which is intended for new born babies.
 The expected accelerated retail value sales growth in 2012 is mainly due to the growing
number of newborn babies in the Chinese Year of the Dragon. Most manufacturers believe
that 2012 offers strong growth opportunities in baby food. Domestic and international
companies increased their production volumes to fulfil the demand from “dragon babies”. In
addition, manufacturers increased their selling prices, especially for international brands.
 Breastfeeding is heavily promoted in China; the government encourages mothers to
breastfeed for at least the first 6-months. Doctors in China provide professional advice on how
to breastfed babies and inform parents of the nutritional benefits resulting from breastfeeding.
The packaging and marketing of baby food in China is heavily regulated. The advertising of
standard milk formula is prohibited, while packaging cannot carry claims that milk formula and
breastfeeding provide similar nutritional benefits. These measures have ensured that
consumers in China believe that the nutrients found in breast milk cannot be replaced with
baby food. Hence, although the Year of the Dragon accelerated the growth of standard milk
formula, it has a lower retail volume sales base than toddler and follow-on milk formulae.
 Retail volume and value growth rates are predicted to accelerate in 2012 due to the higher
demand for baby food and rising unit prices. Most brands operating within milk formula
witnessed significant price increases during 2012. According to trade sources, domestic milk
formula manufacturers did not increase or only slightly raised their selling prices, while most
international brands hiked the prices of their best-selling series. For example, Shanghai
Wyeth Nutritional adjusted the ingredients and added more nutrients to its Illuma premium
series. This led to a price increase of 8% in December 2011. Wyeth and other international
players, such as Nestlé (China) and Abbott Nutrition International (China), increased the
selling price of their popular products by 10-15%. However, continuous price increases seem
not to have affected consumers’ choices of baby food.
 Special baby milk formula, which is still in its initial stage of development in China, is set to
post the highest current value growth of 36% in baby food in 2012. This is due to parents
increasingly recognising the important role of special baby milk formula. Such products are


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used for babies with dairy intolerance and allergy problems. The fast growth of special baby
milk formula indicates that milk formula is developing towards more professional and
functional-orientated areas. According to storechecks and trade sources, most special baby
milk formula is produced by international brands, such as Nan HA (Nestlé (China)) andS-26
Nursoy (Shanghai Wyeth Nutritional).In 2012, 96% of special baby milk formula in China is
expected to be dairy-based, with soy-based accounting for the remaining shares. Thus the
proportion of soy-based special baby milk formula rebounded slightly in 2012, as consumers
became more aware that soy-based products could help to resolve lactose intolerance among
children.
 Liquid milk formula is predicted to remain a negligible presence in baby food in 2012.Powder
milk formula is expected to account for 100% of milk formula sales. According to trade
sources, liquid milk formula exists mostly in Western countries, while production and
preservation technology has yet to mature in China, which militates against its development.
 In 2012, supermarkets remained the biggest distribution channel for baby food, followed by
“other” non-grocery retailers, mainly mommy and baby stores, and hypermarkets. However, it
has been reported that the entrance fees charged by supermarkets and hypermarkets were
so high that some domestic baby food manufacturers had to quit these outlets in favour of
mommy and baby stores. Similarly, internet retailing is an increasing important channel for
many baby food companies, due to low operation fees.
 Organic baby food remained a niche in China during 2012, although an increase in demand
was recorded. There was rising consumer awareness of the benefits of organic baby food in
China, and parents are more willing to invest in such products. However, organic baby food
remains much more expensive than standard alternatives. For example, Abbott launched the
Essence series, which emphasis its organic ingredients. Essence standard milk formula’s
retail selling price reached RMB470.00 per 900g in hypermarkets in June 2012, making it the
most expensive of Abbott’s milk formula series. Hence, organic baby food is only demanded
by high-income parents.

COMPETITIVE LANDSCAPE
 Mead Johnson (Guangzhou) is expected to retain its leading position in baby food in 2012.
The company registered good retail value share growth between 2009 and 2012. It benefits
from wide distribution coverage and marketing activities. Mead Johnson (Guangzhou) was
able to promote a safer image, given that the products of one of its main competitors, Abbott,
were reported to contain less nutritious ingredients. There were reports in 2012 that milk
formula by Mead Johnson and Abbott, among others, contained vanillin. Mead Johnson
appears to have received an apology from the authorities for this erroneous report.
 Nestlé SA was a big winner in baby food in 2012. In April 2012, Nestlé agreed a global-scale
acquisition, as it is set to purchase Pfizer's baby food division for US$11.85 billion. At the end
of the review period, Nestlé and Pfizer's combined retail value share in China is set to exceed
10%, which positions the company only slightly behind the leading player, Mead
Johnson. The deal is strongly in line with Nestlé's overall strategy. On the one hand, it is
expected to strengthen Nestlé’s position as the world's leading nutrition company. On the
other hand, it should reverse the player’s retail value share erosion in the most
important baby food market, China.
 Both domestic and international manufacturers were exposed to safety problems in China in
the review period. For example, in July 2012 Nanshan baby milk formula (Hunan Yahua
Seeds) was found to contain a strong carcinogen, Aflatoxin M1. Later, the company
recognised publicly that it made a mistake. Although it took some measures, such as the


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recall of all polluted milk formula and a halt to production, the scare has left a poor impression
on consumers. This is set to result in share loss in 2012. Some international brands, which
used to position their products as high-quality offerings, also experienced quality problems,
but most time the problems were short-lived. Thus, most parents consider milk formula by
international brands to be healthier than domestic alternatives. In order to give babies safe
food, more and more consumers, especially in developed cities, are choosing international
brands’ baby milk formulae.
 In 2010, Bright Dairy & Food acquired a 51% stake in Synlait Milk. This milk processing farm
is one of the world’s leading high-end milk formula suppliers. In December 2011, Bright Dairy
& Food launched its high-end brand, Pure Canterbury, in China. Pure Canterbury is produced
by Synlait Milk in New Zealand. Thus the milk formula is produced to a higher standard than
China’s dairy standard. Bright Dairy & Food aimed to establish a high-end milk formula image
and obtain high profit margins, as average gross profits in China’s dairy industry shrunk amid
surging costs. Moreover, Pure Canterbury competes with international rivals in a fiercely
competitive environment. According to trade sources, the company is very confident about
gaining retail value shares in baby food in China in the forecast period.
 Most Chinese consumers associate premium baby food with international brands, while
standard and economy products are linked to domestic brands. The main targets of
international brands are higher-income consumers, usually in first- and second-tier cities.
Domestic brands were mainly aimed at consumers with lower incomes in third- and fourth-tier
cities and rural areas. Besides, domestic brands in developed cities were usually purchased
by migrant workers. However, in the review period, many international brands started to
penetrate lower-tier cities, in order to attain national coverage. Hence, fierce competition to
domestic brands drove many Chinese manufacturers to seek a way out.

PROSPECTS
 Baby food is estimated to witness robust sales growth in the forecast period, due to continued
urbanisation and double-digit birth rates in China. However, the birth rate in China is slowing
down, in line with the world trend. Thus, as lower birth rate is the main reason for the
predicted slowdown in retail volume growth of milk formula, and therefore baby food overall,
compared to the review period.
 As the government will continue to promote breastfeeding among young mothers, standard
milk formula is expected to record a slower retail volume CAGR over the forecast period,
although a shift to premium and high-quality products is anticipated. Most young mothers are
increasingly conscious of the health benefits afforded by breastfeeding, but sometimes, under
the pressure from busy lifestyles, they are forced to feed their children some milk formula as a
supplement.
 Compared to standard and follow-on milk formulae, toddler milk formula is less affected by the
government’s policy on breastfeeding. In the forecast period, manufacturers will widen the
age range to expand the consumer base for toddler milk formula. They will break down
toddler milk brands into several age-specific versions. This will create more variety in product
lines to meet the different needs of 1-7-year-old children.
 Special baby milk formula is set to record the fastest constant value CAGR of 30% over the
forecast period. However, growth is derived from a very low sales base, with special baby milk
formula accounting for only a marginal retail value share of baby food sales. More parents are
choosing special baby milk formula when their children contract allergies or lactose
intolerance problems or to prevent such ailments. Coupled with aggressive advertising and


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rising consumer awareness, special baby milk formula is expected to perform strongly in the
forecast period.
 Constant unit prices are likely to increase for all baby food types over the forecast period.
Raw materials, such as milk and sugar, are estimated to see high price rises, with
manufacturers transferring added costs onto consumers. Leading players, especially
international companies, will raise unit prices on their popular baby food brands, because they
realise that Chinese consumers are less price sensitive when purchasing products for
children. Besides, they will continue to launch some premium products, emphasising their
unique selling points, which may differ slightly from previous versions.
 When comparing the same imported milk formulae, retail selling prices are much higher in
China than in many countries, including the US, the UK and Australia. High custom taxes and
mark-ups in China seethe price of some imported products double, compared to the pricing in
their country of origin. Thus many young parents have already joined the ranks of foreign
purchasers. They buy baby food online, from internet retailers such as Taobao, the most
popular C2C website in China. The C2C channel is considered a potential threat to B2C
channels.
 Nestlé’s purchase of Pfizer’s infant nutrition unit is expected to enhance its position in baby
food in China in the forecast period. The acquisition will greatly widen Nestlé’s presence in the
mid-priced to high-end baby milk formula segments in China. It is also likely to enhance
Nestlé’s leading global position in nutrition, health and wellness. The deal is also expected to
improve the company’s dairy production lines and increase its bargaining power in terms of
pricing.

CATEGORY DATA
Table 1

Sales of Baby Food by Category: Volume 2007-2012

'000 tonnes
2007
Dried Baby Food
Milk Formula
- Standard Milk Formula
- Follow-on Milk Formula
- Toddler Milk Formula
- Special Baby Milk
Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:

2008

2009

2010

2011

2012

39.2
250.0
67.1
84.3
98.6
-

47.8
294.8
74.8
98.3
121.2
0.5

56.3
346.6
90.7
111.1
144.2
0.6

66.1
407.7
106.8
127.1
173.1
0.8

75.4
470.6
121.6
143.0
205.1
0.9

87.5
560.0
144.5
168.1
246.2
1.2

5.1
294.3

6.3
348.9

7.4
410.2

8.8
482.7

10.4
556.5

12.7
660.1

Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2

Sales of Baby Food by Category: Value 2007-2012

RMB million
2007
Dried Baby Food
Milk Formula


2008

2009

2010

2011

2012

2,628.9
25,675.1
7,722.0

3,260.9
32,515.7
9,227.2

3,919.0
41,351.6
11,458.9

4,561.8
50,942.9
14,412.5

5,367.0
61,952.4
17,510.5

6,422.6
77,864.4
22,242.1

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BABY FOOD IN CHINA

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- Special Baby Milk
Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:

8,072.6
9,880.6
-

10,116.0
13,075.5
97.1

12,858.2
16,910.5
124.1

15,067.2
21,303.2
160.0

17,782.9
26,442.8
216.1

21,970.2
33,357.2
294.9

294.9
28,599.0

378.5
36,155.2

467.2
45,737.8

579.1
56,083.8

713.1
68,032.4

912.0
85,199.0


Table 3

Sales of Baby Food by Category: % Volume Growth 2007-2012

% volume growth
2011/12
Dried Baby Food
Milk Formula
- Special Baby Milk Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:

2007-12 CAGR

2007/12 Total

16.0
19.0
18.9
17.5
20.0
26.4
21.6
18.6

17.4
17.5
16.6
14.8
20.1
20.1
17.5

123.1
124.0
115.3
99.3
149.8
150.1
124.3


Table 4

Sales of Baby Food by Category: % Value Growth 2007-2012

% current value growth
2011/12
Dried Baby Food
Milk Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:

2007-12 CAGR

2007/12 Total

19.7
25.7
27.0
23.5
26.1
36.4
27.9
25.2

19.6
24.8
23.6
22.2
27.6
25.3
24.4

144.3
203.3
188.0
172.2
237.6
209.3
197.9


Table 5

Soy-based Vs Dairy-based Special Baby Milk Formula % Breakdown 2012

% value analysis
Soy-based
Special Baby Milk Formula
Source:

Dairy-based

Total

4.5

95.5

100.0



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BABY FOOD IN CHINA

Table 6

Passport

Baby Food Company Shares 2008-2012

% retail value rsp
Company
Mead Johnson
(Guangzhou) Ltd
Beingmate ScientificIndustry-Trade Share Co
Ltd
International Nutrition
Co Ltd
Inner Mongolia Yili
Industrial Group Co Ltd
Shanghai Wyeth
Nutritional Co Ltd
Biostime International
Holdings Ltd
Yashili International
Holdings Ltd
Nestlé (China) Ltd
Abbott Nutrition
International (China)
Qingdao Shengyuan Dairy
Co Ltd
Heinz-UFE Ltd
Global Dairy Holdings Ltd
Heilongjiang Feihe
Dairy Co Ltd
Wonder Sun Dairy Co Ltd
Wissun Group
Ausnutria Dairy (Hunan)
Co Ltd
Royal Friesland Foods NV
Hunan Yahua Seeds Co Ltd
Heilongjiang Yaolan
Dairy Co Ltd
Ting Hsin International
Group
Bright Dairy & Food Co
Ltd
Shanghai Eastwes
Nutritious Food Co
Xi'an Yinqiao Group
Hangzhou Wahaha Group
Hangzhou Future Food Co
Ltd
Inner Mongolia Mengniu
Dairy Industry (Group)
Co Ltd
Biolife New Zealand
(China) Ltd
Beijing Huiliduo Co Ltd
Harbin Jinxing Dairy Corp
Guangdong Yashili Food
Co Ltd
Others
Total
Source:

2008

2009

2010

2011

2012

9.5

9.9

10.6

11.7

12.9

6.7

9.0

9.2

9.7

9.6

9.8

9.2

8.9

8.5

8.4

3.9

5.6

7.2

7.2

7.2

5.2

6.3

6.7

6.8

6.9

-

-

2.1

3.3

5.2

-

-

6.0

4.9

4.3

5.6
3.2

4.4
2.9

3.7
2.9

3.5
2.9

3.2
2.7

5.1

3.2

2.3

2.5

2.6

2.5
1.2
1.8

2.4
1.2
2.7

2.5
1.7
1.8

2.5
2.1
1.7

2.5
2.3
1.6

2.1
0.7
2.0

2.6
0.9
2.6

2.0
1.7
1.8

1.8
1.5
1.6

1.5
1.5
1.3

1.3
2.4
1.4

1.3
2.4
1.6

1.2
1.8
0.9

1.1
1.4
0.7

1.1
1.1
0.6

1.7

1.2

0.9

0.7

0.5

0.6

0.5

0.5

0.2

0.5

0.5

0.4

0.4

0.4

0.4

0.5
0.3

0.6
0.3

0.5
0.4
0.3

0.4
0.3
0.3

0.3
0.3
0.2

0.3

0.3

0.2

0.2

0.2

-

0.2

0.2

0.2

0.2

0.4
0.4
8.7

0.4
0.3
6.2

0.4
0.3
-

0.2
0.2
-

0.2
0.2
-

22.5
100.0

21.3
100.0

21.1
100.0

21.4
100.0

20.7
100.0



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BABY FOOD IN CHINA

Table 7

Passport

Baby Food Brand Shares 2009-2012

% retail value rsp
Brand
Beingmate

Dumex
Yili
S-26
Biostime
Enfagrow
Yashili
Enfamil
Shengyuan
Heinz
Emilon
Enfapro
Enfachild
Firmus
Nestlé Infant Cereal
Enfaschool
Wonder Sun
Wissun
Gain
Ausnutria
Similac
Nanshan
Scient
Lactogen
Yaolan
Wei Chuan
Neslac
Frisogrow
Bright
Frisolac
Yashili
Scient


Company
Beingmate ScientificIndustry-Trade Share Co
Ltd
International Nutrition
Co Ltd
Inner Mongolia Yili
Industrial Group Co Ltd
Shanghai Wyeth
Nutritional Co Ltd
Biostime International
Holdings Ltd
Mead Johnson
(Guangzhou) Ltd
Holdings Ltd
Mead Johnson
(Guangzhou) Ltd
Qingdao Shengyuan Dairy
Co Ltd
Heinz-UFE Ltd
Global Dairy Holdings Ltd
Mead Johnson
(Guangzhou) Ltd
Mead Johnson
(Guangzhou) Ltd
Heilongjiang Feihe
Dairy Co Ltd
Nestlé (China) Ltd
Mead Johnson
(Guangzhou) Ltd
Wonder Sun Dairy Co Ltd
Wissun Group
Abbott Nutrition
Ausnutria Dairy (Hunan)
Co Ltd
Abbott Nutrition
Hunan Yahua Seeds Co Ltd
Holdings Ltd
Nestlé (China) Ltd
Heilongjiang Yaolan
Dairy Co Ltd
Ting Hsin International
Group
Nestlé (China) Ltd
Bright Dairy & Food Co Ltd
Co Ltd

2009

2010

2011

2012

9.0

9.2

9.7

9.6

9.2

8.9

8.5

8.4

5.6

7.2

7.2

7.2

6.3

6.7

6.8

6.9

-

2.1

3.3

5.2

2.9

3.1

3.6

3.9

-

4.5

3.7

3.2

2.4

2.5

2.8

3.1

3.2

2.3

2.5

2.6

2.4
1.2
1.8

2.5
1.7
1.9

2.5
2.1
2.0

2.5
2.3
2.2

1.6

1.7

1.9

2.0

2.5

1.7

1.7

1.6

1.8
1.3

1.6
1.4

1.6
1.5

1.6
1.6

2.6
0.9
1.5

2.0
1.7
1.5

1.8
1.5
1.5

1.5
1.5
1.4

2.6

1.8

1.6

1.3

1.4

1.4

1.4

1.3

2.4
-

1.8
1.6

1.4
1.3

1.1
1.0

1.4
1.6

1.1
0.9

1.0
0.7

0.9
0.6

1.2

0.9

0.7

0.5

0.8
0.6
0.5
0.5
4.6

0.6
0.5
0.5
0.5
-

0.6
0.5
0.2
0.4
-

0.5
0.5
0.5
0.4
-

1.6

-

-

-

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BABY FOOD IN CHINA

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Co Ltd
Biostime Inc

Biostime
Others
Total
Source:

0.7
23.9
100.0

24.3
100.0

24.2
100.0

23.2
100.0


Table 8

Sales of Baby Food by Distribution Format: % Analysis 2007-2012

% retail value rsp
2007
Store-Based Retailing
- Grocery Retailers
-- Supermarkets
-- Hypermarkets
-- Discounters
-- Small Grocery
Retailers
--- Convenience Stores
--- Independent Small
Grocers
--- Forecourt Retailers
-- Other Grocery
Retailers
- Non-Grocery Retailers
-- Health and Beauty
Retailers
-- Other Non-Grocery
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:

2008

2009

2010

2011

2012

99.8
78.5
56.0
15.0
7.5

99.8
78.5
55.3
15.7
7.5

99.7
78.2
54.9
16.3
7.0

99.1
78.0
54.1
17.1
6.8

98.6
78.1
53.4
17.9
6.8

98.5
77.8
53.0
18.0
6.8

3.0
4.5

3.0
4.5

3.0
4.0

2.9
3.9

3.1
3.7

3.3
3.5

-

-

-

-

-

-

21.3
1.3

21.3
1.4

21.5
1.4

21.1
1.5

20.5
1.6

20.7
1.7

20.0

19.9

20.1

19.6

18.9

19.0

0.2
0.2
100.0

0.2
0.2
100.0

0.3
0.3
100.0

0.9
0.9
100.0

1.4
1.4
100.0

1.5
1.5
100.0


Table 9

Forecast Sales of Baby Food by Category: Volume 2012-2017

'000 tonnes
2012
Dried Baby Food
Milk Formula
- Special Baby Milk
Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:

2013

2014

2015

2016

2017

87.5
560.0
144.5
168.1
246.2
1.2

98.9
643.1
161.6
189.9
290.1
1.5

110.8
732.1
179.9
213.6
336.6
2.0

123.1
829.9
199.4
239.2
388.7
2.6

135.5
935.2
220.1
266.7
445.2
3.3

147.8
1,049.8
241.8
296.0
507.8
4.2

12.7
660.1

14.9
756.8

17.2
860.0

19.6
972.5

22.0
1,092.8

24.5
1,222.1

Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources


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BABY FOOD IN CHINA

Table 10

Passport

Forecast Sales of Baby Food by Category: Value 2012-2017

RMB million
2012
Dried Baby Food
Milk Formula
- Special Baby Milk
Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:

2013

2014

2015

2016

2017

6,422.6
77,864.4
22,242.1
21,970.2
33,357.2
294.9

7,289.1
90,774.0
25,470.2
25,117.8
39,800.5
385.6

8,201.3
104,919.7
29,043.3
28,593.0
46,778.1
505.3

9,147.3
120,770.3
32,976.6
32,408.7
54,720.1
664.9

10,113.0
138,208.0
37,282.6
36,574.5
63,489.2
861.6

11,081.6
157,529.1
41,970.0
41,096.3
73,363.3
1,099.5

912.0
85,199.0

1,070.4
99,133.6

1,240.5
114,361.5

1,419.4
131,337.0

1,603.2
149,924.1

1,787.1
170,397.8

trade sources

Table 11

Forecast Sales of Baby Food by Category: % Volume Growth 2012-2017

% volume growth
2016/17
Dried Baby Food
Milk Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:

Table 12

2012-17 CAGR

2012/17 Total

9.1
12.2
9.9
11.0
14.1
26.0
11.1
11.8

11.1
13.4
10.8
12.0
15.6
28.5
14.1
13.1

69.0
87.5
67.3
76.1
106.3
250.9
93.0
85.1

trade sources

Forecast Sales of Baby Food by Category: % Value Growth 2012-2017

% constant value growth
2012-17 CAGR
Dried Baby Food
Milk Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:

2012/17 TOTAL

11.5
15.1
13.5
13.3
17.1
30.1
14.4
14.9

72.5
102.3
88.7
87.1
119.9
272.8
96.0
100.0

trade sources


9

China baby food

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