Baby Food in Indonesia

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Baby Food in Indonesia

Euromonitor International

September 2023

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LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS... 1

2023 DEVELOPMENTS ... 1

Powder Milk Formula Hit By Higher Prices While Dried Baby Food Remains Affordable And Widely Popular ... 1

E-commerce Adaption Developed During Pandemic Helps Boosts Sales ... 2

Sarihusada Generasi Mahardhika PT Maintains The Lead In Baby Food In 2023, Thanks To Its Budget Brand ... 2

PROSPECTS AND OPPORTUNITIES... 2

Other Baby Food Gains Popularity Thanks To Increased Product Selections ... 2

Emerging Small And Medium Enterprises Offer Prepared Baby Food To Stimulate Sales ... 3

Breastfeeding Trend May Impact Performance Of Baby Milk Formula Over The Forecast Period ... 3

CATEGORY DATA ... 3

Table 1 Sales of Baby Food by Category: Volume 2018-2023... 3

Table 2 Sales of Baby Food by Category: Value 2018-2023 ... 4

Table 3 Sales of Baby Food by Category: % Volume Growth 2018-2023 ... 5

Table 4 Sales of Baby Food by Category: % Value Growth 2018-2023 ... 5

Table 5 Sales of Growing-Up Milk Formula by Age: % Value 2018-2023 ... 6

Table 6 NBO Company Shares of Baby Food: % Value 2019-2023 ... 6

Table 7 LBN Brand Shares of Baby Food: % Value 2020-2023 ... 7

Table 8 Distribution of Baby Food by Format: % Value 2018-2023 ... 8

Table 9 Forecast Sales of Baby Food by Category: Volume 2023-2028 ... 8

Table 10 Forecast Sales of Baby Food by Category: Value 2023-2028 ... 9

Table 11 Forecast Sales of Baby Food by Category: % Volume Growth 2023- 2028 ... 10

Table 12 Forecast Sales of Baby Food by Category: % Value Growth 2023- 2028 ... 10

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BABY FOOD IN INDONESIA

KEY DATA FINDINGS

▪ Retail value sales grow by 4% in current terms in 2023 to IDR40.0 trillion

▪ Dried baby food is the best performing category in 2023, with retail value sales rising by 9% in current terms to IDR2.7 trillion

▪ Sarihusada Generasi Mahardhika PT is the leading player in 2023, with a retail value share of 25%

▪ Retail sales are set to rise at a current value CAGR of 3% (2023 constant value CAGR of - 0.2%) over the forecast period to IDR45.5 trillion

2023 DEVELOPMENTS

Powder Milk Formula Hit By Higher Prices While Dried Baby Food Remains Affordable And Widely Popular

In Indonesia, current value sales of powdered milk formula have been primarily driven by price increases. However, price sensitivity among local consumers has led to a more cautious approach towards purchasing powdered milk formula. Moreover, the increasing awareness of the health benefits of breastfeeding has prompted more Indonesian mothers to opt for this natural feeding method, reducing volume demand for powdered milk formula. Various initiatives and campaigns promoting breastfeeding, coupled with concerns about contamination and improper preparation of powdered milk formula, have further contributed to the decline in volume sales in 2023.

Dried baby food continues to be the most commonly purchased type of baby food among Indonesian consumers for several reasons. First, it is more affordable than prepared baby food, enabling parents to provide nutritious meals for their infants without impacting too heavily on their budgets. Additionally, dried baby food offers convenience as it is lightweight and easy to carry, requiring only water to prepare. This makes it a practical choice for busy parents who are always on the move. Moreover, within dried baby food consumers can choose from a wide range of flavours, textures, and nutritional profiles to cater to their baby’s specific needs and preferences.

Meanwhile, demand for different packaging sizes differs across distribution channels. For example, larger packs, such as 400g in a folding carton or can format, are in high demand in e- commerce, supermarkets and hypermarkets. This is because consumers who purchase via e- commerce are typically price-sensitive and seek value for money through bulk discount deals and offers such as free or discounted shipping. On the other hand, consumers who purchase via supermarkets and hypermarkets are generally medium and higher earners, who still seek value for money, but are more likely to spend higher amounts in one go, for example, purchasing more expensive products via offers such as “three for the price of two”.

Smaller packaging sizes, such as 150g in a folding carton, are more popular via retail channels such as convenience stores and traditional grocery outlets. For convenience store purchases, local consumers typically seek on-the-go or last-minute products and are willing to pay more for the privilege. On the other hand, those who shop in traditional grocery stores are generally price-sensitive and look for smaller budget-priced formats instead of higher-end brands in larger formats.

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E-commerce Adaption Developed During Pandemic Helps Boosts Sales

Indonesia’s baby milk formula industry has seen a shift in consumer behaviour due to the COVID-19 pandemic, with more local consumers now familiar with online purchasing. This has led brands to focus on their online presence, offer detailed information and engage with consumers digitally. The convenience and efficiency of online shopping, coupled with access to information and instant delivery services, has supported the growth of e-commerce, although it has seen a small loss of share in 2023. For example, consumers can now have baby milk formula delivered to their doorsteps instantly through third party delivery platforms such as Go- Send, Grab-Mart Astro.

Sarihusada Generasi Mahardhika PT Maintains The Lead In Baby Food In 2023, Thanks To Its Budget Brand

Sarihusada Generasi Mahardhika PT maintains its lead in baby food in Indonesia in 2023, supported by the strong performance of its SGM brand under powder baby milk formula, where products are available from newborn to growing-up milk. Since SGM covers a range of ages, the brand is better able to cement its position. SGM is also supported by its low- to mid-segment pricing, which caters to the largest consumer demographic in Indonesia. This is combined with a strong and stable brand image, widespread distribution across both traditional and modern retail channels, and ongoing marketing activities. The brand has a long history in Indonesia and uses innovative promotional campaigns to strengthen consumer-brand bonds. Whilst marketing activities are limited to growing-up milk due to regulations, promotional strategies include engaging mothers in online communities where health-based and educational information is shared, alongside free product giveaways, exclusive e-commerce offers, and social media campaigns.

Sarihusada Generasi Mahardhika PT is also supported by the fact that it is owned by international giant Groupe Danone, which offers a wide portfolio to suit different budgets. An example is the premium-positioned Nutricia Nutrilon (distributed in Indonesia by Nutricia Indonesia Sejahtera PT). Danone supports its brands in Indonesia with strong below-the-line marketing, such as in-store displays, and above-the-line marketing, such as television advertisements, while it is also increasing its investment in internet marketing via social media channels such as YouTube, Instagram and Facebook. For example, Nutricia Nutrilon is visible as individual islands at aisle intersections, attracting consumers’ attention with eye-catching three-dimensional marketing banners.

PROSPECTS AND OPPORTUNITIES

Other Baby Food Gains Popularity Thanks To Increased Product Selections

Demand for other baby food has been increasing over the years in Indonesia. First, parents are increasingly inclined to provide their children with a wider variety of options, allowing them to explore different flavours and textures. This desire for variety stems from the belief that

exposing children to a diverse range of foods from an early age can contribute to their overall development and encourage healthy eating habits. Second, the availability of both locally produced and imported baby food products has expanded significantly, offering parents a broader range of options to suit their preferences. This allows parents to select products that align with their cultural backgrounds, dietary restrictions or personal preferences.

The proliferation of e-commerce platforms has played a crucial role in the popularity of other baby food. Indonesian consumers now have easier access to a wide array of baby food

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products, allowing them to conveniently explore and purchase different options online. In tandem with this, distribution has increased significantly across the country, with almost all retail channels stocking these products.

Dried baby food, however, will remain the most prominent type of baby food in Indonesia, retaining the largest volume share. This is because dried baby food is considerably more affordable for price-sensitive consumers than prepared baby food, which has more premium positioning. Furthermore, local cultures and habits mean that dried baby food is traditionally brought into baby’s diets as the consumption of powder milk formula is reduced. Convenience will also continue to play a part, especially as out-of-home lifestyles resume post-pandemic and busy parents have less time to prepare baby food from scratch. The recovery of the Indonesian economy, in turn, will also further help to support sales of dried baby food over the forecast period.

Emerging Small And Medium Enterprises Offer Prepared Baby Food To Stimulate Sales

The emergence of small and medium enterprises (SMEs) in the prepared baby food segment has stimulated sales within this category in Indonesia. These enterprising entities target a distinct demographic that prioritises high-quality ingredients, freshly prepared meals, and nutritionally balanced products. Grouu, a notable brand in this space, provides catering services for prepared baby food, catering to parents seeking premium, locally sourced and organic ingredients, and a commitment to freshness. The range caters specifically to local tastes and uses traditional Indonesian menus for inspiration. Flavours include beef rendang (beef stew) and soto ayam (chicken soup). Furthermore, the brand’s dedicated website promotes special offers, bundle deals, home delivery and gourmet catering service.

By focusing on these specific demands, SMEs have successfully differentiated themselves and capitalised on Indonesia’s growing demand for alternative baby food options. Over the forecast period, this is expected to continue as brands seek to differentiate in a competitive field with ongoing scope for growth.

Breastfeeding Trend May Impact Performance Of Baby Milk Formula Over The Forecast Period

The increasing prevalence of breastfeeding in Indonesia is expected to have a negative impact on the performance of baby milk formula across the forecast period. Breastfeeding has gained significant momentum in recent years, driven by growing awareness of its numerous benefits for infant health and development. This shift in feeding practices has led to a decline in the demand for commercial baby milk formula products. The Indonesian government has also been actively promoting breastfeeding through various initiatives, such as implementing the Baby-Friendly Hospital Initiative and launching campaigns to educate and support mothers in their breastfeeding journey. These efforts aim to improve the health and wellbeing of infants while reducing reliance on commercial formulas. As a result, prepared baby milk formula faces challenges in capturing and retaining share, necessitating industry players to adapt their strategies to cater to the evolving needs of consumers. While breastfeeding remains a personal choice for mothers, the combination of changing mores and government initiatives favouring breastfeeding presents a complex dynamic for prepared baby milk formula in Indonesia.

CATEGORY DATA

Table 1 Sales of Baby Food by Category: Volume 2018-2023

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2018 2019 2020 2021 2022 2023

Baby Food (Not - - - -

calculable)

Dried Baby Food ('000 16.3 16.8 16.8 17.1 18.1 18.9

tonnes)

Prepared Baby Food 0.5 0.6 0.6 0.6 0.6 0.6

('000 tonnes)

Other Baby Food ('000 8.8 8.9 9.0 9.1 9.1 9.4

tonnes)

Milk Formula (Not - - - -

calculable)

- Standard Milk Formula - - - -

(Not calculable)

-- Liquid Standard Milk - - - -

Formula (million litres)

-- Powder Standard Milk 25.7 26.7 27.2 26.9 26.6 26.3

Formula ('000 tonnes)

- Follow-on Milk - - - -

Formula (Not calculable)

-- Liquid Follow-on - - - -

Milk Formula (million litres)

-- Powder Follow-on 29.8 31.7 30.1 29.6 27.8 27.3

Milk Formula ('000 tonnes)

- Growing-Up Milk - - - -

-- Liquid Growing-Up - - - -

-- Powder Growing-Up 190.9 207.9 185.6 172.2 168.7 166.4

- Special Baby Milk - - - -

-- Liquid Special Baby - - - -

-- Powder Special Baby 2.9 2.7 2.3 2.2 2.2 2.2

Source: 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 2018-2023

IDR billion

2018 2019 2020 2021 2022 2023

Baby Food 34,507.9 35,157.2 36,408.8 36,794.1 38,589.3 40,049.5

Dried Baby Food 1,880.6 2,057.1 2,114.4 2,238.4 2,471.5 2,694.0

Other Baby Food 947.5 1,103.8 1,401.9 1,602.4 1,827.9 1,937.6

Milk Formula 31,547.1 31,852.4 32,741.5 32,794.2 34,121.9 35,239.7

- Standard Milk Formula 3,729.9 3,682.8 3,826.2 3,823.5 4,337.7 4,554.6

Formula

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-- Powder Standard Milk 3,729.9 3,682.8 3,826.2 3,823.5 4,337.7 4,554.6 Formula

- Follow-on Milk Formula 4,467.3 4,503.8 4,630.2 4,639.0 4,886.2 5,032.8

Milk Formula

-- Powder Follow-on 4,467.3 4,503.8 4,630.2 4,639.0 4,886.2 5,032.8

Milk Formula

- Growing-Up Milk Formula 22,667.1 22,951.6 23,566.3 23,607.5 24,155.4 24,880.1

Milk Formula

-- Powder Growing-Up 22,667.1 22,951.6 23,566.3 23,607.5 24,155.4 24,880.1 Milk Formula

- Special Baby Milk 682.8 714.2 718.8 724.2 742.5 772.2

Formula

Milk Formula

Table 3 Sales of Baby Food by Category: % Volume Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

Baby Food (Not calculable) - - -

Dried Baby Food (% volume growth) 4.0 2.9 15.6

Prepared Baby Food (% volume growth) 3.3 3.3 17.7

Other Baby Food (% volume growth) 2.5 1.1 5.8

Milk Formula (Not calculable) - - -

- Standard Milk Formula (Not calculable) - - -

-- Liquid Standard Milk Formula (% volume - - -

growth)

-- Powder Standard Milk Formula (% volume -1.0 0.5 2.3

growth)

- Follow-on Milk Formula (Not calculable) - - -

-- Liquid Follow-on Milk Formula (% volume - - -

growth)

-- Powder Follow-on Milk Formula (% volume -2.0 -1.8 -8.5

growth)

- Growing-Up Milk Formula (Not calculable) - - -

-- Liquid Growing-Up Milk Formula (% volume - - -

growth)

-- Powder Growing-Up Milk Formula (% volume -1.4 -2.7 -12.9

growth)

- Special Baby Milk Formula (Not calculable) - - -

-- Liquid Special Baby Milk Formula (% - - -

volume growth)

-- Powder Special Baby Milk Formula (% 0.2 -5.2 -23.3

volume growth)

Table 4 Sales of Baby Food by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

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Baby Food 3.8 3.0 16.1

Dried Baby Food 9.0 7.5 43.2

Prepared Baby Food 6.1 6.1 34.4

Other Baby Food 6.0 15.4 104.5

Milk Formula 3.3 2.2 11.7

- Standard Milk Formula 5.0 4.1 22.1

-- Liquid Standard Milk Formula - - -

-- Powder Standard Milk Formula 5.0 4.1 22.1

- Follow-on Milk Formula 3.0 2.4 12.7

-- Liquid Follow-on Milk Formula - - -

-- Powder Follow-on Milk Formula 3.0 2.4 12.7

- Growing-Up Milk Formula 3.0 1.9 9.8

-- Liquid Growing-Up Milk Formula - - -

-- Powder Growing-Up Milk Formula 3.0 1.9 9.8

- Special Baby Milk Formula 4.0 2.5 13.1

-- Liquid Special Baby Milk Formula - - -

-- Powder Special Baby Milk Formula 4.0 2.5 13.1

Table 5 Sales of Growing-Up Milk Formula by Age: % Value 2018-2023

% retail value rsp

2018 2019 2020 2021 2022 2023

3+ years - 40.3 40.1 40.1 40.1 39.9

1-3 years - 59.7 59.9 59.9 59.9 60.1

Total - 100.0 100.0 100.0 100.0 100.0

Table 6 NBO Company Shares of Baby Food: % Value 2019-2023

% retail value rsp

Company 2019 2020 2021 2022 2023

Sarihusada Generasi 24.8 25.7 25.1 24.7 25.1

Mahardhika PT

Nestlé Indonesia PT 22.6 22.3 22.7 22.6 23.2

Sanghiang Perkasa PT 17.3 17.1 17.5 17.5 17.4

Frisian Flag Indonesia PT 10.7 10.5 10.5 10.2 9.8

Nutricia Indonesia 6.9 6.1 5.7 5.6 5.6

Sejahtera PT

Indofood Sukses Makmur 3.5 3.4 3.6 3.7 3.9

Tbk PT

Mead Johnson Indonesia PT 3.3 3.2 3.1 3.0 2.9

Wyeth Indonesia PT 2.0 2.0 1.8 1.7 1.8

Heinz ABC Indonesia PT 0.8 0.8 0.9 0.9 0.9

Fonterra Brands Indonesia 0.9 0.9 0.8 0.7 0.7

PT

Abbott Indonesia PT 0.6 0.6 0.6 0.5 0.6

Tempo Scan Pacific Tbk PT 0.3 0.3 0.3 0.3 0.3

Others 6.2 7.0 7.5 8.5 8.0

Total 100.0 100.0 100.0 100.0 100.0

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Table 7 LBN Brand Shares of Baby Food: % Value 2020-2023

% retail value rsp

Brand (GBO) Company (NBO) 2020 2021 2022 2023

SGM (Danone, Groupe) Sarihusada Generasi 25.7 25.1 24.7 25.1

Mahardhika PT

Dancow (Nestlé SA) Nestlé Indonesia PT 17.3 17.6 17.2 17.5

Frisian Flag (Royal Frisian Flag Indonesia PT 10.5 10.5 10.2 9.8

FrieslandCampina NV)

Morinaga (Morinaga Sanghiang Perkasa PT 6.4 6.5 6.7 6.7

Milk Industry Co Ltd)

Chil Kid (Morinaga Sanghiang Perkasa PT 5.9 6.1 6.0 5.9

Bebelac (Danone, Nutricia Indonesia 3.8 3.8 3.7 3.8

Groupe) Sejahtera PT

Chil School (Morinaga Sanghiang Perkasa PT 3.2 3.3 3.2 3.2

Lactogen (Nestlé SA) Nestlé Indonesia PT 2.5 2.5 2.7 2.7

SUN Indofood Sukses Makmur 2.0 2.1 2.3 2.5

Tbk PT

Cerelac (Nestlé SA) Nestlé Indonesia PT 2.0 2.1 2.3 2.4

Nutricia Nutrilon Nutricia Indonesia 2.3 1.9 1.9 1.8

(Danone, Groupe) Sejahtera PT

S-26 (Nestlé SA) Wyeth Indonesia PT 2.0 1.8 1.7 1.8

Milna (Kalbe Farma Sanghiang Perkasa PT 1.6 1.6 1.6 1.6

Tbk PT)

Promina Indofood Sukses Makmur 1.4 1.5 1.4 1.4

Tbk PT

Farley's (Kraft Heinz Heinz ABC Indonesia PT 0.8 0.9 0.9 0.9

Co)

Enfagrow (Reckitt Mead Johnson Indonesia PT 0.9 0.9 0.8 0.8

Benckiser Group Plc (RB))

Sustagen (Reckitt Mead Johnson Indonesia PT 0.9 0.8 0.8 0.7

Anmum (Fonterra Fonterra Brands Indonesia 0.9 0.8 0.7 0.7

Cooperative Group Ltd) PT

Enfapro (Reckitt Mead Johnson Indonesia PT 0.6 0.6 0.6 0.6

PediaSure (Abbott Abbott Indonesia PT 0.6 0.6 0.5 0.6

Laboratories Inc)

Enfakid (Reckitt Mead Johnson Indonesia PT 0.5 0.4 0.4 0.4

Enfamil (Reckitt Mead Johnson Indonesia PT 0.4 0.4 0.4 0.4

Gerber (Nestlé SA) Nestlé Indonesia PT 0.3 0.3 0.3 0.3

Vidoran Tempo Scan Pacific Tbk PT 0.3 0.3 0.3 0.3

Nan (Nestlé SA) Nestlé Indonesia PT 0.1 0.2 0.2 0.2

Enfagrow (Mead Mead Johnson Indonesia PT - - - -

Johnson Nutrition Co)

Enfakid (Mead Johnson Mead Johnson Indonesia PT - - - -

Nutrition Co)

Enfamil (Mead Johnson Mead Johnson Indonesia PT - - - -

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Nutrition Co)

Enfapro (Mead Johnson Mead Johnson Indonesia PT - - - -

Nutrition Co)

Bonakid (Nestlé SA) Wyeth Indonesia PT - - - -

Others Others 7.1 7.5 8.5 8.0

Total Total 100.0 100.0 100.0 100.0

Table 8 Distribution of Baby Food by Format: % Value 2018-2023

% retail value rsp

2018 2019 2020 2021 2022 2023

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 99.2 97.6 93.4 92.7 92.7 92.9

-- Grocery Retailers 87.7 86.2 83.8 82.6 82.7 83.0

--- Convenience Retail 22.6 24.2 30.0 31.0 32.0 32.0

---- Convenience Stores 22.6 24.2 30.0 31.0 32.0 32.0

---- Forecourt Retailers - - - -

--- Supermarkets 22.1 22.3 14.5 12.5 13.0 13.5

--- Hypermarkets 7.4 7.0 4.0 2.8 2.7 3.3

--- Discounters - - - -

--- Warehouse Clubs - - - -

--- Food/drink/tobacco - - - -

specialists

--- Small Local Grocers 35.5 32.7 35.3 36.3 35.0 34.2

-- Non-Grocery Retailers 11.5 11.4 9.6 10.1 10.0 10.0

--- General Merchandise - - - -

Stores

--- Apparel and - - - -

Footwear Specialists

--- Appliances and - - - -

Electronics Specialists

--- Home Products - - - -

Specialists

--- Health and Beauty 11.5 11.4 9.6 10.1 10.0 10.0

Specialists

--- Leisure and - - - -

Personal Goods Specialists

--- Other Non-Grocery - - - -

Retailers

-- Vending - - - -

-- Direct Selling - - - -

- Retail E-Commerce 0.8 2.4 6.6 7.3 7.3 7.1

Total 100.0 100.0 100.0 100.0 100.0 100.0

Table 9 Forecast Sales of Baby Food by Category: Volume 2023-2028

2023 2024 2025 2026 2027 2028

Baby Food (Not - - - -

calculable)

Dried Baby Food ('000 18.9 19.7 20.6 21.5 22.6 23.7

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tonnes)

('000 tonnes)

Other Baby Food ('000 9.4 9.6 9.9 10.2 10.5 10.9

tonnes)

Milk Formula (Not - - - -

calculable)

- Standard Milk Formula - - - -

(Not calculable)

Formula (million litres)

-- Powder Standard Milk 26.3 26.1 26.0 25.9 25.8 25.8

Formula ('000 tonnes)

- Follow-on Milk - - - -

-- Powder Follow-on 27.3 26.9 26.5 26.3 26.1 26.0

- Growing-Up Milk - - - -

-- Powder Growing-Up 166.4 164.2 162.4 160.5 158.9 157.6

- Special Baby Milk - - - -

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

Table 10 Forecast Sales of Baby Food by Category: Value 2023-2028

IDR billion

2023 2024 2025 2026 2027 2028

Baby Food 40,049.5 39,844.5 39,713.4 39,647.0 39,679.7 39,731.3

Dried Baby Food 2,694.0 2,820.6 2,970.1 3,139.4 3,330.9 3,544.1

Other Baby Food 1,937.6 1,970.5 2,009.9 2,056.1 2,107.5 2,164.4

Milk Formula 35,239.7 34,872.1 34,548.7 34,262.9 34,048.4 33,825.1

- Standard Milk Formula 4,554.6 4,577.3 4,602.5 4,630.1 4,662.5 4,625.2

Formula

-- Powder Standard Milk 4,554.6 4,577.3 4,602.5 4,630.1 4,662.5 4,625.2 Formula

- Follow-on Milk Formula 5,032.8 4,967.4 4,912.8 4,868.5 4,834.5 4,810.3

Milk Formula

-- Powder Follow-on 5,032.8 4,967.4 4,912.8 4,868.5 4,834.5 4,810.3

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Milk Formula

- Growing-Up Milk Formula 24,880.1 24,556.7 24,262.0 23,995.1 23,779.1 23,612.7

Milk Formula

-- Powder Growing-Up 24,880.1 24,556.7 24,262.0 23,995.1 23,779.1 23,612.7 Milk Formula

- Special Baby Milk 772.2 770.7 771.4 769.1 772.2 776.8

Formula

Milk Formula

Table 11 Forecast Sales of Baby Food by Category: % Volume Growth 2023-2028

2023/24 2023-28 CAGR 2023/28 Total

Baby Food (Not calculable) - - -

Dried Baby Food (% volume growth) 4.3 4.7 25.8

Prepared Baby Food (% volume growth) 3.4 3.6 19.3

Other Baby Food (% volume growth) 2.7 3.1 16.5

Milk Formula (Not calculable) - - -

- Standard Milk Formula (Not calculable) - - -

-- Liquid Standard Milk Formula (% volume - - -

growth)

-- Powder Standard Milk Formula (% volume -0.8 -0.4 -1.9

growth)

- Follow-on Milk Formula (Not calculable) - - -

-- Liquid Follow-on Milk Formula (% volume - - -

growth)

-- Powder Follow-on Milk Formula (% volume -1.5 -1.0 -4.8

growth)

- Growing-Up Milk Formula (Not calculable) - - -

-- Liquid Growing-Up Milk Formula (% volume - - -

growth)

-- Powder Growing-Up Milk Formula (% volume -1.3 -1.1 -5.3

growth)

- Special Baby Milk Formula (Not calculable) - - -

-- Liquid Special Baby Milk Formula (% - - -

volume growth)

-- Powder Special Baby Milk Formula (% 0.3 0.5 2.5

volume growth)

Table 12 Forecast Sales of Baby Food by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Baby Food -0.5 -0.2 -0.8

Dried Baby Food 4.7 5.6 31.6

Prepared Baby Food 1.7 2.1 10.9

Other Baby Food 1.7 2.2 11.7

Milk Formula -1.0 -0.8 -4.0

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- Standard Milk Formula 0.5 0.3 1.6

-- Liquid Standard Milk Formula - - -

-- Powder Standard Milk Formula 0.5 0.3 1.6

- Follow-on Milk Formula -1.3 -0.9 -4.4

-- Liquid Follow-on Milk Formula - - -

-- Powder Follow-on Milk Formula -1.3 -0.9 -4.4

- Growing-Up Milk Formula -1.3 -1.0 -5.1

-- Liquid Growing-Up Milk Formula - - -

-- Powder Growing-Up Milk Formula -1.3 -1.0 -5.1

- Special Baby Milk Formula -0.2 0.1 0.6

-- Liquid Special Baby Milk Formula - - -

-- Powder Special Baby Milk Formula -0.2 0.1 0.6