Baby Milk & Infant Formula - Montenegro

Montenegro

Revenue in the Baby Milk & Infant Formula market amounts to €2.40m in 2024. The market is expected to grow annually by 4.14% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€15,470m in 2024).
In relation to total population figures, per person revenues of €3.83 are generated in 2024.
In the Baby Milk & Infant Formula market, volume is expected to amount to 165.80k kg by 2029. The Baby Milk & Infant Formula market is expected to show a volume growth of 3.3% in 2025.
The average volume per person in the Baby Milk & Infant Formula market is expected to amount to 0.2kg in 2024.

Key regions: South Korea, India, United Kingdom, United States, Japan

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

In Montenegro, the Baby Milk & Infant Formula Market is experiencing negligible growth. This is influenced by factors such as low birth rates, increasing cost of formula, and cultural preference for breastfeeding. Despite this slow growth, the market is still driven by rising health consciousness and the convenience of online shopping for baby food products.

Customer preferences: As consumers become more health-conscious, there is a growing demand for organic and natural baby milk and infant formula options in Montenegro. This trend is driven by a desire for clean and transparent ingredients, as well as concerns over potential health risks associated with conventional products. In addition, the rise of eco-conscious parenting has led to a preference for sustainable packaging and production methods in the baby food market. These shifts towards healthier and more environmentally friendly options highlight the changing priorities of modern parents in Montenegro.

Trends in the market: In Montenegro, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a rise in demand for organic and natural products. This trend is driven by parental concerns for their infants' health and well-being. As a result, manufacturers are focusing on developing and promoting organic and natural formulas. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as increased competition and the need for manufacturers to adapt their product offerings to meet consumer preferences.

Local special circumstances: In Montenegro, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is influenced by the country's small population and limited access to imported goods. As a result, local brands have a strong presence in the market, catering to the specific tastes and preferences of Montenegrin parents. Additionally, the country's strict regulations on food and safety also play a significant role in shaping the market, ensuring high-quality products for infants and young children. The trend of "clean label" products is also gaining traction, with consumers prioritizing natural and organic options for their babies.

Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market market in Montenegro is influenced by various macroeconomic factors. These include global economic trends, national economic health, fiscal policies, and other relevant financial indicators that impact market performance. For instance, the market growth is affected by Montenegro's economic stability, inflation rates, and government policies. Additionally, the increasing disposable income and changing dietary habits of the Montenegrin population are driving the demand for baby milk and infant formula. Moreover, the country's growing tourism industry and rising number of working mothers are also contributing to the market's growth. Overall, Montenegro's favorable economic conditions and changing demographic trends are expected to continue driving the growth of the Baby Milk & Infant Formula Market within The Food market.

Methodology

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.