Philippines Baby Food Market Outlook to 2023

By Food Category (Infant Milk Formula, Dried Baby Food, Prepared Baby Food and Other Baby Food), By Nature (Inorganic and Organic Foods), By Age Group (0-6 months, 6-12 months and 12+ months) and By Distribution Channel (Health and Wellness Retailers, Supermarkets, Small Grocery Stores, Hypermarkets, E-commerce Portals and Convenience Stores

Region:Asia

Author(s):

Product Code:KR824

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Published on

June 2019

Total pages

104

Table of Content

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About the Report

About the Report

The report titled "Philippines Baby Food Market Outlook to 2023 - By Food Category (Infant Milk Formula, Dried Baby Food, Prepared Baby Food and Other Baby Food), By Nature (Inorganic and Organic Foods), By Age Group (0-6 months, 6-12 months and 12+ months) and By Distribution Channel (Health and Wellness Retailers, Supermarkets, Small Grocery Stores, Hypermarkets, E-commerce Portals and Convenience Stores" provides comprehensive information on the market overview and genesis, market segmentation by food category (milk formula, dried baby food, prepared baby food and other baby food) and its sub types; by nature (inorganic and organic foods), by age group (0-6 months, 6-12 months and 12+ months) and by channel of distribution. The report also covers market ecosystem, value chain analysis, comparative landscape, trends and developments, issues and challenges, decision making criteria for customers while purchasing a baby food product, regulatory framework as well as SWOT analysis. The report concludes with future outlook of baby food industry in the Philippines and certain recommendations highlighting the success factors for entering and expanding the market.




Philippines Baby Food Market Overview and Size

The Philippines baby food market was observed in a growing stage wherein the market experienced slow growth during the review period 2013-2018. During 2016-2018, a decline in growth rate was observed in Philippines baby food market due to high domestic inflation and weak global trades. Despite the decline, the baby food market has started recovering after 2018. Major growth drivers include rising food / household expenditure, increasing awareness among the parents to provide their babies with healthier food options, rise in the internet retailing and other factors. The Philippines baby food market grew at a positive five year CAGR during the review period 2013-2018.

Philippines Baby Food Market Segmentation

By Food Category (Milk Formula, Dried Baby Food, Prepared Baby Food, and Other Baby Food): Milk formula captured the majority of the market share in the Philippines during 2018 owing to its substitution for breastfeeding, and low breast feeding ratio in the country. Among milk formula type, growing-up milk formula dominated the Philippines baby food market followed by follow-on milk powdered formula, standard milk powdered formula and special milk formula. The remaining market share was captured by the dried baby food, prepared baby food and other baby food products during 2018. Other baby food segment includes biscuits, rusks, and snacks

By Nature (Inorganic and Organic)

The Philippines baby food market during the year 2018 was majorly dominated by the inorganic baby food segment as it is widely available at a lower cost when compared with organically produced baby food. The growing awareness among the concerned parents to provide healthier food to their babies has given a boost to organic baby food sales in the country.

By Age Group (0-6 months, 6-12months and 12+ months): Age group of 12+ months captured the majority of the market share in the Philippines during 2018 owing to higher consumption of growing-up milk formula products. The remaining market share was captured by 6-12 months and 0-6 months’ age group in the year 2018.

By Distribution Channel (Health and Wellness Retailers, Supermarkets, Independent Small Grocers, Hypermarkets, E-commerce Portals and Convenience Stores):
Majority of the baby food sales in the Philippines are made through health and beauty specialist retailers and supermarkets due to high preference for modern stories with popular brands and mixed variants. Remaining distribution channels include independent small grocers, hypermarkets, internet retailing and convenience stores which collectively captured the remaining market share in the year 2018.

Comparative Landscape in the Philippines Baby Food Market

Competition within the Philippines baby food market was observed as highly concentrated along with the presence of 3 major manufacturers (Nestle SA, Reckitt Benckiser Group Plc, Abbott Laboratories (Phils) Inc) of baby food competing on parameters such as product variants, channels of distribution and price. The leading players in the market are internationally recognized companies that either import baby food from outside the Philippines or produce products domestically. On the other hand, domestic companies selling baby food products have negligible market share.

Philippines Baby Food Market Future Outlook and Projections

The Philippines baby food market is predicted to grow in terms of revenue owing to rising infant population and growth in total number of working women which will collectively increase the sales of baby food in future. The market share of internet retail outlet is expected to rise in the near future as Filipinos will start preferring non-traditional channels of retailing in order to save time and money. The demand for the prepared baby food and other baby food products are going to rise in the coming future owing to nutritionals management and nutritional / dietary needs of the babies.

Key Segments Covered:

By Food Category:

Milk Formula
Growing-Up Milk Formula (Above 12 Months)
Follow on Milk Powdered Formula (6-12 Months)
Standard Milk Powdered Formula (0-6 Months)
Special Milk Formula
Dried Baby Food
Prepared Baby Food
Other Baby Food (Cereal based, snacks and rest)

By Nature:

Inorganic Baby Food
Organic Baby Food
By Age Group:
0-6 months
6-12 months
12+ months

By Distribution Channel:

Health and Beauty Specialist Retailers
Supermarkets
Independent Small Grocers
Hypermarkets
Internet Retailing
Convenience Stores

Time Period Captured in the Report:

Historical Period - 2013-2018
Forecast Period - 2019-2023

Companies Covered:

Nestle Philippines Inc
Reckitt Benckiser Group Plc (RB)
Abbott Laboratories
Other Players (DMK Deutsches Milchkontor GmbH, Holle Baby Food GmbH, United Pharmaceuticals SA and rest)

Brands Covered in the Report:

Lactum (Reckitt Benckiser Group)
Nido (Nestle SA)
Enfamil (Reckitt Benckiser Group)
Promil (Nestle SA)
Nan (Nestle SA)
Nestogen (Nestle SA)
Alacta (Reckitt Benckiser Group)
Enfagrow (Reckitt Benckiser Group)
S-26 (Nestle SA)
Bonamil (Nestle SA)
Others

Key Topics Covered in the Report
Stakeholders in the Philippines Baby Food Market
Philippines Baby Food Market Overview and Genesis
Value Chain Analysis in the Philippines Baby Food Market
Philippines Baby Food Market Size, 2013-2018
Philippines Baby Food Market Segmentation, 2014-2018
Snapshot on Emerging Baby Foods in the Philippines Baby Food Market
Trends and Developments in the Philippines Baby Food Market
Issues and Challenges in the Philippines Baby Food Market
Decision Making Criteria for Customers While Purchasing a Baby Food Product in the Philippines
Regulatory Framework in the Philippines Baby Food Market
SWOT Analysis of the Philippines Baby Food Market
Comparative Landscape in the Philippines Baby Food Market
Philippines Baby Food Market Future Outlook and Projections, 2019-2023
Analyst Recommendations in the Philippines Baby Food Market

Products

Products

By Food Category(Milk Formula(Growing-Up Milk Formula (Above 12 Months),Follow on Milk Powdered Formula (6-12 Months),Standard Milk Powdered Formula (0-6 Months),Special Milk Formula),Dried Baby Food,Prepared Baby Food,Other Baby Food (Cereal based, snacks and rest)),By Nature: (Inorganic Baby Food,Organic Baby Food),By Age Group:(0-6 months,6-12 months,12+ months),By Distribution Channel:(Health and Beauty Specialist Retailers,Supermarkets,Independent Small Grocers,Hypermarkets,Internet Retailing,Convenience Stores)


Companies

Nestle Philippines Inc,Reckitt Benckiser Group Plc (RB),Abbott Laboratories,Other Players (DMK Deutsches Milchkontor GmbH, Holle Baby Food GmbH, United Pharmaceuticals SA and rest.

Table of Contents

Table of Contents

1. Executive Summary
1.1 Philippines Baby Food Market Overview and Size
1.2. Philippines Baby Food Market Segmentation
1.3. Competition Scenario in Philippines Baby Food Market
1.4. Philippines Baby Food Market Future Outlook and Projections

2. Research Methodology
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Size and Modeling

2.3.1. Consolidated Research Approach
2.3.2. Market Sizing – Philippines Baby Food Market
2.3.3. Variables (Dependent and Independent)
2.3.4. Multi Factor Based Sensitivity Model
2.3.5. Regression Matrix
2.3.6. Limitations
2.3.7. Final Conclusion

3. Stakeholders in the Philippines Baby Food Market (Market Ecosystem)

4. Philippines Baby Food Market Overview and Genesis (Country Overview, Market Structure, Genesis, Trade Scenario, Major End Users, Best-selling Products, Competition Stage and Emerging Market Trends; Industry Cycle; and Timeline of Major Players Operating in the Philippines Baby Food Market)

5. Value Chain Analysis in the Philippines Baby Food Market (Value Chain Overview, Entity Relationship, Challenges in Value Chain and Flowchart)


6. Philippines Baby Food Market Size,

6.1. By Revenues and Sales Volume, 2013-2018

7. Philippines Baby Food Market Segmentation, 2014-2018
7.1. By Food category (Milk Formula, Dried Baby Food, Prepared Baby Food and Other Baby Food), 2014-2018

7.1.1. By Type of Milk Formula (Growing-Up Milk Formula, Follow-on Milk Powdered Formula, Standard Milk Powdered Formula, and Special Baby Milk Formula), 2014-2018
7.1.2. By Age Group (0-6 Months, 6-12 Months, 12+ Months), 2018

7.2. By Nature (Inorganic Food, Organic Food), 2018
7.3. By Distribution Channel (Supermarkets, Health and Wellness Retailers, Small Grocery Stores, E-commerce Portals, Hypermarkets and Convenience Stores), 2014–2018

8. Trends and Developments in the Philippines Baby Food Market

9. Issues and Challenges in the Philippines Baby Food Market


10. Snapshot on Emerging Baby Foods in the Philippines Baby Food Market


11. Decision Making Criteria for Consumers for Purchasing Baby Food Products in the Philippines (Decision Making
Parameters and Pain Points)


12. Regulatory Framework in the Philippines Baby Food Market (Documents required for importing baby food, Standards for packing and labeling, Breast milk is promoted in Disaster Areas and Prohibited Milk Formula Donation)


13. SWOT Analysis of Philippines Baby Food Market


14. Comparative Landscape in the Philippines Baby Food Market

14.1. Competition Scenario in the Philippines Baby Food Market (Competition Stage, Major Players Operating in the Marketing and Competing Factors)
14.2. Market Share (Strengths and Weaknesses) of Major Players and Brands Operating in the Market, 2014-2018
Lactum (Reckitt Benckiser Group)
Nido (Nestlé SA)
Enfamil (Reckitt Benckiser Group)
Promil (Nestlé SA)
Nan (Nestlé SA)
Nestogen (Nestlé SA)
Alacta (Reckitt Benckiser Group)
Enfagrow (Reckitt Benckiser Group)
S-26 (Nestlé SA)
Bonamil (Nestlé SA)
14.3. 4P’s of Major Players (Product, Price, Place and Promotion)
14.4. Company Profiles of Major Players Operating in the Philippines Baby Food Market (Including Company Overview, USP, Business Strategies, Distribution and Sales, Market Share and Revenue, Best Selling Brands / Products, Recent Developments, and Future Plans)

14.4.1. Nestle SA
14.4.2. Reckitt Benckiser
14.4.3. Abbott Laboratories Inc.
14.4.4. Other Players (Dmk Group, Raffert’s Gardern and United Pharmaceuticals SA)

15. Philippines Baby Food Market Future Outlook and Projections, 2019-2023
15.1. By Revenues and Sales Volume, 2019-2023

16. Philippines Baby Food Market Segmentation, 2018-2023E
16.1. By Food category (Milk Formula, Dried Baby Food, Prepared baby Food, Other Baby Food), 2018-2023E
16.1.1. Philippines Baby Food Market Segmentation of Milk Formula By Type (Growing-Up Milk Formula, Follow-On Milk Powdered Formula, Standard Milk Powdered Formula, and Special Baby Milk Formula), 2018-2023E
16.2. By Product Ingredients (Inorganic and Organic Baby Food), 2018- 2023E

17. Analyst Recommendations in Philippines Baby Food Market

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List of Figure

Figure 1-1: Philippines Baby Food Market Flowchart on the Basis of Retail Sales in PHP Million and Retail Volume in Tonnes, 2018
Figure 3-1: Philippines Baby Food Market Ecosystem
Figure 4-1: Business Cycle of KSA Baby Food Market
Figure 5-1: Flowchart for Value Chain Analysis of Philippines Baby Food Market
Figure 6-1: Philippines Baby Food Market Size on the Basis of Retail Sales in PHP Million and Growth Rate in Percentage (%), 2013-2018
Figure 6-2: Philippines Baby Food Market Size on the Basis of Retail Sales in Thousand Tonnes and Growth Rate in Percentage (%), 2014-2018
Figure 7-1: Philippines Baby Food Market Segmentation by Food Category (Milk Formula, Dried Baby Food, Prepared Baby Food and Other Baby Food) on the Basis of Retail Sales in Percentage (%), 2014-2018
Figure 7-2: Philippines Milk Formula Market Segmentation by Type of Milk Formula (Standard Milk Formula, Follow-On Milk Formula, Growing-Up Milk Formula and Special Baby Milk Formula) on the basis of Sales in Percentage (%), 2014-2018
Figure 7-3: Philippines Milk Formula Market Segmentation by Age Group (Above 12 Months, 6-12 Months and 0-6 Months) on the Basis of Retail Sales in Percentage, 2018
Figure 7-4: Philippines Baby Food Market Segmentation (excluding Milk Formula) by Nature (Inorganic and Organic Baby Food) on the Basis of Retail Sales in Percentage (%), 2018
Figure 7-5: Philippines Baby Food Market Segmentation by Channels of Distribution on the Basis of Retail Sales in Percentage (%), 2018
Figure 14-1: Financial Performance of Nestle SA on the Basis of Retail Sales in PHP Million and Revenue Share in Percentage (%), 2014-2018
Figure 15-1: Philippines Baby Food Market Size on the Basis of Retail Sales in PHP Million and Growth Rate in Percentage (%), 2018-2023E
Figure 15-2: Philippines Baby Food Market Size on the Basis of Retail Sales in Thousand Tonnes and Growth Rate in Percentage (%), 2014-2018
Figure 16-1: Philippines Baby Food Market Segmentation by Food Category (Milk Formula, Dried Baby Food, Prepared Baby Food and Other Baby Food) on the Basis of Retail Sales in Percentage (%), 2018-2023E
Figure 16-2: Philippines Milk Formula Market Segmentation by Type of Milk Formula (Standard Milk Formula, Follow-On Milk Formula, Growing-Up Milk Formula and Special Baby Milk Formula) on the basis of Sales in Percentage (%), 2018-2023E
Figure 16-3: Philippines Baby Food Market Segmentation by Nature (Inorganic Baby Food and Organic Baby Food) on the Basis of Retail Sales in Percentage (%), 2023(E)


List of Table

Table 2-1: Philippines Baby Food Market Definition on the basis of Parameters and Segments
Table 2-2: Philippines Baby Food Categories and their Types
Table 2-3: Correlation Matrix for Philippines Baby Food Market, 2018
Table 2-4: Regression Coefficients Output for Philippines Baby Food Market, 2018
Table 3-2: List of Major Stakeholders in the Philippines Baby Food Market by Entity Type (Manufacturers, Offline Retailers and Online Retailers)
Table 4-1: Philippines Baby Food Market Overview Including Country Overview, Market Structure, Genesis, Market Stage, Trade Scenario, End User, Best Selling Products, Competitive Scenario and Growth Drivers
Table 4-3: Major Players in Philippines Baby Food Market with their Year of Establishment and Description, 2018
Table 5-1: Value Chain Analysis of Philippines Baby Food Market on the basis of Entity Type (International Manufacturers, International Importers, Domestic Manufacturers, Distributors and Offline and Online Retailers)
Table 5-2: Challenges in the Value Chain of Philippines Baby Food Market including Ways to Overcome
Table 6-1: Rationale and Description for the Philippines Baby Food Market Size on the Basis of Revenues in PHP Million, 2013-2018
Table 7-1: Rationale and Description for Philippine Baby Food Market Segmentation by Food Category (Milk Formula, Dried Baby Food, Prepared Baby Food and Other Baby Food) on the Basis of Retail Sales in PHP Million, 2014-2018
Table 7-2: Cross Comparison by Food Category (Dried Baby Food, Prepared Baby Food, Milk Formula and Other Baby Food) Including Composition, Target Audience, Major Brands, Channel of Distribution and CAGR of Segment, 2018
Table 7-3: Philippines Baby Food Market Segmentation by Food Category (Milk Formula, Dried Baby Food, Prepared Baby Food and Other Baby Food) on the Basis of Retail Sales in PHP Million, 2014-2018
Table 7-4: Philippines Milk Formula Market Segmentation by Types of Milk Formula (Growing-Up Milk Formula, Follow-On Milk Powdered Formula, Standard Milk Powdered Formula, and Special Baby Milk Formula) on the Basis of Retail Sales in PHP Million, 2014-2018
Table 7-5: Cross Comparison by Type of Milk Formula (Standard Milk Powdered Formula, Follow-On Milk Powdered Formula, Growing-Up Milk Formula and Special Baby Milk Formula) including Target Audience, CAGR, Channels of Distribution and Major Brands, 2018
Table 7-6: Philippines Milk Formula Market Segmentation by Type of Milk Formula (Standard Milk Formula, Follow-On Milk Formula, Growing-Up Milk Formula and Special Baby Milk Formula) on the Basis of Retail Sales in PHP Million, 2014-2018
Table 7-7: Rationale and Description for the Philippines Milk Formula Market Segmentation by Age Group (0-6 Months, 6-12 Months and 12+ Months) on the Basis of Retail Sales, 2018
Table 7-8: Cross Comparison by Age Group (0-6 Months, 6-12 Months, 12+ Months) Including Existing Market Share, Type of Milk Formula Consumed, Preferred Medium for Purchase and Major Brands, 2018
Table 7-9: Philippines Milk Formula Market Segmentation by Age Group (Above 12 Months, 6-12 Months and 0-6 Months) on the Basis of Retail Sales in PHP Million, 2018
Table 7-10: Population in Philippines by Age Group (0-1 years, 1-2 years, 2-3 years and 3-4 years) in Thousands (000s), 2018
Table 7-10: Rationale and Description for the Philippines Baby Food Market Segmentation (excluding Milk Formula) by Nature of Food (Organic Food and Inorganic Food) on the Basis of Retail Sales in PHP Million, 2018
Table 7-11: Cross Comparison by Inorganic Baby Food and Organic Baby Food Including Popular Baby Food Categories, Target Audience, Price of the Product, Procurement, Channel of Distribution and Major Brands, 2018
Table 7-12: Philippines Baby Food Market Segmentation (excluding Milk Formula) by Nature (Inorganic and Organic Baby Food) on the Basis of Retail Sales in PHP Million, 2018
Table 7-13: Philippines Baby Food Market Segmentation on the basis of Channels of Distribution (Health and Beauty Specialist Retailers, Supermarkets, Independent Small Grocers, Hypermarkets, Internet Retailing and Convenience Stores) for Retail Sales in PHP Million, 2014-2018
Table 7-14: Cross Comparison of Major Outlets Including Types of Products Sold, Target Customers, Stock Inventory, Pricing Strategy, Other Strategies, Retail Sales Area in Square Meters and Key Players Operating in Philippines Baby Food Market
Table 7-15: Major Health and Beauty Specialist Retailers in Philippines, 2018
Table 8-2: Mergers and Acquisitions in Philippines Baby Food Market with Year of Deal and Description
Table 8-1: Crude Birth Rate for Philippines per Thousand Populations, 2013-2018
Table 10-1: Snapshot on Emerging Baby Foods in the Philippines Baby Food Market
Table 11-1: Decision Making Criteria for Consumers in Philippines Baby Food Market Including Advices from Health Experts and Reviews of Other Buyers, Price of the Product, Brand Name, Type of Baby Food and Channel of Distribution
Table 11-2: Pain Points in Decision Making Criteria Decision Making Criteria for End Users of Baby Food in Philippines
Table 13-1: SWOT Analysis of Philippines Baby Food Market
Table 14-1: Competition Scenario in the Philippines Baby Food Market Including Level of Competition, Major Players and Competing Factors, 2018
Table 14-2: Market Share of Major Companies (Nestle SA, Reckitt Benckiser, Abbott Laboratories Inc, and Others) on the Basis of Retail Sales in Percentage (%), 2014-2018
Table 14-3: Market Share of Major Companies in Philippines Baby Food Market (Nestle SA, Reckitt Benckiser (Mead Johnson), Abbott Laboratories Inc and Others) on the Basis of Retail Sales in PHP Million, 2014-2018
Table 14-4: Market Share of Major Brands in Philippines Baby Food Market (Lactum, Nido, S-26, Cerelac, Nan, Similac and Others) on the Basis of Retail Sales in Percentage (%), 2014-2018
Table 14-5: Philippines Baby Food Market Segmentation in Philippines Baby Food Market on the basis of Major Brands for Retail Sales by Value in PHP Million, 2014-2018
Table 14-6: Strengths and Weaknesses of Major Players (Nestle SA, Reckitt Benckiser, Abbott Laboratories Inc. and Alaska Milk Corporation) Operating in Philippines Baby Foods Market
Table 14-7: Marketing Mix including Product and Price of Major Players (Nestle SA, Reckitt Benckiser, Abbott Laboratories) Operating in the Philippines Baby Foods Market
Table 14-8: Mix including Place and Promotion of Major Players (Nestle SA, Reckitt Benckiser, Abbott Laboratories) Operating in the Philippines Baby Foods Market
Table 14-9: Product Profile of Baby Food Products offered by Nestle SA under the Brand Nido in Philippines
Table 14-10: Product Profile of Baby Food Products offered by Nestle SA under the Brand Bear in Philippines
Table 14-11: Product Profile of Baby Food Products offered by Nestle SA under the Brand Nan in Philippines
Table 14-12: Product Profile of Baby Food Products offered by Wyeth (a subsidiary of Nestle SA) under the Brand Promil in the Philippines
Table 14-13: Product Profile of Baby Food Products offered by Wyeth (a subsidiary of Nestle SA) under the Brand S-26 in the Philippines
Table 14-14: Product Profile of Baby Food Products offered by Nestle SA under the Brand Nestogen in the Philippines
Table 14-15: Product Profile of Baby Food Products offered by Wyeth (a subsidiary of Nestle SA) under the Brand Bonna in the Philippines
Table 14-16: Product Profile of Baby Food Products offered by Wyeth (a subsidiary of Nestle SA) under the Brand Bonamil in the Philippines
Table 14-17: Product Profile of Baby Food Products offered by Nestle SA under the Brand Cerelac in the Philippines
Table 14-18: Product Profile of Baby Food Products offered by Wyeth (a subsidiary of Nestle SA) under the Brand Bonakid in the Philippines
Table 14-19: Company Profile of Reckitt Benckiser Including Company Overview, Business strategy, USP, Distribution and Sales, Market Share and Revenue, Best Selling Brand/Product and Recent Developments
Table 14-20: Product Profile of Baby Food Products offered by Mead Johnson (Reckitt Benckiser) under the Brand Lactum in Philippines
Table 14-21: Product Profile of Baby Food Products offered by Mead Johnson (Reckitt Benckiser) under the Brand Enfa in Philippines
Table 14-22: Product Profile of Baby Food Products offered by Mead Johnson (Reckitt Benckiser) under the Brand Alacta in Philippines
Table 14-23: Company Profile of Abbott Laboratories Including Company Overview, Business strategy, USP, Distribution and Sales, Market Share and Revenue, Employee Base, Recent Developments and Future Plans
Table 14-24: Product Profile of Baby Food Products offered by Abbot Laboratories under the Brand Similac in Philippines
Table 14-25: Product Profile of Baby Food Products offered by Abbot Laboratories under the Brand Pediasure in Philippines
Table 14-26: Company Profiles of Other Companies (Dmk Group, Raffert’s Gardern and United Pharmaceuticals SA) in Philippines Baby Food Market including Company Name and Description
Table 15-1: Rationale and Description for the Philippines Baby Food Market Future Projections on the Basis of Revenue in PHP Million, 2018-2023E
Table 16-1: Philippines Baby Food Market Segmentation by Food Category (Milk Formula, Dried Baby Food, Prepared Baby Food and Other Baby Food) on the Basis of Retail Sales in PHP Million, 2018-2023E
Table 16-2: Philippines Milk Formula Market Segmentation by Type of Milk Formula (Standard Milk Formula, Follow-On Milk Formula, Growing-Up Milk Formula and Special Baby Milk Formula) on the Basis of Retail Sales in PHP Million, 2018-2023E
Table 16-3: Baby Food Market Segmentation by Nature (Inorganic Baby Food and Organic Baby Food) on the Basis of Retail Sales in PHP Million, 2023(E)
Table 17-1: Analyst Recommendations in the Philippines Baby Food Market

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