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Full Article Images of March Follow Reuters Facebook Twitter RSS YouTube Earnings boost Wall Street; Apple, Netflix curb Nasdaq NEW YORK - Stocks rose on Tuesday after strong earnings from big manufacturers and AT&T, but gains were capped on Nasdaq ahead of results from Apple and after a downbeat forecast from Netflix. | Video » More Business News Entrepreneurs find cash in trash Some entrepreneurs across the country are building businesses based on the belief that garbage -- once destined to rot in a landfill -- can be repurposed into profitable products. » More Small Business News China denounces EU airline carbon law, seeks talks BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law. » More Green Business News Investing Tools Hot Stocks Stock Screener Fund & ETF Screener Portfolio Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption Sudan war reignites Sudanese war planes bombed a town in South Sudan in an attack the southern army called a declaration of war. Slideshow LA riots: 20 years later The intersection of Florence and Normandie, flashpoint of the riots, as it looks today. Slideshow China's moms key to Nestle baby milk deal Tweet Share this Email Print Related News Nestle wins pricey battle for Pfizer baby food unit Mon, Apr 23 2012 RPT UPDATE 3-Nestle to buy Pfizer baby food unit for $11.9 bln Mon, Apr 23 2012 Danone raises bid for Pfizer baby food unit: report Fri, Apr 20 2012 UPDATE 3-Nestle sees tough 2012 after price hikes help sales Fri, Apr 20 2012 Insight: U.S. barnyards help China super-size food production Fri, Apr 20 2012 Analysis & Opinion Walmexgate’s fallout Does America still want to lead the world? Related Topics World » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » A child plays with his mother amongst ginkgo trees, outside Beijing's Diaoyutai Guest House, November 16, 2008. Credit: Reuters/Jason Lee (CHINA) By David Jones and Sabrina Mao LONDON/BEIJING | Tue Apr 24, 2012 10:03am EDT LONDON/BEIJING (Reuters) - The rise of the middle-class Chinese working mother helps explain why Nestle paid nearly $12 billion for Pfizer's baby food business and could leave rivals scrambling to catch up. Across emerging markets, nowhere more than in China, women are increasingly keeping jobs after having children -- a big driving force behind 10 percent annual growth in the $30 billion a year baby food industry. Foreign labels such as SMA, Promil and S-26 Gold, which Nestle will get with the Pfizer deal, have a definite edge. Nestle's products include Nan, Gerber, Lactogen and Nestogen, but are less well known in China. "I have no choice but to buy foreign brands," said Liu Shuo, 30, who works for a foreign company in Beijing and has a two-year-old. "Chinese milk powder brands always have food safety scandals, I don't trust them." Baby milk was the foundation of the world's biggest food company, established in 1866 when German pharmacist Henri Nestle introduced a substitute for mothers who could not breast-feed. Nestle's history of promoting baby milk in emerging countries has not always been a happy one and it was targeted by campaigners for selling milk to African mothers in the 1970s. But such growth markets are ever more important for brands dependent on changing lifestyles and rising incomes. Paying more for the Pfizer unit than the $10 billion that analysts had expected, Nestle trumped a bid from Danone and Mead Johnson. The Pfizer nutrition business has 85 percent of its sales in emerging markets, and a quarter of sales in China. Fuelled by 16 million new births a year, annual growth rates for China's baby formula market have been as high as 20 percent over the last five years. The market is forecast to double to $16 billion by 2016. "The key strategic attraction of the deal in our view is Pfizer's No. 5 position in the Chinese infant formula market where despite being global No. 1 player in infant formula, Nestle has a relatively weak presence," said analyst Robert Dickinson at brokers Citi. The Swiss giant is already market leader in milk formula in Latin America, Africa and the Middle East. This brings it the No. 1 spot in Asia with its presence outside China counted too. Globally, Nestle's baby food market share will rise to 25 percent from 19 percent - although this is likely to fall slightly after sell-offs to ensure regulatory clearance. Mead has 16 percent, Danone 14 percent and Abbott Laboratories 12 percent. FEW OPTIONS FOR COMPETITORS The focus will now shift to Mead and Danone and how they try to catch up with Nestle. They will certainly look at Pfizer's businesses in Latin America, South East Asia, Australia and South Africa, which Nestle could well have to sell for anti-trust reasons. They may also look at No 4 player Abbott Laboratories, planning to split into a pure-play drugs group and another group which would include infant nutrition. Danone has said it does not have the firepower for very big deals right now and that could rule out any bid for Mead, which is currently valued at $17 billion. "We would expect Danone to be interested in any potential disposals for anti-trust issues, particularly in Latin America," said Citi's Dickinson. The Nestle-Pfizer business in China would only have a combined 12 percent market share behind Mead's leading 16 percent and Danone on 14 percent, but that would still be a rise from 10th place and there may be room for expansion. Analysts looking at China expect the number of middle class households to double to 100 million by 2015. As Chinese mothers tend to take less maternity leave than Western counterparts, the market growth rates for baby food are higher than those seen with the rise in the number of European and North American working mothers in the 1960s. The market for locally made products in China suffered from a 2008 scandal over milk products tainted with melamine, allowing groups such as Mead and Danone to take their lead. Campaigners who have dogged Nestle for decades, accusing it of promoting baby powder to mothers they say would be better off breast feeding, voiced concern at Nestle having an even bigger presence in emerging markets after the deal with Pfizer. "This renewed focus on growing the market for infant formula products is troubling," said Wenonah Hauter at Washington-based Food & Water Watch. One of the big worries for campaigners has been that mothers might prepare baby formula with unsafe water, although rising incomes in emerging countries mean the market for bottled water is growing fast - and Nestle is global leader there too. Per capita consumption of baby food remains low in emerging markets so fast growth should continue, said Morgan Stanley analyst Michael Steib, adding that foreign firms will benefit as markets move more towards higher-priced quality products. And while the expansion of China's middle class will eventually slow in line with the demographics of a stable birth rate and more prosperous society, coming up behind are other giants such as India and Africa. (Editing by Matthew Tostevin) World Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (2) gregbrew56 wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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