Number of pages: 100 | Report Format: PDF | Published date: 13 July, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global infant formula market was pegged at US$ 57.21 billion in 2021 and is expected to witness a CAGR of 9.8% during the forecast period.
Market Fundamentals
Infant formula is processed food manufactured and designed for babies under 12 months of age. It is a substitute for mother’s milk, but there are significant differences in the nutritional content of this product. It consists of purified cow’s milk whey and casein protein, lactose, vegetable oil, and vitamin-mineral combination. Also, instead of cow’s milk, soybean can be used as a source of protein. The infant formula is used in cases where breastfeeding is contraindicated such as if the mother is infected with HIV or active tuberculosis. Alternatively, in cases where a baby is unable to breastfeed due to an underlying disease. Many innovations with crucial ingredients such as probiotics and breast milk oligosaccharides are being done with the formula. More and more consumers are shifting from chemical-based products to natural and plant-based ingredients.
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Market Dynamics
Even though breastfeeding is highly recommended in the first 6 months of birth, infant formula still can be used as a substitute. Since the composition of the formula is almost the same as that of mother’s milk. An increase in working mothers globally has encouraged many companies to manufacture convenient nutrition solutions for infants, as an alternative to breast milk. Additionally, the development of the middle-class population in terms of education and lifestyle choices, and the rise in disposable income of developing economies like China, and India, push the global infant formula market. Also, growing awareness about the high nutritional content in infant formula boosts the demand. The high birth rate in developing nations is also one of the factors driving the market.
Breastfeeding is still considered a preferred way of feeding the child and is also considered a good sign of parenting. This less acceptance of the modern way of feeding due to the high price of products, especially in low-income countries, and underlying social stigma can have a negative impact on the growth of the global infant formula market. Additionally, strict regulations and complex procedures regarding the registration of new products can hamper the growth of the market.
Market Ecosystem
The global infant formula market has been analyzed from four perspectives: type, source, distribution channel and region.
Infant Formula Market by Type
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Infant formula is manufactured in various types, namely growing-up milk formula, standard infant formula, follow-on infant formula, and specialty formula. The follow-on infant formula is expected to dominate the market due to its ability to mimic the nutritive function of breast milk, such as the presence of iron, calcium, and many other micronutrient contents. Furthermore, increased cases of malnutrition in infants due to low iron levels and conditions such as lactation insufficiency and low milk supply syndrome in mothers due to hormonal changes or hereditary conditions accelerates the demand for the follow-on formula segment.
Infant Formula Market by Source
Based on source, infant formula is segmented into cow’s milk, soy-protein-based formula, protein hydrolysates, and other sources such as camel milk or goat milk. Largely, cow milk-based infant formula is in demand, due to its cost-effective manufacturing process and bulk availability.
Infant Formula Market by Distribution Channel
Based on the placement of infant formula in the market, it is segmented into pharmacy stores, supermarkets, online stores, and specialty outlets. The infant formula market has observed expeditious growth across supermarkets. The separate sections for babies, offers, schemes, and convenient shopping experience are attracting buyers to supermarkets. Furthermore, this channel acts as a ‘one-stop for all’ avenue for infant formula products and other infant needs.
Infant Formula Market by Region
Based on region, the global infant formula market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Most of the market share for infant formula worldwide is held by the Asia Pacific region. The market for infant formula is expanding significantly due to factors such as growing urbanization and the demand for quick and easy-to-prepare meals. Due to its expanding infant formula ingredient trading operations, the Chinese market is one of the biggest users of infant formula ingredients. High birth rates in this region are also one of the driving factors for the growth of this market. Additionally, the government of China has decided to abolish the ‘one-child policy’ which in turn, can have a positive impact on the infant formula market.
Competitive Landscape
Some of the prominent players operating in the global infant formula market includes:-
Strategic Developments
Report Attribute |
Details |
Revenue forecast in 2030 |
USD 57.21 billion |
Market size value in 2021 |
USD 132.7 billion |
Growth rate |
CAGR of 9.8% from 2022 to 2030 |
Base year for estimation |
2021 |
Forecast period |
2022-2030 |
Segments covered |
By Type, By Source, Distribution Channel |
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global infant formula market was anticipated to clock US$ 57.2 billion in 2021
The infant formula market is projected to reach US$ 2.10 billion by 2030
The global infant formula market is mainly driven by the increase in working mothers globally has encouraged many companies to manufacture convenient nutrition solutions for infants, as an alternative to breast milk.
Nestle S.A., Danone SA, Abbott Laboratories Inc., The Kraft Heinz Company, Royal FrieslandCampina NV, Perrigo Company Plc, Pfizer Inc., Bellamy’s Organic, Meiji Holdings Co. Ltd. and Arla Foods amba among others.
The growth rate of infant formula market is CAGR of 9.8% between 2022-2030
North America held the largest market share of the global infant formula market in 2021
6 GLOBAL INFANT FORMULA MARKET & FORECAST, BY SOURCE
*Insights on financial permanence is subject to availability of information in public domain
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