Infant Formula Market
Infant Formula Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Infant Formula Market is segmented by Type, Distribution Channel and by Region. KDMI analyst foresees market revenue to cross USD 181.7 Billion by 2032 by growing with a CAGR of 10.9% during 2024-2032.
Infant Formula Market Highlights
The global infant formula market is expected to cross a value of USD 181.7 billion by the end of 2032. The market was valued at USD 72.7 billion in 2023 and is expected to expand at a CAGR of 10.9% between 2024-2032.
- Over the mid-term, the growing prevalence of malnutrition in children is the primary factor anticipated to drive the global infant formula market.
- The restrictions in promoting infant formula products is a major factor to challenge the market growth.
- The Asia Pacific infant formula market is projected to dominate the global market.
Infant Formula Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 72.7 Billion |
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Forecast Year |
2024-2032 |
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Forecast Year Market Size |
USD 181.7 Billion |
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CAGR Value |
10.9% |
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Infant Formula Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Infant Formula Market Segmentation |
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Infant Formula Market Key Players |
Nestle S.A., Danone S.A., Arla Foods, Yili Group, Abbott, The Kraft Heinz Company, Bellamy’s Organic, Reckitt Benckiser Group PLC, Perrigo Company plc, FrieslandCampina and others. |
Infant Formula Market Outlook
Those food products that are designed to provide complete nutrition to infants who are usually not breastfed is known as instant formula. These baby food products are formulated to closely mimic the composition of human breast milk. These products are often prescribed by doctors for the healthy growth and development of the baby during its first months or years of life.
According to our experts at KD Market Insights, one of the primary factors anticipated to drive the growth of the global infant formula market is the growing prevalence of malnutrition in children. The United Nations International Children’s Emergency Fund (UNICEF) reported that in the year 2022, 22.3% of children under the age of 5 years globally had stunted growth due to malnutrition. This figure represented more than 1 in 5 children globally. Parents and caregivers of children nowadays are more aware regarding the importance of proper nutrition during infancy. This, as a result, is driving the demand for infant formula products that are convenient and nutritionally balanced, which in turn, is expected to contribute to the market growth during the forecast period. Nestle S.A., Danone S.A., and Arla Food, are some of the significant parties in the global market for infant formula.
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Infant Formula Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global infant formula market are:
- Growing Number of Working Mothers Globally: The women workforce around the globe is increasing rapidly. As per our researchers, about 70% of mothers with children below 18 years of age are in the labor force. With more number of women entering the workforce, the need for convenient feeding solutions for infants are on the rise. Infant formula is known to supplement breastfeeding and when these mothers are at their workplace, these formulas act as a primary feeding option for the babies. This growing trend of feeding babies with infant formula, especially in urban areas, and those areas where maternity leave policies are yet not implemented, is expected to drive the demand for the product and contribute to the market growth.
- Increasing Birth Rates Globally: According to the World Bank, the total fertility rate around the globe reached 2.3 births per woman in the year 2021. Birth rates around the world is increasing rapidly driven by higher fertility rates and improved healthcare and population growth, especially in developing countries. With the growing number of child-birth worldwide, the demand for infant formula is expected to increase, and in turn, drive the market growth.
Which Probable Factors Could Hamper the Growing Infant Formula Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of infant formula are:
- Increasing Awareness for the Benefits Associated with Breastfeeding: As breastfeeding has several benefits for both the mother and the child, hence, the government of nations globally are focusing on public health campaigns, education programs and in developing policies that help to promote this practice. An increase in this practice would definitely lower the demand for infant formulas, which is expected to hinder the market growth.
- Restrictions in Promoting Infant Formula Products: Several countries around the globe have imposed restrictions in promoting breast milk substitutes. This concern for restriction in promoting these substitute products is therefore expected to hamper the market growth.
How is the Global Infant Formula Market Segmented?
Our experts at KD Market Insights have segmented the global infant formula market as:
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By Type |
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By Distribution Channel |
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By Region |
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What are the Probable Factors Influencing the Asia Pacific Infant Formula Market Forecast?
The Asia Pacific infant formula market is majorly driven by rapid urbanization and modernization in the region, that has led to changing lifestyle and dietary habits. According to the Asian Development Bank (ADB), more than 55% of the population of Asia would be urban by 2030. Busy lifestyles and increased participation of women in the workforce contribute to a greater reliance on infant formula as a convenient feeding option for infants, particularly among urban dwellers. Moreover, parents in the Asia Pacific region are increasingly seeking high-quality infant formula products that provide essential nutrients and support optimal infant health. This awareness is expected to drive the demand for premium and specialized infant formula products tailored to specific nutritional needs.
As per our analysts at KD Market Insights, the following five players lead the Asia Pacific infant formula market growth:
- Friso (FrieslandCampina)
- Meiji Co., Ltd.
- Mead Johnson Nutrition (Reckitt)
- Danone Nutricia
- Abbott Nutrition
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Key Countries to Watch for in Asia Pacific Infant Formula Market |
Key Insights |
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China Infant Formula Market to Register the Largest Regional Market Share in 2032 |
USD 21.8 Billion |
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India Infant Formula Market to Grow with the Highest CAGR During 2024-2032 |
11.2% |
Which Key Players Top the Global Infant Formula Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global infant formula market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with infant formula market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global infant formula market share:
- Nestle S.A.
- Danone S.A.
- Arla Foods
- Yili Group
- Abbott
- The Kraft Heinz Company
- Bellamy’s Organic
- Reckitt Benkiser Group PLC
- Perrigo Company plc
- FrieslandCampina
What are the Recent Developments Observed in the Infant Formula Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global infant formula market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, 108LABS shared that it has launched Colostrupedis, a new animal-free infant formula derived from human breast cell agriculture.
Further, Danone Nutricia announced the launch of Karicare Toddler, an infant formula with sheep milk collected from New Zealand.
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- Publication date: 9th April 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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