Infant Formula Market Size to Worth Around US$ 125.2 Bn by 2030

According to Precedence Research, the global infant formula market size is projected to be worth around US$ 125.2 billion by 2030 and poised to grow at a registered CAGR of around 8.75% from 2022 to 2030.

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Tokyo, June 08, 2022 (GLOBE NEWSWIRE) -- The global infant formula market size was valued at US$ 58.84 billion in 2021. An Infant formula is composed of various nutrients such as carbohydrates, fats, proteins, vitamins and minerals (linoleic acid, prebiotics, etc.) and is given for the overall development of the baby. Doctors recommend breastfeeding babies under 6 months of age alone, however, as infant formulas for baby contain similar nutrients, formulas are also increasingly being preferred by the consumers for their babies. Additionally, increasing number of women workforce outside the home is an important factor fueling the infant formula market.

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Moreover, factors like lifestyle changes, the rise of the middle class, increased disposable income in emerging markets such as India, China and Indonesia, and increased awareness of the high nutrient content of infant formulas is expected to drive market growth. However, concerns about food safety and declining global fertility can hinder this growth.

Increasing awareness about factors affecting infant health and the importance of micronutrients in promoting growth is encouraging market participants to introduce organic and non-organic products of animal origin. Also, Consumers are increasingly aware of their purchasing decisions regarding infant formula, with growing curiosity about the use of different ingredients in these products which also contributes towards the market growth in terms of value sales.

Furthermore, to meet the increasing awareness of parents when choosing infant formula, the major players in the market are focusing on launching products with organic ingredients and non-allergenic baby food which are made entirely from plant and organic ingredients. The key market players are now emphasizing developing infant formula fortified with vitamins &nutrition that are almost similar to mother`s milk. Industry giants such as Nestlé, Abbott Nutrition and Danone are constantly focusing on innovative ingredients to incorporate specific health benefits into infant formula. With increasing sales of organic infant formula, global infant formula market demand is estimated to bolster exponentially over the forecast period across the globe.

Scope of the Report

Report AttributesDetails
Market Size in 2021USD 58.84 Billion
Revenue Forecast by 2030USD 125.2 Billion
CAGR8.75% from 2022 to 2030
Base Year2021
Forecast Year2022 to 2030
Key PlayersNestle S.A., Abbott, Yili Group, The Kraft Heinz Company, Perrigo Company plc, Reckitt Benckiser Group plc., Bellamy's Organic, Royal FrieslandCampina N.V., Arla Foods amba

Report Highlights

  • On the basis of type, infant milk formula segment holds the largest market share in the global infant formulas market and is anticipated to retain its dominance during the forecast period.
  • On the basis of distribution channel, supermarkets & hypermarkets segment accounted for the highest market share in the global market. However, specialty stores are expected to be the fastest growing segment during the forecast years.
  • By region, Asia-Pacific holds the largest market share in the global infant formulas market. However, North America is expected to be the fastest growing market for the infant formulas.

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Regional Snapshot

Asia-Pacific is expected to be the largest revenue contributor to the global market, due to the presence of a large population under the age of 0-4. The increase in women's labor force participation, increasing disposable income, hectic lifestyles and high standards of living in countries such as China, India, Indonesia, the Philippines and South Korea are driving the growth of the infant formula market. Additionally, China is expected to dominate the infant formula market, in terms of revenue and volume in the year 2020. Brazil is the largest contributor infant formula market, due to the presence of high disposable income of consumers and a large number of working women in Brazil. According to the World Bank, 42.9% of women make up the total workforce in Brazil. On the other hand, Saudi Arabia is expected to witness steady growth rate during the forecast year, due to its high birth rate and high consumer disposable income.

Furthermore, Infant formula companies across France such as Regilait, Jisser, LACTO FOOD FRANCE and Lactalis are investing heavily in the need to cater to the demand for eco-friendly packaging. The demand for organic baby food is also encouraging companies to produce animal-free baby food for toddlers and babies. For example, the head of Danone opened a baby formula factory in Germany, which processes about 90,000 tons of formula for export to 70 countries around the world. Based on the above factors, the infant formula market in Eastern Europe is poised to grow at a positive rate during the forecast period.

Market Dynamics

Drivers

Rising consumer demand for infant care and nutrition to augment market growth

The increasing demand for the nutritional requirement of infants is the key factors propelling the market growth. The rising number of employed mothers, along with the increase in their spending on baby products has propelled the market growth. Additionally, the rising incidences of breastfeeding, medicine use, absence of support as well as qualified breastfeeding professionals, and others are fueling the market growth.

As per the World Health Organization's Global Breastfeeding Scorecard, in 2019, and the United Nations' Children’s Fund (UNICEF), breast feeding rates remain suboptimal compared with standard recommendations worldwide. Therefore, there are several incidences around the globe where mothers readily preferred baby formula over breastfeeding their babies, thus fully trusting manufacturers to improve and innovate their formulas to closely imitate the composition of breast milk. Thus, the aforementioned fact is likely to propel the market growth in terms of value sales.

Restrain        

Strictrules & regulations to hamper the growth of the market

Stringent rules & regulations regarding the introduction of new products coupled with the complex process regarding the predicted to hamper the product’s growth. Moreover, lower adoption of premium or expensive products across developing regions is likely to hamper the growth of the market.

Opportunities

Rising consumer inclination towards plant-based and clean label products

The global infant formula market for is booming, with a strong potentials of growth in the sector among a flurry of product innovation including probiotics and human milk oligosaccharides. Rising demand for plant-based, clean label, as well as organic products is trending inrecent years. The rising consumer shift from chemical ingredients to all-natural and plant-based ingredients are anticipated to boost infant nutrition product growth in upcoming years.

The fortification of infant formula with vitamin D is rising as it plays an integral role in balancing the microbial population in baby’s gut. The increasing spread of COVID-19 has contributed to raising concerns for infants' health and well-being and has also encouraged the key market players to actively capitalize on introducing vitamin-D infused infant formula.

Challenges

Potential social stigma in developing economies is likely to hold back the market growth

Breastfeeding is still considered the preferred method of breastfeeding in many countries. It has long been recognized as a standard of good parenting. In some rural areas of Africa and India, there are still people who do not accept modern methods. The social stigma underlying the use of infant formula can impede growth in developing economies. A survey by the Institute for the Advancement of Breastfeeding and Breastfeeding Education found that women in the United States who chose to formula-feed over breast-feeding were emotionally disturbed. This could negatively affect the development of infant formula over the next few years. However, an increase in initiatives from private and public foundations to encourage the use of formula for healthy growing babies is likely to negate the negative impact.

Related Reports

  • Protein Ingredients Market - The global market was reached at US$ 72.12 billion in 2021 and is anticipated to reach US$ 114.6 billion by 2030 with a CAGR of 5.9% from 2022 to 2030.
  • Wellness Supplements Market - The global market size was reached at US$ 258.95 billion in 2021 and is predicted to reach around US$ 375.97 billion by 2030 with a CAGR of 4.2% from 2021 to 2030.
  • A2 Milk Market - The global A2 milk market was surpassed USD 9.38 billion in 2021 and is projected to reach USD 31.51 billion by 2030, with a CAGR of 18.6% from 2022 to 2030.

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Top Infant Formulas Manufacturers in 2020

Some of the top market players operating in the infant formulas market are Abbott, Nestle S.A., Danone SA, Arla Foods amba, Yili Group ,The Kraft Heinz Company , Bellamy's Organic, Perrigo Company plc ,Reckitt Benckiser Group plc. and Royal Friesland Campina N.V.

Market Segmentation

By Type

  • Infant Milk
  • Follow-on-Milk
  • Others

By Product

  • Infant Formula
    • First Infant Formula
    • Follow-on Formula
    • Growing-up Formula
    • Specialty Baby Formula
  • Baby Food
    • Prepared Food
    • Dried Food
    • Other Baby Foods

By Distribution Channel

  • Hypermarkets/Supermarkets
  • Pharmacy/Medical Stores
  • Specialty Stores
  • Others

 By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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