Rockville, Sept. 24, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Breast Milk Substitute Market is projected to expand at a CAGR of 9.4% to reach US $45.1 Bn by late 2032.
Breast milk substitute, also known as infant formula, is a specially made product meant to provide babies with the necessary nutrients when breastfeeding isn't possible. It's designed to closely match the nutritional content of human breast milk. One advantage of using a breast milk substitute is that it offers consistent and balanced nutrition for a baby's growth. It's also easily accessible and simple to prepare, making it convenient for parents. In cases where breastfeeding isn't an option due to medical reasons or other circumstances, formula provides a reliable source of nutrition.
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Key Segments of Breast Milk Substitute Industry Research Report
| By Formula | By Form | By Consumer Age | By Distribution Channel |
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The expansion of the breast milk substitute market is primarily driven by factors such as increasing rates of working mothers, rising awareness of infant nutrition, and advancements in formula technology. With more mothers joining the workforce, there's a higher demand for convenient and reliable alternatives to breastfeeding. However, there are certain challenges such as controversies & public perception, strict regulatory standards, and cultural norms and beliefs restricting the growth of the market.
Key Takeaways:
- The United States is expected to witness a market growth rate of ~5.1% during the forecast period (2022-2032).
- Market share of the top 5 companies is expected to be around 37.4% during the forecast period.
- East Asia is expected to witness a growth of ~ 10.7% CAGR during the forecast period.
Rising incidence of maternal health issues, growing awareness of infant nutrition, and technological advancements in formula production are the three important factors driving the breast milk substitute market - Says FACTMR Expert
Market Competition
Prominent players in the highly competitive breast milk substitute industry include Nestle, Abbott, Heinz, Danone, Fonterra, and Kendamil, with a notable emphasis on employing sustainable technologies and ensuring a safe and efficient production environment. These manufacturers are also prioritizing the development of new products that adhere to the regulations and acts governing infant nutrition.
- In July 2022, Danone introduced a plant-based infant formula to cater to the needs of parents seeking to incorporate more plant-based options into their baby's diet.
- In September 2022, Nestle launched Nutrilearn Connect, an infant formula, in Hong Kong. This innovative product incorporates a unique component called myelin, which safeguards and insulates nerve fibers, supporting the cognitive and behavioral development of infants.
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 45.1 Billion |
| Growth Rate (2023-2033) | 9.4% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 160 Tables |
| No. of Figures | 131 Figures |
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Winning strategies
- Companies use strategies to keep customers coming back. They might offer rewards like discounts or free products for loyal buyers. Subscription plans allow regular deliveries with benefits like lower prices and exclusive access. Some companies personalize offers based on what customers like.
- Big brands in the breast milk substitute market should team up with doctors and other healthcare experts. These experts can give their approval and recommendations for the formula products. This makes parents trust the products more because they value the opinion of healthcare professionals.
- To outperform their rivals, companies in the breast milk substitute market should adjust their formulas to match the eating habits and preferences of different cultures, especially in regions with unique food traditions. This means creating products that align with specific ingredients or dietary restrictions that are important to those communities.
Breast milk substitutes, primarily formulated from cow milk protein, have gained widespread preference due to their nutritional value and ability to provide essential nutrients that infants often require from supplements. Manufacturers meticulously craft these commercial formulas to closely resemble the composition of a mother’s milk, utilizing raw materials that mimic the nutrient content of breast milk.
Among the available raw materials, cow milk protein stands out as a prominent choice for preparing infant formulas, acting as a suitable substitute for breast milk. Its preference is attributed to its remarkable similarity to breast milk in terms of nutrient composition and its ease of digestibility for infants. As a result, major industry players opt for cow milk protein in the production of infant formulas, fulfilling the role of a breast milk alternative.
Consequently, the utilization of cow milk protein as a fundamental source for infant formula has witnessed a consistent rise in recent times. This trend has propelled the market valuation of such formulas, surpassing an impressive figure of US$ 10.8 billion at the conclusion of 2021.
Checkout More Related Studies Published by Fact.MR Research:
Flavored Milk Market: The global flavored milk market is forecasted to progress at a CAGR of 7% from 2023 to 2033. The market stands at US$ 6 billion in 2023 and is predicted to reach US$ 12 billion by 2033-end.
Enriched Milk Powder Market: The global enriched milk powder market accounts for a revenue of US$ 8.63 billion and is expected to surge to a valuation of US$ 15.38 billion by the end of the forecast period (2022-2032).
Standard Milk Formula Market: The global standard milk formula market is predicted to expand at a CAGR of 5.1%, rising from its current value of US$ 18.83 billion to US$ 31.57 billion by the end of 2033.
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