Infant Formula Market Overview
The Global Infant Formula Market is on an upward trajectory, valued at USD 149.10 billion in 2023, and expected to expand at a compound annual growth rate (CAGR) of 10.5%, reaching a market size of approximately USD 299.94 billion by 2030. This growth is fueled by increasing demand for organic baby food, rising numbers of working mothers, and the surge in disposable income, particularly in developing regions.
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Key Drivers of Growth in the Infant Formula Market
The increasing awareness of infant nutrition and the demand for alternative feeding options, especially in regions with high working mothers, are significantly propelling the growth of the infant formula market. The trend of organic baby foods, which are gaining popularity for their nutritional benefits, is another crucial factor driving market growth. The proliferation of online retail platforms is also providing convenient access to infant formula products, further boosting the market.
Mergers and Acquisitions Across Key Markets
Several mergers and acquisitions have taken place recently in the Asia-Pacific and European regions, underscoring the competitive landscape of the infant formula market:
Nestlé S.A. recently acquired Synutra International Inc., strengthening its presence in the China market. This merger will help Nestlé expand its infant formula offerings and reach a larger customer base in Asia.
Danone entered into a strategic partnership with Arla Foods Amba to co-develop specialty infant formulas aimed at addressing the growing demand for organic and lactose-free options in the U.S. and European markets.
Reckitt Benckiser (Mead Johnson & Company LLC) announced the acquisition of FrieslandCampina’s infant nutrition division, consolidating its position in the global market and expanding its reach in the Asia-Pacific and Latin American regions.
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Regional Insights: Market Dynamics
Asia-Pacific is projected to hold the largest market share by 2030, driven by high birth rates in countries like China, India, Indonesia, and South Korea. The region’s rapid urbanization and increasing disposable income are boosting demand for premium infant formulas. Vietnam and Thailand have also become key players, showing a sharp increase in consumption due to the growing number of working mothers.
North America remains a strong market, particularly in the United States, where demand for infant formula continues to rise. Europe is showing stable growth, with France and Germany being significant contributors to the regional market, despite low birth rates.
Challenges and Opportunities
Despite the steady growth, the infant formula market faces challenges. Concerns about the health effects of formula feeding compared to breastfeeding, such as a higher risk of respiratory infections and sudden infant death syndrome (SIDS), continue to raise debates among health professionals. Additionally, scandals involving misleading marketing practices have led to tighter regulations on formula production and distribution in certain regions.
However, the growing adoption of premium products, coupled with a surge in e-commerce platforms, presents ample opportunities for market expansion. Companies are focusing on developing innovative formulas that cater to the specific needs of infants, such as lactose-free, gluten-free, and organic options.
Key Market Segments: Type, Ingredients, and Distribution Channels
Type: Infant milk formula dominated the market in 2023, with a substantial share. However, the follow-on milk segment is expected to grow at the highest CAGR due to its high nutritional content, particularly for infants with iron deficiency.
Ingredients: Carbohydrates, particularly lactose, remain the dominant ingredient in most infant formulas. However, specialized ingredients like alpha-lactalbumin and galacto-oligosaccharides are emerging as key elements in premium products.
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Infant Formula Market Segmentation
by Type
Infant Milk
Follow-on-Milk
Specialty Baby Milk
Growing-up Milk
Infant milk formula had the largest revenue share by type in 2023 and is expected to maintain its dominant position during the forecast period. The demand for infant formula is one of the significant market segments that is continuously growing since there are no generally accepted substitutes available. Because there aren’t many convenient, nutrient-dense products available, innovative new ones have emerged. the growing success of consumers with regard to their babies in the market’s extensive range of baby formula options.
by Ingredients
Carbohydrate
Fat
Protein
Minerals
Vitamins
Others
By Ingredients, By the end of the forecast period, the infant formula market is anticipated to be dominated by carbohydrates. The primary source of carbohydrates in infant formula is lactose, which can also be obtained as a pure product and is present in other ingredients such as demineralized whey powder and skim milk powder. Most of the extra lactose goes into Formula 1, which is used for 0–6 months, and some goes into Formula 2, which is used for 6–12 months and where lactose is competed with by maltodextrin and other types of carbohydrates. Maltodextrin is more commonly added to Formula 3, which has been in use for one to three years. Additionally, the lactose in these products is often generated from extra skim milk powder.
by Distribution Channel
Hypermarkets
Supermarkets
Pharmacy/Medical Stores
Specialty Stores
Hard Discounter Stores
Others
Infant Formula Market Key Players
1. Abbott
2. Arla Foods Amba
3. Campbell Soups
4. Dana Dairy Group Ltd.
5. Danone
6. D-Signstore
7. HiPP GmbH & Co.
8. Vertrieb KG
9. YILI.COM INC.
10.Reckitt Benckiser (Mead Johnson & Company LLC)
11.Nestle S.A
12.The Hain Celestial Group
13.Royal AUSNZ
14.FrieslandCampina N.V.
15.Kraft Heinz company
16.Meiji Holdings Co. Ltd.
17.Beingmate Baby & Child Food Co. Ltd.
18.Synutra International Inc.
19.Pfizer Inc.
20.Others
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Key questions answered in the Infant Formula Market are:
- How has the Infant Formula market performed so far and how will it perform in the coming years?
- What is the market segmentation of the global Infant Formula market?
- What is the regional breakup of the global Infant Formula market?
- What are the price trends of various feedstocks in the Infant Formula industry?
- What is the structure of the Infant Formula industry and who are the key players?
- What are the raw material requirements for setting up a Infant Formula processing plant?
- What are the packaging requirements for setting up a Infant Formula processing plant?
Key Offerings:
- Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
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