With 9.8% CAGR, Infant Formula Market Size Worth USD 132.7 Billion By 2030
Growman Research and Consulting Pvt Ltd.
4 min read
Growman Research and Consulting Pvt Ltd.
According to Growth Plus Reports, Infant Formula Industry is anticipated to grow at 9.8% CAGR between 2022 to 2030
Pune, July 15, 2022 (GLOBE NEWSWIRE) -- The Global infant formula market is expected to clock ~US$ 132.7 billion by 2030 owing to the rising number of working women, and increasing disposable incomes due to strengthening economies and awareness for use of natural plant-based products; states Growth+ Reports
Growth Drivers
The global infant formula market is greatly driven by the rising population of working women. This leads to a suboptimal level of breastfeeding thus leading to increased use of milk substitutes. Changes in lifestyle especially in middle-income countries, such as families adopting western culture, and increased preference for natural vegan and ready-to-eat products are all driving the global infant formula market. Additionally, the conditions where breastfeeding is contraindicated in mothers due to underlying conditions prove to be a driving factor for infant formula market.
The Global Infant Formula market has been analyzed from four different perspectives – Type, source, distribution channel, and region.
The global infant formula market has been segmented majorly into four distinct categories:
Growing-Up Milk Formula
Standard Infant Formula
Follow-Up Infant Formula
Specialty Formula
Follow-up infant formula is the most dominant segment of the infant formula market because of its preferred use in babies over 6 months of age and because it has more iron content than other types Moreover, specialty formulas are expected to witness growth due to the increased prevalence of premature births, high use in food allergies, sensitivities, gastrointestinal concerns, malabsorption of nutrients etc.
Excerpts from ‘By Source Segmentation’
The global infant formula market based on protein sources has been categorized into:
Cow Milk-Based Formula
Soy-Protein-Based
Protein Hydrolysates
Other Sources Such as Camel Milk Or Goat Milk
Although the cow milk-based segment is dominating the market because of the cost-effective manufacturing process and its availability in bulk, the soy-protein-based segment is anticipated to grow in the forecast period due to increased preferences for veganism and its added benefit for lactose intolerant babies. Other protein-based formulas have moderate growth in the market because of the risk of allergens present in camel and goat milk,hence not safe to use.
The global infant formula market has been segmented into: -
North America
Europe
Asia Pacific
The Rest of the World (RoW)
It has been observed that Asia Pacific is leading the market in terms of revenue share. The factor attributing to this dominance is a rise in the number of working women in these emerging economies leading to the suboptimal rate of breastfeeding, in turn increasing dependency on milk substitutes.
Further growth is also anticipated in China, as the Chinese government has recently eliminated the ‘one-child policy’ thus increasing the birth rate and possible consumption of infant formulas and baby foods.
A growth in working women and awareness of the nutritional content and nutritional benefits of infant foods are also contributing to a surge in demand across the Middle East and Africa. The market is also growing favourably as a result of changes in lifestyle and a growing economy.
Excerpts from ‘Competitive Landscape’
Some of the prominent players operating in the Infant Formula market are:
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
Arla Foods amba
Among others
Report Scope & Segmentation:
Report Coverage
Details
Market Size in 2021
USD ~ 57.2 billion
Revenue forecast in 2031
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
Type, Source, Distribution Channel
Regional scope
North America, Europe, Asia Pacific, and the Rest of the World (ROW)
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