The global Infant Formula Market is estimated to be valued at US$ 38,983.06 Mn in 2023 and is expected to exhibit a CAGR of 10.6 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Infant formula products aim to fulfill the nutritional needs of infants as a substitute for mother's milk. These products contain protein, vitamins, minerals, and other nutrients required for infant growth and development. Infant formula demand is increasing globally with rising number of working women and nuclear families.
Market key trends:
One of the key trends driving the growth of the infant formula market is the rising urbanization and increase in dual income households globally. With increasingly busy lifestyles, working women find it difficult to breastfeed and thus rely on infant formula as an alternative. This has resulted in the growing demand for formula suitable for newborns as well as toddlers. Manufacturers are launching innovative products with added prebiotics, probiotics or dairy-free/ organic options to cater to the evolving consumer preferences.
Segment Analysis
The infant formula market is dominated by standard infant formula segment due to wide availability and affordability. Standard infant formula closely mimics breast milk and is an ideal alternative to breast milk for infants who cannot be breastfed. It contains proteins, fats, carbohydrates, vitamins, and minerals that are essential for growth and development of infants. Rising number of working mothers who cannot breastfeed their babies has propelled the demand for standard infant formula products in the market.
Key Takeaways
The Global Infant Formula Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing number of working women population who are not able to breastfeed their babies.
Regional analysis:
Asia Pacific dominates the global infant formula market with over 40% share. China accounts for over half of Asia Pacific’s market share. High infant population along with rising disposable income levels in countries such as China and India make the region fastest growing. North America is another major market for infant formula driven by rising awareness about infant nutritional care.
Key players:
Key players operating in the infant formula market are Nestle S.A., Groupe Danone, Abbott Nutrition, Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd., Beingmate Baby & Child food Co. Ltd., Synutra International Inc., Pfizer Inc., and FrieslandCampina. N.V. Nestle S.A. is the global market leader with strong portfolio of infant formula products including Nestle infant formula, Gerber, Good Start and others. Danone is another major player expanding its footprint through innovation.
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