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The global infant formula market attained a value of approximately USD 39.23 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.40%, reaching a value of around USD 81.08 billion by 2032.
Global Infant Formula Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 39.23 |
Market Size 2032 | USD Billion | 81.08 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 8.40% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 9.2% |
CAGR 2024-2032 - Market by Country | India | 10.5% |
CAGR 2024-2032 - Market by Country | China | 10.1% |
CAGR 2024-2032 - Market by Type | Specialty Baby Milk | 9.6% |
CAGR 2024-2032 - Market by Distribution Channel | Online | 12.4% |
Market Share by Country 2023 | France | 3.9% |
The increasing prevalence of challenges with breastfeeding and increasing awareness regarding the advantages and convenience of infant formula are driving the infant formula market growth. The increasing sale of premium packaged infant formula products for newborns, induced by the growing consciousness about the health of infants and their specific dietary requirements is further increasing the demand for infant formula. Specialised infant formulas are designed to meet the dietary requirements of infants and include the necessary vitamins and minerals crucial for infant development. These formulations are easy to digest and replicate the texture, taste, and nutritional profile of traditional breast milk, due to which they are being widely adopted by parents worldwide.
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Rising Demand for Plant-Based Alternatives to Boost Market Growth
There is a rising demand for plant-based, vegetarian and flexitarian infant alternatives, replacing traditional dairy milk. In line with this, the growing research and development activities by the major food companies aimed towards producing rich plant-based infant formula products are boosting the size of the infant formula market.
Meanwhile, there is also an increasing demand for organic infant formula, as they contain no harmful ingredients or chemicals such as hormones, antibiotics, and heavy metals, among others. The increasing awareness pertaining to organic infant products is enhancing the organic infant formula market size. Changing consumer preferences from using artificial ingredients towards natural infant formulations with minimal ingredients is likely to expand the market for organic infant formula in the coming years and boost infant formula market revenue.
There has been a surge in infant formulas that focus on gut health issues. Several nutrition brands are investing in research and development for infant products that can be easily digested and do not contain any ingredient that may cause a harmful effect on the infant’s digestion. Furthermore, the infant formula manufacturers are focused on developing organic baby drinks which does not cause any environmental concern and are also gentle on the infant’s stomach, preventing the risk of side effects or allergies that may happen due to additives.
China approved around 600 infant formulas that are based on GuoBiao as well as national standards in 2023. As per these new standards, major and small brands are required to reformulate the presence of carbohydrates, proteins, and the number of calories in the products to ensure that they are suitable for the consumption of babies. The implementation of these new standards also led several smaller infant formula market players to exist the market as they were not able to meet the specific requirements.
As per the infant formula industry statistics, the increasing number of women in workforces on a global scale is pushing the adoption of infant formula to feed babies. Infant formulas provide ample nutrition along with added convenience to the mothers. According to Our World In Data, Sub-Saharan Africa leads with the highest rate at 60.5% female labour force participation in 2022, followed by East Asia and the Pacific at 58.7%. North America shows a participation rate of 56.5%, while Europe and Central Asia come in at 51.6%. Latin America and the Caribbean have a rate of 50.9%, just above the global average of 47.8%. South Asia has a participation rate of 28.1%, and the Middle East and North Africa at 18.7%.
The increasing internet penetration across the globe is significantly contributing to increased sales of infant formula through online platforms. According to the United Nations, the global average for internet usage stands at 66.2%. Northern Europe leads with the highest internet adoption rate at 97.6%, followed closely by Northern America at 96.8%. Western Europe and Southern Europe also show high adoption rates at 94.5% and 90.2%, respectively which fuels infant formula industry revenue. Eastern Europe reports an 88.4% internet adoption rate.
The presence of significant fertility rates in countries such as China is supporting market growth. According to United Nations - World Population Prospects, the fertility rate in China climbed to 1.705 in 2023 from 1.690 in 2018. From 2019 through 2023, the growth rate consistently held at 0.180% annually, fuelling the growth of the infant formula industry. The insufficient breastfeeding rates leading to early reliance on substitutes for breast milk and changing consumer lifestyles are further contributing to the growth of the market.
The growth in organic food demand is influenced by both sustainability and health concerns. Around 47% of global consumers choose organic foods and beverages due to environmental reasons, while 58% opt for these products because they believe they enhance their health. As per the infant formula industry analysis, these trends likely influence parents to prefer organic infant formulas for their children as well. Another trend in infant nutrition is the rising popularity of growing-up milks, which are increasingly capturing a larger portion of market growth and new product introductions. Also referred to as toddler milks, these supplementary formulas are tailored for children aged one to three years.
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CAGR 2024-2032 - Market by | Type |
Specialty Baby Milk | 9.6% |
Follow-on-Milk | 9.1% |
Infant Milk | XX% |
Growing-up Milk | XX% |
On the basis of type, the market is segmented into:
Based on ingredient, the market is divided into:
CAGR 2024-2032 - Market by | Distribution Channel |
Online | 12.4% |
Supermarkets and Hypermarkets | 9.4% |
Pharmacies/Medical Stores | 7.9% |
Specialty Stores | XX% |
Others | XX% |
By distribution channel, the market is classified into:
CAGR 2024-2032 - Market by | Region |
Asia Pacific | 9.2% |
Latin America | 8.8% |
Middle East | 8.7% |
North America | 7.9% |
Europe | 7.6% |
CAGR 2024-2032 - Market by | Country |
India | 10.5% |
China | 10.1% |
Australia | 8.8% |
UK | 8.7% |
USA | 7.5% |
Canada | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Japan | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
2023 Market Share by | Country |
France | 3.9% |
USA | XX% |
Canada | XX% |
UK | XX% |
On the basis of region, the market is divided into:
The report offers an extensive assessment of major players in the global market for infant formula, evaluating their capacity, and observing latest developments like plant turnarounds, capacity expansions, and mergers and acquisitions:
The EMR report offers deep insights into the market through Porter’s Five Forces model and SWOT analysis.
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Based on region, Asia Pacific accounts for a significant share of the market for infant formula, with the China infant formula market share witnessing expansion due to the increasing population and rising infant health consciousness among new parents.
Meanwhile, the North America market for infant formula is anticipated to witness a steady growth in the forecast period, due to the increasing demand from the United States. Although the market for infant formula in the United States has witnessed disruptions due to supply shortages, the market is likely to recover in the forecast period, owing to the efforts being made to bolster the supply chain for various types of infant formulas.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Ingredient |
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Breakup by Distribution Channels |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Infant Formula Market Analysis
8.1 Key Industry Highlights
8.2 Global Infant Formula Historical Market (2018-2023)
8.3 Global Infant Formula Market Forecast (2024-2032)
8.4 Global Infant Formula Market by Type
8.4.1 Infant Milk
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Follow-on-Milk
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Specialty Baby Milk
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Growing-up Milk
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Infant Formula Market by Ingredient
8.5.1 Carbohydrate
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Fat
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Protein
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Minerals
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Vitamins
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Infant Formula Market by Distribution Channels
8.6.1 Supermarkets and Hypermarkets
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Pharmacies/Medical Stores
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Specialty Stores
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Online
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Infant Formula Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Infant Formula Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Infant Formula Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Infant Formula Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Infant Formula Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Infant Formula Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Nestlé S.A
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Danone S.A
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Arla Foods amba
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Royal FrieslandCampina
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Reckitt Benckiser Group plc.
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Abbott Laboratories
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 The Kraft Heinz Company
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Bellamy’s Australia Limited
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Perrigo Company plc
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 Synutra International, Inc.
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.2.11 Others
18 Key Trends and Developments in the Market
Additional Customisations Available:
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operation Involved
2 Project Requirement and Cost Analysis
2.1 Land, Location and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Cost of Raw Material
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investment
List of Figures and Tables
1. Global Infant Formula Market: Key Industry Highlights, 2018 and 2032
2. Global Infant Formula Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Infant Formula Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Infant Formula Historical Market: Breakup by Ingredient (USD Million), 2018-2023
5. Global Infant Formula Market Forecast: Breakup by Ingredient (USD Million), 2024-2032
6. Global Infant Formula Historical Market: Breakup by Distribution Channels (USD Million), 2018-2023
7. Global Infant Formula Market Forecast: Breakup by Distribution Channels (USD Million), 2024-2032
8. Global Infant Formula Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Infant Formula Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Infant Formula Market Structure
In 2023, the market reached an approximate value of USD 39.23 billion.
The market is projected to grow at a CAGR of 8.40% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 81.08 billion by 2032.
The major drivers of the market include the high vitamin and mineral content in ingredients, increasing prevalence of malnutrition among the kids, and rising number of working mothers.
The key market trends include the flourishing e-commerce industry, growing research and development activities by the major market players and increasing sales of immunity-boosting infant products.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Infant milk, follow-on-milk, speciality baby milk, and growing-up milk are the different types of infant formula in the market.
Carbohydrate, fat, protein, minerals, and vitamins, among others, are the significant ingredients of infant formula in the market.
Supermarkets and hypermarkets, pharmacies/medical stores, speciality stores, and online, among others, are the various distribution channels in the market for infant formula.
The biggest producers are Nestlé S.A, Danone S.A, Arla Foods amba, Royal FrieslandCampina, Reckitt Benckiser Group plc., Abbott Laboratories, The Kraft Heinz Company, Bellamy’s Australia Limited, Perrigo Company plc, and Synutra International, Inc., among others.
The Asia Pacific region will contribute notably towards the demand of infant formula market.
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