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Infant Formula Market

Global Infant Formula Market Size, Share, Growth, Trends: By Type: Infant Milk, Follow-on-Milk, Specialty Baby Milk, Growing-up Milk; By Ingredient: Carbohydrate, Fat, Protein, Minerals, Vitamins, Others; By Distribution Channels; Regional Analysis; Market Dynamics; Competitive Landscape; Industry Events and Developments; 2024-2032

Global Infant Formula Market Outlook

The global infant formula market size 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.

 

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 new-borns, induced by the growing consciousness about 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 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.

 

infant formula market

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Rising Demand for Plant-Based Alternatives to Boost Market Growth

There is an 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 likely to be the key infant formula market trends.

 

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.

 

Global Infant Formula Market Share by Region

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.

 

infant formula market by segments

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Global Infant Formula Market Segmentation

On the basis of type, the market is segmented into:

  • Infant Milk
  • Follow-on-Milk
  • Specialty Baby Milk
  • Growing-up Milk

 

Based on ingredient, the market is divided into:

  • Carbohydrate
  • Fat
  • Protein
  • Minerals
  • Vitamins
  • Others

 

By distribution channel, the market is classified into:

  • Supermarkets and Hypermarkets
  • Pharmacies/Medical Stores
  • Specialty Stores
  • Online
  • Others

 

On the basis of region, the market is divided into:

  • Europe
  • Middle East and Africa
  • Asia Pacific
  • North America
  • Latin America

 

infant formula market by region

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Key Players in the Market

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:

 

  • 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
  • Synutra International, Inc.
  • Others

 

The EMR report offers deep insights into the market through Porter’s Five Forces model and SWOT analysis.

 

Key Highlights of the Report

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:

  • Type
  • Ingredient
  • Distribution Channels
  • Region
Breakup by Type
  • Infant Milk
  • Follow-on-Milk
  • Specialty Baby Milk
  • Growing-up Milk
Breakup by Ingredient
  • Carbohydrate
  • Fat
  • Protein
  • Minerals
  • Vitamins
  • Others
Breakup by Distribution Channels
  • Supermarkets and Hypermarkets
  • Pharmacies/Medical Stores
  • Specialty Stores
  • Online
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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
  • Synutra International, Inc.
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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

Key Questions Answered in the Report

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 sale 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 major players in the market 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.

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