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Global Infant Formula Market Size, Share, Research, Forecast: 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; 2023-2028
Global Infant Formula Market Outlook
The global infant formula market size attained a value of approximately USD 36.19 billion in 2022. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 8.40%, reaching a value of around USD 58.72 billion by 2028.
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.
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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.
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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
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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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Ingredient |
|
| Breakup by Distribution Channels |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Price Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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 (2018-2022)
8.3 Global Infant Formula Market Forecast (2023-2028)
8.4 Global Infant Formula Market by Type
8.4.1 Infant Milk
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Follow-on-Milk
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Specialty Baby Milk
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Growing-up Milk
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.5 Global Infant Formula Market by Ingredient
8.5.1 Carbohydrate
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Fat
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Protein
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Minerals
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Vitamins
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
8.5.6 Others
8.6 Global Infant Formula Market by Distribution Channels
8.6.1 Supermarkets and Hypermarkets
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Pharmacies/Medical Stores
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Specialty Stores
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Online
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Others
8.7 Global Infant Formula Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Infant Formula Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Infant Formula Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Infant Formula Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Infant Formula Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Infant Formula Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
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 2028
2. Global Infant Formula Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Infant Formula Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Infant Formula Historical Market: Breakup by Ingredient (USD Million), 2018-2022
5. Global Infant Formula Market Forecast: Breakup by Ingredient (USD Million), 2023-2028
6. Global Infant Formula Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
7. Global Infant Formula Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
8. Global Infant Formula Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Infant Formula Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Infant Formula Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Infant Formula Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Infant Formula Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Infant Formula Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Infant Formula Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Infant Formula Market Structure
Key Questions Answered in the Report
In 2022, the market reached an approximate value of USD 36.19 billion.
The market is projected to grow at a CAGR of 8.40% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028, reaching a value of around USD 58.72 billion by 2028.
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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