Infant Formula Market to Surpass 78273.3 Million by 2030 Drives Due to the High Nutritional Value Offered by Infant Formula Products
SkyQuest projects that the infant formula market will attain a USD 78273.3 million value by 2030, with a CAGR of 10.6% over the forecast period (2023-2030). The distribution of infant formula through supermarkets is expected to witness significant growth in the infant formula market share, with a projected CAGR of over 10% through 2032.
Westford, USA, July 05, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the infant formula market is poised for significant growth, primarily driven by the high nutritional value offered by infant formula products. The infant formula segment holds the largest market share within the global baby infant formula market. While breastfeeding is widely recognized as the ideal source of infant nutrition, it may not always be feasible for mothers who work outside the home or face other challenges.
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- Pages – 242
- Tables – 62
- Figures –75
The infant formula market is experiencing significant growth, primarily propelled by the increasing number of women entering the workforce. Many working mothers find themselves returning to their jobs shortly after giving birth, which often pose challenges to breastfeeding. Factors such as limited time and convenience constraints make breastfeeding impractical for these working mothers. In such scenarios, infant formulas offer an attractive solution by providing a convenient and reliable alternative.
Prominent Players in Infant Formula Market
- Nestle S.A.
- Danone S.A.
- Abbott Laboratories
- Mead Johnson Nutrition Company (Reckitt Benckiser Group)
- Pfizer Inc.
- H.J. Heinz Company
- The Kraft Heinz Company
- The a2 Milk Company Limited
- Synutra International, Inc.
- Arla Foods amba
- Hero Group
- Royal FrieslandCampina N.V.
- Bellamy’s Organic
- Ausnutria Dairy Corporation Ltd.
- Hain Celestial Group Inc.
- HiPP GmbH & Co. Vertrieb KG
- Meiji Co., Ltd.
- Yili Group
- Wakodo Co., Ltd.
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Infant Milk Segment is Expected to Grow the Market Due to the Rising Popularity of Infant Formula
The infant milk segment has emerged as a dominant force in the infant formula market, driven by its popularity among customers seeking a healthy and convenient alternative to breast milk. Infant milk offers a reliable source of essential nutrients for infants recognized for its nutritional benefits. Additionally, many infant milk products are enriched with probiotics, which provide numerous advantages for infant health.
The market in the Asia-Pacific stands as the largest infant formula market, and its growth trajectory is expected to continue during the forecast period with a projected CAGR of 10.88%. The strong demand from high birth rates in many Asian countries drives the region’s robust market. Additionally, the local infant formula industry benefits from strong incentives and an increased reliance on imports to meet consumer demand.
Milk is Expected to Dominate the Market Due to the Increasing Demand for Preimmunized Milk Formula
The milk sector is projected to witness the highest CAGR in the infant formula market during the forecast period. This growth is fueled by the increasing demand for preimmunized follow-on milk formula, which boasts high levels of protein, calcium, iron, and other essential micronutrients. These enriched formulas aim to closely replicate the nutritional functions of breast milk, making them an attractive option for parents seeking optimal nutrition for their infants.
Regional markets in the Middle East & Africa are experiencing a surge in the demand for infant formula market, driven by several factors. Firstly, there has been a significant increase in the working women population in the region. As more women join the workforce, the need for convenient and reliable infant nutrition solutions grows, making infant formula a popular choice for many families.
A comprehensive analysis of the major players in the infant formula market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Infant Formula Market
- Perrigo Company Plc recently announced its acquisition of the Good Start brand and a Wisconsin-based manufacturing facility that produces the product from Nestle SA. This move comes as U.S. retailers are recovering from shortages of infant formula. Perrigo’s acquisition aims to meet the growing demand for high-quality infant formula and ensure a consistent consumer supply.
- Else Nutrition, a producer and distributor of clean-ingredient, plant-based nutrition products, recently introduced a groundbreaking toddler formula. This unique formula combines almonds, buckwheat, and tapioca in a patented blend, offering a 100% plant-based and organic alternative for toddlers. Else Nutrition’s innovative approach caters to the increasing interest in plant-based nutrition and provides parents with a clean, sustainable, and nutritionally balanced option for their growing children.
Key Questions Answered in Infant Formula Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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