Infant Formula Market

Infant Formula Market Size, Share, Growth Analysis, By Type(Infant Milk, Follow- On – Milk), By Distribution Channel(Hypermarkets/ Supermarkets, Pharmacy, Speciality Stores), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35H2033 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 62 | Figures: 75

Infant Formula Market News

  • In October 2022 Infant formula manufacturer Perrigo Company Plc (PRGO.N) said that it  is buying the Good Start brand and a Wisconsin plant that makes the product from Nestle SA (NESN.S), as U.S. retailers recover from shortages of the product.
  • In Feb 2020, Almonds, buckwheat, and tapioca are combined in a patented formula to create a 100% plant-based, organic toddler formula, according to Else Nutrition, a producer and distributor of clean-ingredient, plant-based nutrition products.
  • In June 2021 , Karicare Toddler, a new product from Danone Nutricia, a brand of Danone SA, was introduced with a new product innovation created with pure New Zealand sheep milk in New Zealand.
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Infant Formula Market size was valued at USD 31868.8 million in 2019 and is poised to grow from USD 35237.5 million in 2023 to USD 78273.3 million by 2031, growing at a CAGR of 10.6% in the forecast period (2024-2031).

The infant formula market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their company globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. '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', 'FrieslandCampina', '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.'

Low breastfeeding rates and fertility rates show an early reliance on breast milk substitutes. Modernization and changing lifestyles are also responsible for the growing demand for infant formula. Demand for the product among parents is being fueled by its convenience and improved composition. The infant formula market growth is anticipated to be positively impacted by the rising investment made by the key players in the research & development of novel products. For instance, Nestle S.A. inaugurated a brand-new research facility in Ireland in January 2021. For the market, the centre will concentrate on creating innovations in milk-based newborn and maternal nutrition products.

The baby nutrition market is flourishing globally, with promising prospects for rapid expansion in the industry amid a frenzy of innovation including essential substances like probiotics and human milk oligosaccharides. In recent years, a trend for clean label, plant-based, and organic products has emerged. The expansion of organic and clean-labeled newborn nutrition products is anticipated to be supported by the increased consumer trend away from chemical components and toward all-natural and plant-based ingredients.

Asia-Pacific is the largest market for infant formulas. During the projection period, the regional market is anticipated to grow at a CAGR of 10.88 % by 2028. Strong demand resulting from high birth rates dominates the regional infant formula market. The local industry's strong incentives and increased reliance on imports, together with the rising consumer demand for more expensive, higher-quality goods, have also contributed to the infant formula market expansion in the region. China, which is one of the world's largest consumers of newborn and baby food products also contributes to the dominance of Asia-Pacific in the infant formula market. Additionally, it is anticipated that China's decision to end its "one-child" policy and a rise in domestic birth rates will have a beneficial effect on market expansion. Due to an increase in the number of working women and growing knowledge of the advantages and nutritional worth of the goods, demand is expanding across the Middle East and Africa. Additionally, the greater familiarity with the western way of life and the underlying soundness of the economy are likely to have a favourable effect on product demand.

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Infant Formula Market

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