The global infant formula market is projected to witness substantial growth, increasing from US$ 50,126 million in 2024 to US$ 1,15,326 million by 2034. The market is expected to surge at a CAGR of 8.7% during the forecast period.
Infants require a wide range of micronutrients for optimal development. Human milk contains these micronutrients naturally. Human milk may not provide all of the nutrients necessary for preterm newborns. Infant formula may be useful in this situation.
A diverse spectrum of micronutrients are required for an infant’s proper development. These micronutrients are naturally present in human milk. Human milk may not provide all of the nutrients that preterm newborns need. In this case, infant formula could be advantageous.
Some newborns, however, may be sensitive to casein and whey proteins. These neonates can consume soy-protein-rich baby formula. Many infant formula makers are also experimenting with cutting-edge product designs that use components derived from plant sources.
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FMI anticipates the United States, Germany, the United Kingdom, China, and India to dominate the global market for infant formula between 2023 and 2033. Across these countries, private and public players are taking firm initiatives to encourage adoption of infant formulas for supporting the development of babies.
From 2023 to 2033, the market is likely to encounter particular challenges as well. For instance, in rural parts of developing nations, people still shy away from using infant formulas and rely exclusively on breastfeeding.
Key Takeaways from the Report:
- The global infant formula marketis expected to reach a market valuation of US$ 114.1 billion in 2033.
- A positive CAGR of 5%is likely to accelerate the market from 2023 to 2033.
- The United States is anticipated to account for an 9% share in the global market.
- The United Kingdom is set to hold a 6% share in the global market.
- Powdered infant formulas are poised to dominate sales in the coming years owing to their easy availability and affordability.
Who is Winning?
The global market for infant formula consists of emerging as well as established players. Irrespective of the size of market participants, all of them are likely to diversify their products in the coming years. Through product diversification, they can expand their global reach and strengthen their respective grasps on the market.
Nestle, Abbott Nutrition, Groupe Danone, The Kraft Heinz Company, Synutra International Inc., Mead Johnson Nutrition, Beingmate Baby & Child Food Co. Ltd, Meiji Holdings Co. Ltd., Friesland Campina, and Pfizer Inc. are the key players in the global infant formula market.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global infant formula market market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the infant formula market based on product type (starting milk, follow-on-milk, toddlers milk, special milk), ingredient (whey protein concentrate, soy protein concentrate, protein hydrolysate), form (liquid, powder, ready-to-eat), and distribution channel (store-based retailing, online retailers) across seven regions.
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Global Infant Formula Market by Category
By Product Type:
- Starting Milk
- Follow-On-Milk
- Toddlers Milk
- Special Milk
By Ingredient:
- Whey Protein Concentrate
- Soy Protein Concentrate
- Protein Hydrolysate
By Form:
- Powder
- Liquid
- Ready to Feed
By Distribution Channel:
- Store-based retailing
- Convenience Store
- Hypermarkets/ Supermarkets
- Pharmacy/Medical stores
- Food Specialist
- Other Grocery Retailers
- Online retail
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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