According to Future Market Insights (FMI), the infant formula market will be worth US$38.8 billion in 2031. Sales are expected to grow at an outstanding CAGR of 10.60% through 2026, driven by a rise in demand for organic baby food. Additionally, FMI predicts that the sales of newborn formula will climb by an amazing 9.90% year over year in 2021 as a result of the rising demand for eco-friendly packaging and organic baby food. The top market players, according to the FMI research, are Nestle SA, Groupe Danone, The Kraft Heinz Company, Friesland Campina, and Abbott Nutrition. On the global infant formula market, they generate close to 60% of the revenue.
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Global Infant Formula Market: Forecast Analysis
The global infant formula market is estimated to reach a valuation of more than US$ 66 Bn by end of 2027 from a valuation of about US$ 26.5 Bn in 2017, and is projected to grow at a value CAGR of 9.5% throughout the period of assessment.
Global Infant Formula Market: Dynamics Influencing Growth
Increase in premium infant nutrition products, growing demand for probiotic infant formula, increasing number of working men, higher birth rates in developing regions, growing packaging innovations in infant formula, increasing demand for organic infant formula, prevalence of online shopping sites, and increasing demand for eco-friendly packaging for infant formula products are expected to push the growth of the global infant formula market. However, use of GMOs in infant formula, pricing issues and increasing scandals in infant formula are posing hindrances to the growth of the global infant formula market.
Global Infant Formula Market: Segmental Snapshot
On the basis of distribution channel, the market is segmented into specialty outlets, supermarkets, online stores, pharmacy stores, and others. In 2016, the pharmacy stores segment accounted for highest revenue share and is expected to dominate the global market throughout the forecast period. The supermarkets segment is projected to grow at the fastest rate in the coming years.
This report assesses trends driving growth of each segment on the global level and offers potential takeaways that could prove substantially useful to infant formula manufacturers looking to enter the market. In this report, the global infant formula market has been segmented into seven major regions, namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). This report assesses trends driving growth of each segment on the global level and offers potential takeaways that could prove substantially useful to infant formula manufacturers looking to enter the market. The APEJ market has been estimated to dominate the infant formula market, accounting for maximum revenue share of the market by 2017 end. Infant formula market in the APEJ region is estimated to touch a significant valuation thus dominating the global market. Collectively, APEJ and North America markets are expected to account for over 67.9% revenue share of the global infant formula market by 2017 end. Middle East & Africa is expected to exhibit significant CAGR of 10.0% over the forecast period.
By product type, starting milk formula segment is the largest with a high market value and is projected to grow at a high CAGR of 10% during the period of assessment (2017-2027).
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Global Infant Formula Market: Competitive Dashboard
Some of the key players in the global infant formula market include, Nestle S.A., Groupe Danone, Abbott Nutrition Manufacturing Inc., Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd., Beingmate Baby & Child Food Co. Ltd., Synutra International, Inc., Pfizer Inc., FrieslandCampina, and others. In this report, we have discussed individual strategies followed by these companies in terms of enhancing their product portfolio, creating new marketing techniques, product offerings, mergers and acquisitions. The ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and company share collectively that can support the readers to gain competitive advantage in the global infant formula market. Infant Formula Market by Category
By Product Type:
- Starting Milk Formula
- Follow-on Milk Formula
- Toddlers Milk Formula
- Special Milk Formula
By Distribution Channel:
- Specialty Outlets
- Supermarkets
- Online Stores
- Pharmacy Stores
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East & Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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