According to Future Market Insights (FMI), the infant formula market is likely to reach a value of US$ 49.9 billion in 2023. It is anticipated to surpass US$ 114.1 billion in 2033. Between 2023 and 2033, a robust CAGR of 8.5% is likely to propel market acceleration.
Infants need a variety of micronutrients for their overall development. Those micronutrients occur naturally in human milk. However, for preterm babies, human milk alone may not be sufficient in providing all the necessary micronutrients. This is where infant formulas can be helpful.
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Infant formulas contain several micronutrients that make them similar to human milk. As a result, they are ideal for ensuring the proper physical and mental development of babies. Most infant formula companies use ingredients derived from cow’s milk such as whey and casein.
However, certain babies may be allergic to casein and whey. For such babies, infant formulas derived from soy protein are ideal. Several baby formula manufacturers are also engaging in product innovations by deriving ingredients from plant-based sources.
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.
“Several infant formula companies have come under fire in the recent past for their misleading marketing campaigns. In the years ahead, both key and emerging players have to be cautious of how they market their products to avoid harsh sanctions from local governments and international governments.”-Says an FMI Analyst
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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.
Get More Valuable Insights
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.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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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
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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