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 require a range of micronutrients for optimum development. These micronutrients can be found in human milk naturally. However, human milk might not be enough to provide all of the required nutrients for premature infants. Baby formula can be useful in this situation.
A variety of micronutrients are necessary for infants’ healthy development. Human milk naturally contains these micronutrients. For premature infants, human milk might not be sufficient to supply all of the essential nutrients. Formula for infants may be helpful in this circumstance.
However, some infants may develop sensitivities to casein and whey. These neonates can consume infant formulae that contain soy protein. Many infant formula producers are also experimenting with novel product designs using components derived from plant-based 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.
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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.
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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 m arket. 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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