by The Infant Formula Market is estimated to be valued at US$ 38983.06 Mn or in 2023 and is expected to exhibit a CAGR of 10.6%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Infant formula is a manufactured food designed and marketed for feeding babies and infants under 12 months of age, usually prepared for bottle-feeding or cup-feeding from powder or liquid. It is the only source of nutrition for babies under 6 months of age and is recommended until 12 months of age. Infant formula products are available in powder, liquid concentrate and ready-to-feed forms for fulfilling the nutritional needs of infants.
Market Dynamics:
Rising number of working women and single parenting families have increased the demand for infant formula. According to UNICEF, over 69% of women who have children under 3 years are in the labor force. Working mothers are more inclined towards infant formula for convenience and ease of preparation. Furthermore, growing health awareness among parents regarding benefits of breastfeeding has also fueled the demand for infant formula which aims at fulfilling nutrition of infants when breastfeeding is not possible. Additionally, aggressive promotional strategies by key players through various marketing campaigns focusing on benefits and innovations in infant formula products are also expected to drive the market growth over the forecast period. However, stringent regulation on infant formula marketing may hamper the market growth.
Segment Analysis
The infant formula market can be segmented into the types of formulas: standard infant formula, follow-on formula, and specialty formula. The standard infant formula segment dominates the market and accounts for a market share of over 55% due to the fact that every newborn requires appropriate nutrition that standard infant formula provides during the crucial first months. The standard formula contains nutrients necessary for infant growth and development at levels similar to mother’s milk.
PEST Analysis
Political: Regulations around infant nutrition like the Food Safety and Standards Authority of India (FSSAI) mandate on breastfeeding affect the infant formula market. Economic: Rising incomes and growing middle class in developing nations is driving demand for infant nutrition products like formula milk. Social: Changing lifestyles with more women joining workforce has increased adoption of formula milk. Technological: Advancements in infant nutrition science help develop formulas that better mimic the nutritional profile of breast milk.
Key Takeaways
The Global Infant Formula Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing urbanization and rising female workforce participation rate globally. Regionally, Asia Pacific region dominates the market and is expected to grow the fastest due to large infant population, rising disposable incomes and increasing preference of working mothers for formula milk in China, India and other developing nations. Key players operating in the infant formula market are Nestle S.A., Groupe Danone, Abbott Nutrition, Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd., Beingmate Baby & Child food Co. Ltd., Synutra International Inc., Pfizer Inc., and FrieslandCampina. N.V. Nestle leads the global market followed by Danone owing to their well recognized brands, wide distribution networks and investments in product innovation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
