Global Infant Formula Market - 2023-2030

Market Overview

The Global Infant Formula Market reached US$ 55.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 110.7 billion by 2030. The market is expected to exhibit a CAGR of 9.1% during the forecast period 2023-2030.

Infant formula is a specialized food product designed to provide essential nutrients for infants who are not exclusively breastfed. It serves as a breast milk substitute and plays a vital role in infant nutrition. Infant formula is carefully formulated to meet the nutritional needs of growing infants, providing a balanced combination of proteins, carbohydrates, fats, vitamins, and minerals. It offers a convenient and accessible option for feeding infants, ensuring they receive adequate nutrition for healthy growth and development.

The global infant formula market has experienced steady growth in recent years, driven by factors such as increasing population, rising disposable income, and changing lifestyles. The market has witnessed a growing demand for infant formula as a convenient and nutritionally balanced alternative to breastfeeding. With continuous advancements in formulation and product innovation, the infant formula market is expected to continue its upward trajectory in the coming years.

Market Dynamics

Growing Demand and Advancements Drive the Infant Formula Market's Evolution

The infant formula market trend is driven by several key factors. Firstly, the increasing global population, particularly in emerging economies, has led to a growing consumer base for infant formula products. Additionally, changing lifestyles and a rise in the number of working mothers have contributed to the demand for convenient and nutritionally balanced feeding options. Moreover, advancements in scientific research and development have resulted in the formulation of improved infant formula products with enhanced nutritional composition.

These products now incorporate key ingredients such as DHA (Docosahexaenoic acid) and ARA (Arachidonic acid), providing essential nutrients for optimal infant growth and development. Furthermore, growing awareness about infant nutrition and the benefits of breastfeeding substitutes has influenced the market, with parents seeking high-quality and safe infant formula options. Overall, these factors have contributed to the positive growth of the infant formula market share.

Stringent Regulations and Quality Control Standards Pose Challenges for Infant Formula Market

The key restraint of the infant formula market is the stringent regulations and quality control standards imposed by regulatory bodies. The infant formula market analysis shows that ensuring compliance with these regulations and maintaining high product quality can be challenging for manufacturers. Any non-compliance or product quality issues can lead to legal consequences, reputational damage, and loss of consumer trust.

Adhering to these strict regulations requires significant investments in research, development, and testing, which can increase production costs. Manufacturers must navigate these regulatory challenges to ensure the safety, efficacy, and compliance of their infant formula products. The infant formula market share is also affected by the ability of manufacturers to meet these regulatory requirements and deliver high-quality products that meet the nutritional needs of infants while providing peace of mind to parents.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global infant formula market is segmented based on type, distribution channel, and region.

Infant Formula Market Distribution Channels: Facilitating the Availability of Essential Nutrition for Formula Feeding

The distribution channel of the infant formula market plays a critical role in ensuring the availability and accessibility of baby formula products to consumers. The infant formula market analysis indicates that the majority of infant formula products are distributed through retail channels, including supermarkets, hypermarkets, and pharmacies, accounting for approximately 75% of the market share.

Online platforms and e-commerce channels have also witnessed significant growth in recent years, with an approximate market share of 15%. Direct sales through healthcare facilities and specialized stores contribute to the remaining 10% of the distribution channel. This diverse distribution network enables widespread access to baby formula, providing convenient options for parents seeking breast milk substitutes and nutritionally balanced formula-feeding solutions for their infants.

Geographical Analysis

Growing Demand for Nutritional Infant Formula Drives Asia Pacific Market Growth

By region, the global infant formula market is segmented into North America, South America, Europe, Asia-Pacific, and Middle-east & Africa.

The Asia Pacific infant formula market trend is driven by factors such as increasing disposable incomes, changing dietary patterns, and growing awareness of infant nutrition. Infant formula ingredients play a crucial role in this market, with a focus on nutritional composition. Key ingredients such as DHA (Docosahexaenoic acid), ARA (Arachidonic acid), and probiotics and prebiotics are widely incorporated in infant formula products to support healthy growth and development.

The infant formula market analysis reveals that the Asia Pacific region has witnessed a surge in demand for infant formula with these essential ingredients. Manufacturers are investing in research and development to enhance the nutritional composition of their products and cater to the specific needs of infants in the region. The infant formula market analysis suggests that the region accounts for approximately 40% of the global infant formula market.

Within the Asia Pacific region, countries such as China, India, and Japan are key contributors to the market, collectively representing around 70% of the regional market share. The demand for infant formula with essential ingredients like DHA, ARA, and probiotics and prebiotics has witnessed a notable increase, with an estimated growth rate of 8% annually. This highlights the growing awareness and preference for nutritionally enriched infant formula products in the Asia Pacific region.

Competitive Landscape

The major global players include: Nestle S.A., Danone S.A., Abbott Laboratories, Mead Johnson Nutrition Company, Reckitt Benckiser Group plc, FrieslandCampina, The Kraft Heinz Company, Beingmate Baby & Child Food Co., Ltd, Royal FrieslandCampina N.V., and Perrigo Company plc.

Why Purchase the Report?

• To visualize the global infant formula market segmentation based on type, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of infant formula market-level with all segments.
• The PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global infant formula market report would provide approximately 53 tables, 48 figures, and 195 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies