Global Infant Formula Market Size, Share, Growth Analysis, By Type(Infant Milk, Follow- On - Milk), By Distribution Channel(Hypermarkets/ Supermarkets, Pharmacy) - Industry Forecast 2022-2028

Global Infant Formula Market size was valued at USD 31868.8 million in 2021 and is poised to grow from USD 35237.5 million in 2022 to USD 78273.3 million by 2030, growing at a CAGR of 10.6% in the forecast period (2023-2030).

The global infant formula market is a multi-billion dollar industry that caters to the nutritional needs of infants and young children. Infant formula is a substitute for breast milk and is formulated to provide all the necessary nutrients and minerals required for a baby's growth and development. The market is driven by factors such as increasing urbanization, rising disposable incomes, and changing lifestyles. However, concerns over the safety and quality of infant formula, as well as the high cost of some premium products, remain key challenges for the industry.

Top-down and bottom-up approaches were used to estimate and validate the size of Infant Formula market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The global infant formula market is segmented based on the type, distribution channel, and region. Based on the type, the global market is segmented as infant milk, follow- on - milk. Based on the distribution channel , the global market is segmented as hypermarkets/ supermarkets, pharmacy , speciality stores. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Early use of breast milk substitutes is indicated by low breastfeeding and fertility rates. The modernization and changes in lifestyle are responsible for the rise in demand for infant formula. Parents are attracted to the convenience and improved quality of the product, leading to a surge in demand. Key players in the market, such as Nestle S.A., are expected to drive the growth of the infant formula market through their research and development of new products. In January 2021, Nestle S.A. launched a new research facility in Ireland with a focus on developing innovative milk-based products for newborns and maternal nutrition on a global scale.

Restrain

The infant formula market's growth is hindered by strict regulations for introducing new products and a difficult registration process. Additionally, the lower demand for premium or expensive products in certain emerging regions may pose challenges to market expansion. This situation is influenced by their low per capita income.

Trend

The infant nutrition market is witnessing significant growth globally, with opportunities for further expansion due to innovation in ingredients like probiotics and human milk oligosaccharides. There is a new trend towards clean label, plant-based, and organic products, which is expected to boost demand for organic and clean-labeled newborn nutrition products. Consumers' preference for all-natural and plant-based ingredients over chemical components is driving this trend.