The ‘Global Infant Formula Market Growth, Size, Demand, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global infant formula market, assessing the market on the basis of its segments like types, ingredients, distribution channels, and major regions.
Infant Formula Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 9.6%
|Growth Rate CAGR||9.6%|
|Major Players||Nestlé S.A, Danone S.A, Arla Foods amba, Royal FrieslandCampina, and Reckitt
BenckiserGroup plc., among others
Infant formula carries more calories as compared to breast milk and a higher amount of vitamins and minerals which offers infants maximum development potential. The increasing prevalence of heart diseases, problems with breast-feeding, malabsorption syndrome, and malnutrition is driving the demand for infant formula. Cases of abnormally low weight among newborn babies are high which is escalating concerns among parents.
The increasing importance of the presence of high nutritional content in infant foods, coupled with the increasing disposable income of active adults entered into parenthood, is propelling the growth of infant formula market.
Meanwhile, the rising number of working mothers is leading to an escalation in the footfall in supermarkets/hypermarkets and convenience stores. This increase in footfall is anticipated to bolster the sale of infant formula in the forecast period. Moreover, the rapid urbanisation and growing expansion of major infant formula producers across the emerging economies are likely to provide impetus to the market.
In terms of regions, the Asia Pacific holds a substantial share of the market. The increasing population across growing economies such as India, is resulting in an escalation of enthusiasm to enter parenthood. The increasing number of corporate workers in the region is further bolstering the infant formula market growth by propelling the confidence among adults to take on parental responsibilities. Moreover, the market is anticipated to be aided by the strong foothold of major market players in the region.
Infant Formula Industry Definition and Major Segments
Infant formula is defined as a food ingredient which is used to imitate human milk. This type of food is ideal for consumption by infants up to the age of 1 year. Infant formula is filled with essential nutrients, vitamins and minerals including fats, carbohydrates, and protein, among others, which help an infant attain steady development during the baby years.
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Based on type, the market can be segmented into:
• Infant Milk
• Specialty Baby Milk
• Growing-up Milk
On the basis of ingredient, the infant formula market has been segmented into:
The major distribution channels based on which the market has been divided are as follows:
• Supermarkets and Hypermarkets
• Pharmacies/Medical Stores
• Specialty Stores
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Infant Formula Market Trends
The key trends in the infant formula market include the flourishing e-commerce industry which is boosting the sale of clean labelled infant formulations with attractive packaging. Rapid digitalisation is also supporting the market players to expand their reach through social media platforms. Moreover, the Internet of Things is another crucial market driver which is diffusing awareness about the benefits of infant formula among adults.
With a higher number of women returning to work soon after giving birth, or otherwise facing difficulties in breast-feeding, infant formula is essential. It can completely meet the nutritional needs of infants without requiring any form of supplemental breast-feeding. For women with reduced breast milk supply, they can use infant formula to supplement their breast-feeding.
However, lack of reach of prominent market players in rural areas might pose as a challenge in the infant formula market. However, government regulations aimed towards battling malnutrition are likely to aid the demand for the product in these areas.
Meanwhile, the growing research and development activities being carried out by the infant formula makers, aimed towards improving the quality and flavour of infant formula are likely to be the significant infant formula market driving trends. In addition to this, these activities are further leading to an intense competition between the leading performers in the market.
Over the forecast period, the outbreak of the pandemic and various chronic diseases such as diabetes, cancer, and tuberculosis, among others, ae playing a major role in propelling the sale of immunity-boosting infant products. In this regard, infant formula products are filled with carbohydrates, fats, vitamins, and minerals which is invigorating the market growth.
Key Market Players
The major players in the Infant Formula Market report are:
• Nestlé S.A
• Danone S.A
• Arla Foods amba
• Royal FrieslandCampina
• Reckitt Benckiser Group plc.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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