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  • Published In : Aug 2022
  • Code : CMI2330
  • Pages :136
  • Formats :
      Excel and PDF
  • Industry : Food and Beverages

Infant formula is also referred to as a baby formula that has a rich nutritional value such as carbohydrates, vitamins, proteins, fats, and minerals. This formula is prepared for infants for their overall development and provides important nutrients to the baby in the early phase of developments. Infant formula is suitable for children below 1 year of age.

Global infant formula market was valued at US$ 31,868.8 Million in 2021  in terms of revenue, exhibiting a CAGR of 10.6% during the forecast period (2022 to 2030).

Drivers

Increasing number of working women population is a prime factor driving the market growth of infant formula. Various women resume their jobs quickly after delivery and infant formula is ideal for these women as it is easy to prepare and consumes lesser time. Moreover, infant formula has various nutritional value hat are present in human breast milk, which is further augmenting their adoption across consumers.

A high birth rate across emerging economies is expected to foster the market growth of the infant formula. According to the Population Reference Bureau, the world population in 2021 was 7.9 billion and is estimated to increase to 9.7 billion by 2050. This would favor the market growth in the Forecast Period. Moreover, In May 2021, the three-child policy in China replacing the country's previous Two-child policy, which is further expected to augment the market growth over the forecast period.

The COVID-19 pandemic has led to disruptions in transportation, labor, and ingredients availability. There has also been a shortage of infant formulas due to supply chain challenges and recall of baby formula products over contamination issues, particularly in the U.S., which caused a hindrance to the steady business growth.

However, with the gradual lifting of restrictions and reduction of pandemic-induced constraints, the global infant formula industry may witness commendable growth over the years ahead.

Asia Pacific region dominated the global infant formula market in 2021, accounting for 48.70% share in terms of value, followed by North America and Europe, respectively.

Figure 1. Global Infant Formula Market Value Share (%), By Region, 2021

INFANT FORMULA MARKET

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Market Restraints

Strict regulatory obstacles associated with the approval for production of infant formula and food is expected to restrict the market growth of infant formula. Moreover, growing prevalence of disgrace in the infant formula industry is expected to affect the market growth negatively.

Lack of awareness regarding the health benefits associated with the infant formula among consumers of emerging economies especially across rural areas is projected to hamper the market growth of infant formula.

Infant Formula Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 31,868.8 Mn
Historical Data for: 2017 to 2020 Estimated Year: 2022
Forecast Period 2022 to 2030 CAGR: 10.6% Forecast Period: 2022 to 2030
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Starting Milk Formula, Follow-on Milk Formula, Toddler’s Milk Formula, Special Milk Formula
  • By Distribution Channel: Specialty Outlets, Supermarkets, Online Stores, Pharmacy Stores, Others
Companies covered:

Nestlé 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.

Growth Drivers:
  • Increasing number of working women population
  • High birth rate across emerging economies
Restraints & Challenges:
  • Strict regulatory difficulties associated with the approval for production of infant formula and food

Market Opportunities

Growing demand for premium infant nutrition products is expected to provide potential opportunities to market of infant formula. For instance, in November 2019, Advanced Lipids, manufactures and markets innovative bio- active lipid ingredients, had launched two additions to its infant range of infant formula ingredients. The Infant Pro, offers sn-2 palmitate, while Infant MF is a blend contains milk fat

Growth in the online retail industry around the globe which enables easy purchasing of products at an affordable price with convenience is expected to bring new opportunities to market of infant formula. Working women highly preferred online shopping due to their busy and hectic lifestyle. Thus, growth in the online retail industry across emerging economies is expected to upsurge the market growth over the forecast period.

 Figure 2. Global Infant Formula Market Value Share (%), By Product, 2021

INFANT FORMULA MARKET

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On the basis of product type, starting milk formula dominated the global infant formula market in 2021 with around 48.0% of market share in terms of revenue, followed by follow-on milk formula and toddler’s milk formula, respectively.

Recent Developments

  • In March 2022, Else Nutrition Holdings Inc. announced the launch of Else Toddler Omega, an infant formula that has added Omega 3 and Omega 6 fatty acids that support brain and eye development in toddlers.
  • In August 2019, Danone SA a brand of Danone Nutricia launched a product, Karicare Toddler, 100% New Zealand sheep milk infant formula which is made up of 100% New Zealand sheep milk
  • In January 2019, Arla Foods amba, a subsidiary of Arla Food ingredients launched whey protein baby food which gives optimized comfort concept for easy digesting

Competitive Section

Major players operating in the global infant formula market include Nestlé 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

Frequently Asked Questions

The Global Infant Formula is forecasted to surpass US$ 79,173.4 million by 2030 witnessing a CAGR of 10.6% between 2022 and 2030.

Increasing working women population around the globe is fuelling growth of the market.

Organic infant formula is gaining traction in market due to growing health and wellness trend and is further expected to favour market growth over the forecast period.

Strict regulatory difficulties associated with the approval for production of infant formula and food is expected to hamper growth of market during the forecast period. 

Major players operating in the market include Nestlé 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.

The market was estimated to be valued around US$ 31,868.8 million in terms of revenue in 2021.

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