The global infant formula market was valued at US$ 56.0 Billion in 2017, according to Infant Formula Market Report, by Formulation (Ready-to-feed, Powder, and Liquid Concentrate), by Formula (Cow milk-based, Soy-based, Hypoallergenic, and Others), by Distribution Channel (Online, Hypermarkets, Supermarkets, Specialty Stores, and Others), by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global infant formula market is projected to reach US$ 95.0 Billion by 2026, exhibiting a CAGR of 6.1% during the forecast period. Increasing awareness regarding importance of nutrition for infants is fueling growth of the infant formula market. Furthermore, rising population of working mothers is driving growth of this market. According to International Labor Organization’s report on Women at Work: Trends 2016, the share of women in wage and salaried work more than doubled, from 26.3% in 1995 to 55.3% in 2015. Rising population of working mothers is significantly increasing adoption of infant formulas for their babies, which is positively impacting growth of the market. However, strict regulations imposed on infant formula and baby food products is expected to restrain growth of the infant formula market.
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Key Trends and Analysis of the Infant Formula Market:
- Powder segment among the formulation type held the largest market share in 2017, in the global infant formula market. This is owing to longer shelf life and lesser price of powdered infant food than ready-to-feed and liquid concentrate formulation.
- Cow milk-based formula among the formula type held the largest market share in 2017, in the global infant formula market. Most of the infant formulas are made from cow's milk that has been altered to resemble breast milk, which balances the right nutrients and makes the formula easy to digest.
- Online store among the distribution channel is expected to be the fastest growing segment during the forecast period due to its reliable services and ease of payment
Key Takeaways of the Market:
- Asia Pacific held the dominant market share of 58% in 2017, in the global infant formula market. This is attributed to rising birth rates in this region. According to the worldstat.org, the birth rate in Asia was 17.56 per population in 2011. Population of Asia increased from 4.16 billion in 2010 to 4.43 billion in 2016, which is an increase of around 266 million.
- According to ’ analysis, China held the largest market share in the infant formula Asia Pacific market in 2017, as it has the highest birthrate and the companies are focusing on the sale of premium products in infant nutrition in the country, considering its expanding economy and increasing income of the middle class population.
- Major players operating in the global infant formula market include Abbott Laboratories, Nestlé S.A., Kraft Heinz Food Company, Groupe Danone, Mead Johnson Nutrition, Beingmate Baby & Child Food Co., Ltd., Plum Organics, and Meiji Holdings Co., Ltd.