The Global Baby Infant Formula Market size was valued at USD 27.57 Billion in 2022 and is expected to surpass USD 55.57 Billion by 2031, expanding at a CAGR of 8.1% during the forecast period, 2023 – 2031. Baby infant formula is a manufactured food product designed for feeding infants who are mostly under the age of 12 months old, which is available both in powdered form or liquid form.
The powdered form of infant formula requires mixing with water before feeding it to the baby. This formula is represented for special dietary use solely as a food for infants due to its suitability as a substitute for human milk. It consists of various nutrients that are essential for the overall development and growth of infants, which makes it a popular choice among working mothers who are unable to breastfeed their infants on time.
One key aspect of the Infant formula is that it consists of various nutrients such as carbohydrates, proteins, vitamins, minerals, and others, which makes it a healthy choice for babies and at the same time it ensures their proper growth and development.
Baby Infant Formula Market Trends, Drivers, Restraints, and Opportunities
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Rise in number of working women who are unable to breastfeed their infants all times and prefer to use alternative solutions for babies’ foods are key drivers of the market.
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Growing concerns related to food safety of infants and rising awareness of the benefits regarding the use of balance diet of babies are expected to boost the market growth.
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The COVID 19 pandemic had negatively impacted the market growth due to disruptions in the supply chains, owing to unavailability of labor, and economic crisis that forced to shut down many businesses. This is a key challenge that can hamper the market growth.
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Recent trends such as the integration of crucial ingredients including probiotics and human milk oligosaccharides to the formula are expected to surge the market growth in the coming years.
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Demand for plant-based and organic infant formulas are key factors offering lucrative growth opportunities of the market players.
Scope of Baby Infant Formula Market Report
The report on the global baby infant formula market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Baby Infant Formula Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Infant Milk Formula, Follow-on-Milk Formula, Specialty Baby Milk Formula, and Growing-up Milk Formula), Distribution Channels (Hypermarkets, Supermarkets, Pharmacy/Medical Store, Specialty Stores, Hard Discounter Stores, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Abbott; Arla Foods Amba; Campbell Soups; Dana Dairy Group Ltd; Danone; D-Signstore; HiPP GmbH & Co. Vertrieb KG; Reckitt Benckiser (Mead Johnson & Company LLC); Nestle; and The Hain Celestial Group
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Baby Infant Formula Market Segment Insights
Rising consumer demand drives the infant milk formula segment
Based on types, the global baby infant formula market is segmented into infant milk formula, follow-on-milk formula, specialty baby milk formula, and growing-up milk formula. The infant milk formula segment is projected to witness substantial growth in the market owing to the rising consumer preference towards the formula type.
The lack of acceptable alternatives in the market has encouraged manufacturers to develop nutrient dense infant milk formulas that keep the babies healthy and strong. The incorporation of innovative plant-based formulas that are organic in nature has significantly driven the segment growth. The follow-on milk formula segment, however, is estimated to register high CAGR during the forecast period.
This follow-on formula offers a very similar nutritional value to breast milk due to the presence of high calcium, iron, and other micronutrients in the formula. Infants with low iron levels require higher levels of iron, which is provided by the follow-on milk formula.
Speciality stores to gain momentum owing to wider range and variety of infant foods
On the basis of distribution channels, the market is classified as hypermarkets, supermarkets, pharmacy/medical stores, specialty stores, hard discounter stores, and others. The speciality stores segment is expected to hold significant market share on account of the wide variety of speciality products, baby foods, and breast milk substitutes that are all available on a single platform.
Additionally, customer services are available at speciality stores that help guide the customers to choose the type of infant formula, which is best for their babies. The hypermarkets segment is projected to account for a key market share due to increasing popularity of the stores due to the high concentration and availability of these stores at every locality that provide easy access for the consumers.
Asia Pacific to dominate the global market
In terms of regions, the global baby infant market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global market in the coming years due to the rise in the child birth rate in countries such as India and China. Moreover, the increase in number of working women who opt for infant formulas to feed their infants plays an important role for the regional market development.
Furthermore, the developments in the mother and child healthcare industry in the region has resulted in the launch of many innovative infant formulas that has substantially increased demand for the market. Surge in R&D projects undertaken by key players for the purpose of new product development and product innovations also drives the regional market.
Segments
Types
- Infant Milk Formula
- Follow-on-Milk Formula
- Specialty Baby Milk Formula
- Growing-up Milk Formula
Distribution Channels
- Hypermarkets
- Supermarkets
- Pharmacy/Medical Store
- Specialty Stores
- Hard Discounter Stores
- Others
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
- Abbott
- Arla Foods Amba
- Campbell Soups
- Dana Dairy Group Lt
- Danone
- D-Signstore
- HiPP GmbH & Co. Vertrieb KG
- Reckitt Benckiser (Mead Johnson & Company LLC)
- Nestle
- The Hain Celestial Group
Competitive Landscape
Key players competing in the global baby infant formula market are Abbott; Arla Foods Amba; Campbell Soups; Dana Dairy Group Ltd; Danone; D-Signstore; HiPP GmbH & Co. Vertrieb KG; Reckitt Benckiser (Mead Johnson & Company LLC); Nestle; and The Hain Celestial Group. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and increase their market share.