The global Infant Formula Market is estimated to be valued at US$ 38983.06 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10.6 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Infant formula refers to formulated food products that are used as the sole source of nutrition for infants and young children who cannot be breastfed or for supplemental feeding of breastfed infants. Infant formulas aim to meet the basic nutritional requirements of newborn babies similar to breast milk.
Market key trends:
Growing number of working women population and rising awareness about infant nutrition are some of the key factors expected to drive growth of the infant formula market. In addition, shift towards premium and organic infant formulas with ingredients like DHA & ARA has also boosted demand. Manufacturersarefrequentlycomingupwithinnovativeproductsthatcatertonutritionalneedsof babies at different developmental stages. Moreover, easier access through online channels and strategic marketing activities by key players is also augmenting market expansion over the forecast period.
Strength: Infant formula is a nutritious alternative to breast milk that provides balanced nutrition for infants. It helps meet the nutritional needs of infants when breastfeeding is not possible.
Weakness: Infant formula is expensive compared to breast milk. Its production requires precise formulations to mimic breast milk, which increases costs. The processes involved also make it difficult for smaller companies to enter the market.
Opportunity: Rising women workforce participation and busy lifestyles have increased the demand for convenient feeding options like formula. Growing middle class in developing regions also presents an opportunity.
Threats: Stringent regulations around formula composition. Negative publicity around mismarketing can dent brand image and sales.
The Global Infant Formula Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing women workforce participation and changing lifestyles. Working mothers prefer formula for its convenience over breastfeeding.
Regional analysis: China dominates the global infant formula market, both in terms of production and consumption. The country accounts for over 50% of global imports. North America and Western Europe are other major markets. The Asia Pacific region excluding China is expected to be the fastest growing market, supported by rising incomes, urbanization, and growing middle class in countries like India.
Key players operating in the infant formula market are Nestle 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. These players are focused on product innovation and offerings tailored to regional preferences to gain shares in major markets.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it