Infant Formula Market Share & Size | Global Analysis by 2028

The infant formula market accounted for approximately US$ 70 billion in 2021 and is projected to exceed US$ 130 billion by 2028 with an estimated CAGR of 9.5% between 2022 and 2028.

Infant formula market is expected to witness a significant growth during the forecast period. The demand for infant formula has surged due to growing focus on infant care and nutrition, increasing research and development activities, and industry focus on innovation and development of new products. Increasing adoption of infant formula by middle-class population in emerging economies is further contributing to the growth of the market. Further, the consumer inclination toward clean-label and plant-based products is expected to pose growth opportunity for the market. In developed countries, the growth of the infant formula market is attributed to rising awareness about health benefits of infant formula.

MARKET DYNAMICS

Infant formula is specially designed formulation for infants to promote their overall growth and provide overall nutritional benefits. Infant formula consists of various nutrients such as proteins, fats, carbohydrates, minerals, vitamins, and others that help the overall development of infants. Various government institutes and organizations such as World Health Organization (WHO), Food Safety and Standard Authority of India (FSSAI) are regulating the infant formula product to ensure the high quality of the products. Such stringent organizations regarding the quality of the products have driven consumer inclination toward the adoption of the products. 

MARKET SCOPE

The "Global Infant Formula Market Analysis to 2028" is a specialized and in-depth study of the infant formula market with a special focus on the global market trend analysis. The report aims to provide an overview of the infant formula market with detailed market segmentation. The report provides key statistics on the market status of leading market players and highlights key trends and opportunities in the infant formula market.

Strategic Insights

MARKET SEGMENTATION

The global infant formula market is segmented into type, category, and distribution channel. Based on type, the market is further segmented into starting milk formula, follow-on milk formula, toddler’s milk formula, and specialty milk formula. By category, the market is bifurcated into organic and conventional. In terms of distribution channel, the market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others.

REGIONAL FRAMEWORK

The report provides a detailed industry overview, including qualitative and quantitative information. It provides an overview and forecast of the global infant formula market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to 5 major regions: North America, Europe, Asia (APAC), the Middle East & Africa (MEA), and South America. The infant formula market by each region is later sub-segmented by respective countries. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.

From the regional perspective, APAC dominated the infant formula market. The dominance of this regional market is mainly driven by the strong demands emerging from high birth rate. Increasing number of working population, growing disposable income, and rise in malnutrition cases among infants are among the other factors aiding the infant formula market.

The below figure showcases the revenue growth trend in the global infant formula market:

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Source: The Insight Partners Analysis

The report analyzes factors affecting the infant formula market from both the demand and supply side. Further, it evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, influencing the market during the forecast period. The report also provides an exhaustive Porter's five forces analysis highlighting the factors affecting the infant formula market.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 outbreak resulted the significant shortage of infant formula globally. The shortage was led owing to disruption in supply chain and recent recalls of several infant formula products over contamination issue. According to the study conducted by UC Merced Lactation Attachment Technology and Child Health (LATCH) Lab in collaboration with UC Irvine and the University of Toronto in May 2022, stated that 69% of families had trouble accessing infant formula. Supply chain disruptions created a shortage of raw materials, which affected the production and distribution of various products, leading to increased prices. Above mentioned factors, hampered the profitability of various small-scale and large-scale producers. However, since 2021, the demand for infant formula has surged owing to rising focus on infant nutrition for proper development and improve immunity. This would propel the procurement of infant formula, which would eventually result in a notable growth of the market during the forecast period.

MARKET PLAYERS

The reports cover key developments in organic and inorganic growth strategies in the infant formula market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and others, including patents and events. Inorganic growth strategies witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for expanding market players' business and customer base. With the rising demand for infant formula, market players are anticipated to have lucrative growth opportunities in the near future.

The report also includes the profiles of key companies in this market, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information, such as company profiles, components, and services offered, financial information of the last 3 years, and key development in the past 5 years. Below mentioned is the list of a few companies engaged in the infant formula market:

• Nestlé
• Abbott
• Danone SA
• Arla Foods amba
• Bellamy's Organic
• The Kraft Heinz Company
• Perrigo Company plc
• Reckitt Benckiser Group PLC
• Burt's Bees
• HiPP GmbH & Co. Vertrieb KG

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

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