Infant Formula Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Infant Formula Market covers analysis by Product Type (Starting Milk Formula, Follow-on Milk Formula, Toddlers Milk Formula, Special Milk Formula); Distribution Channel (Supermarkets, Online Stores, Pharmacy Stores, Specialty Stores, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00003976
  • Category : Food and Beverages
  • No. of Pages : 150
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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 to 2031.

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.


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. 


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


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.


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:

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.


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.

Infant Formula Market Report Analysis

Infant Formula Market

  • CAGR (2023 - 2031)
  • Market Size 2023
    US$ 83.93 Billion
  • Market Size 2031
    US$ 173.48 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Abbott Laboratories
  • Arla Foods amba
  • Bellamy's Organic
  • Danone Nutricia
  • Glanbia plc,
  • Mead Johnson and Company, LLC.
  • Nestle S.A.,
  • Perrigo Nutritionals
  • Pfizer Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Product Type
  • Starting Milk Formula
  • Follow-on Milk Formula
  • Toddlers Milk Formula
  • Special Milk Formula
By Distribution Channel
  • Supermarkets
  • Online Stores
  • Pharmacy Stores
  • Specialty Stores
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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.

Infant Formula Market Report Scope

Report Attribute Details
Market size in 2023 US$ 83.93 Billion
Market Size by 2031 US$ 173.48 Billion
Global CAGR (2023 - 2031) 9.50%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Product Type
  • Starting Milk Formula
  • Follow-on Milk Formula
  • Toddlers Milk Formula
  • Special Milk Formula
By Distribution Channel
  • Supermarkets
  • Online Stores
  • Pharmacy Stores
  • Specialty Stores
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Abbott Laboratories
  • Arla Foods amba
  • Bellamy's Organic
  • Danone Nutricia
  • Glanbia plc,
  • Mead Johnson and Company, LLC.
  • Nestle S.A.,
  • Perrigo Nutritionals
  • Pfizer Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Product Type, Distribution Channel, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

    The List of Companies

    1. Abbott Laboratories
    2. Arla Foods amba
    3. Bellamy's Organic
    4. Danone Nutricia
    5. Glanbia plc,
    6. Mead Johnson and Company, LLC.
    7. Nestle S.A.,
    8. Perrigo Nutritionals
    9. Pfizer Inc.
    10. The Hain Celestial Group

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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