Global Baby Formula Market
Global Baby Formula Market By Product Type (Infant Milk, Follow on milk, Specialty baby milk, Growing-up milk), By Distribution Channel (Online, Offline), By Ingredients (Carbohydrate, Fats, Proteins, Minerals, Vitamin, Others), And By Geography – Covid-19 Impact Analysis, Post Covid Analysis, Opportunities, Trends And Forecast From 2020 to 2032
The global Baby Formula market was valued at $28,665.4 Million in 2022 and is anticipated to grow at a CAGR of 8.44% from 2023 to 2033. This growth is attributed to several macro and microeconomic factors such as
Increasing Birth Rates and Population Growth
The global population continues to increase, resulting in a larger consumer base for baby formula products. This is particularly notable in emerging economies, where birth rates are often higher, driven by factors such as rapid urbanization, improved healthcare facilities, and rising disposable incomes. Additionally, changing family dynamics, including delayed parenthood and smaller family sizes, contribute to a heightened focus on individual child-rearing and a greater reliance on baby formula for infant nutrition. The trend of workforce participation among women also plays a role, as more parents turn to baby formula when breastfeeding is not possible or to share feeding responsibilities. Factors such as convenience, portability, and cultural practices further contribute to the demand for baby formula. As a result, the baby formula market continues to grow in response to the increasing birth rates and population growth, with manufacturers providing a variety of formulas to meet the diverse nutritional needs and preferences of infants and parents worldwide.
Rising Disposable Income and Middle-Class Expansion
As disposable incomes increase and the middle class expands globally, parents have greater purchasing power to invest in quality products for their infants. With higher disposable incomes, parents can afford to choose premium and specialized baby formula options that offer additional nutritional benefits or cater to specific dietary requirements. The expanding middle class, particularly in emerging economies, exhibits a preference for trusted brands and prioritizes health and nutrition for their families. As a result, they are more inclined to invest in reputable and established baby formula brands that are associated with quality, safety, and nutritional excellence. The westernization of diets accompanying middle-class expansion further fuels the demand for baby formula as dietary preferences shift. Manufacturers have the opportunity to tap into this growing consumer segment by offering a diverse range of products that cater to specific nutritional needs, emphasize quality and safety, and align with the changing preferences and aspirations of the expanding middle class. By meeting the demands of this demographic, the baby formula market can leverage the rising disposable income and middle-class expansion to foster growth and capture a larger market share.
Further several factors restraining the market growth include
Breastfeeding Promotion and Awareness
Breastfeeding is widely recognized as the optimal method of infant feeding due to its health benefits for both babies and mothers. Promotion and awareness campaigns highlight these benefits, including providing essential nutrients, antibodies, and immune system support. Educational initiatives provide parents with information and resources to support successful breastfeeding, empowering them with knowledge and guidance. Workplace support and social norms that favor breastfeeding further strengthen the preference for breastfeeding among parents. Healthcare providers also play a critical role in promoting breastfeeding and providing guidance. Additionally, regulatory frameworks exist in many countries to ensure the accurate and unbiased promotion of breastfeeding and appropriate marketing practices for baby formula. While these initiatives aim to promote infant health and well-being, they restrain the baby formula market by encouraging exclusive breastfeeding and reducing the demand for formula feeding.
The urbanization and changing lifestyles and collaborations and alliances in the Baby Formula market are expected to generate higher avenues during the forecast period.
In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Baby Formula market. The pandemic has caused a decline in new orders and a corresponding decrease in production.
This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Baby Formula.
In terms of COVID-19 impact, the Baby Formula market report also includes the following data points:
Impact on Baby Formula market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Government Policies
Key Players' Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in the Baby Formula market
Key Insight in the report:
The global Baby Formula market report covers an executive summary, market dynamics, COVID impact & post-COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which includes the following data points:
Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis
Baby Formula Market Segmentation:
Product Type
Infant Milk
Follow on milk
Specialty baby milk
Growing-up milk
Distribution Channel
Online
Offline
Ingredients
Carbohydrate
Fats
Proteins
Minerals
Vitamin
Others
Region/ Countries Covered:
North America
US
Canada
Mexico
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
Australia
India
South East Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of MEA
Key Players Analyzed in the Report:
Nestle
Danone
Mead Johnson
Abbott
FrieslandCampina
The Hain Celestial Group, Inc
Arla Foods
Dana Dairy Group
The Kraft Heinz Company
Bellamy's Organic
- CHAPTER 1. Executive Summary
- CHAPTER 2. Scope of the Study
- 2.1. Market Definition
- 2.2. Market Scope & Segmentation
- 2.2.1. Objective of Report
- CHAPTER 3. Evolve BI Methodology
- 3.1. Data Collection & Validation Approach
- 3.2. Market Size Estimation and Forecast
- CHAPTER 4. Market Insights and Trends
- 4.1. Value Chain Analysis
- 4.1.1. Raw Material Supplier
- 4.1.2. Manufacturing Process (Manufacturers)
- 4.1.3. Distribution Channel
- 4.1.4. End-Users
- 4.2. Porter’s Five Forces Analysis
- 4.2.1. Bargaining Power of Buyers
- 4.2.2. Bargaining Power of Suppliers
- 4.2.3. Threat of New Entrant
- 4.2.4. Threat of Substitute
- 4.2.5. Industry Rivalry
- 4.3. COVID-19 Impact and Post COVID Scenario on Baby Formula Market
- 4.3.1. Impact of COVID-19
- 4.3.2. Government Support and Industry Revival Policies
- 4.3.3. Measures Taken by Companies to Mitigate Negative Impact
- 4.3.4. Post COVID Trend
- CHAPTER 5. Market Dynamics
- 5.1. Introduction
- 5.2. Drivers
- 5.2.1. Rise in the number of women working outside their houses
- 5.2.2. Rise in investment in the research & development of novel products
- 5.3. Restraints
- 5.3.1. Stringent rules and regulation
- 5.4. Opportunity
- 5.4.1. Growing preference for organic baby food & drinks
- CHAPTER 6. Global Baby Formula Market, By Product Type
- 6.1. Introduction
- 6.1.1. Infant Milk
- 6.1.2. Follow on milk
- 6.1.3. Specialty baby milk
- 6.1.4. Growing-up milk
- CHAPTER 7. Global Baby Formula Market, By Ingredients
- 7.1. Introduction
- 7.1.1. Carbohydrate
- 7.1.2. Fats
- 7.1.3. Proteins
- 7.1.4. Minerals
- 7.1.5. Vitamins
- 7.1.6. Others
- CHAPTER 8. Global Baby Formula Market, By Distribution Channel
- 8.1. Introduction
- 8.1.1. Online
- 8.1.2. Offline
- CHAPTER 9. Global Baby Formula Market, By Region
- 9.1. Introduction
- 9.2. North America
- 9.2.1. North America: Market Size and Forecast, By Country, 2021 – 2033 ($ Million)
- 9.2.2. North America: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.2.3. North America: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.2.4. North America: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.2.5. US
- 9.2.5.1. US: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.2.5.2. US: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.2.5.3. US: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.2.6. Canada
- 9.2.6.1. CANADA: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.2.6.2. CANADA: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.2.6.3. CANADA: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.2.7. Mexico
- 9.2.7.1. Mexico: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.2.7.2. Mexico: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.2.7.3. Mexico: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.3. Europe
- 9.3.1. Europe: Market Size and Forecast, By Country, 2021 – 2033 ($ Million)
- 9.3.2. Europe: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.3.3. Europe: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.3.4. Europe: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.3.5. U.K.
- 9.3.5.1. U.K.: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.3.5.2. U.K.: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.3.5.3. U.K.: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.3.6. Germany
- 9.3.6.1. Germany: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.3.6.2. Germany: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.3.6.3. Germany: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.3.7. France
- 9.3.7.1. France: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.3.7.2. France: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.3.7.3. France: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.3.8. Italy
- 9.3.8.1. Italy: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.3.8.2. Italy: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.3.8.3. Italy: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.3.9. Spain
- 9.3.9.1. Spain: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.3.9.2. Spain: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.3.9.3. Spain: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.3.10. Rest of Europe
- 9.3.10.1. Rest of Europe: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.3.10.2. Rest of Europe: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.3.10.3. Rest of Europe: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.4. Asia Pacific
- 9.4.1. Asia Pacific: Market Size and Forecast, By Country, 2021 – 2033 ($ Million)
- 9.4.2. Asia Pacific: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.4.3. Asia Pacific: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.4.4. Asia Pacific: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.4.5. China
- 9.4.5.1. China: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.4.5.2. China: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.4.5.3. China: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.4.6. Japan
- 9.4.6.1. Japan: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.4.6.2. Japan: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.4.6.3. Japan: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.4.7. Australia
- 9.4.7.1. Australia: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.4.7.2. Australia: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.4.7.3. Australia: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.4.8. India
- 9.4.8.1. India: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.4.8.2. India: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.4.8.3. India: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.4.9. South Korea
- 9.4.9.1. South Korea: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.4.9.2. South Korea: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.4.9.3. South Korea: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.4.10. South East Asia
- 9.4.10.1. South East Asia: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.4.10.2. South East Asia: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.4.10.3. South East Asia: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.4.11. Rest of Asia Pacific
- 9.4.11.1. Rest of Asia Pacific: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.4.11.2. Rest of Asia Pacific: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.4.11.3. Rest of Asia Pacific: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.5. Latin America
- 9.5.1. Latin America: Market Size and Forecast, By Country, 2021 – 2033 ($ Million)
- 9.5.2. Latin America: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.5.3. Latin America: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.5.4. Latin America: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.5.5. Brazil
- 9.5.5.1. Brazil: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.5.5.2. Brazil: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.5.5.3. Brazil: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.5.6. Argentina
- 9.5.6.1. Argentina: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.5.6.2. Argentina: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.5.6.3. Argentina: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.5.7. Rest of Latin America
- 9.5.7.1. Rest of Latin America: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.5.7.2. Rest of Latin America: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.5.7.3. Rest of Latin America: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.6. Middle East & Africa
- 9.6.1. Middle East & Africa: Market Size and Forecast, By Country, 2021 – 2033 ($ Million)
- 9.6.2. Middle East & Africa: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.6.3. Middle East & Africa: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.6.4. Middle East & Africa: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.6.5. Saudi Arabia
- 9.6.5.1. Saudi Arabia: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.6.5.2. Saudi Arabia: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.6.5.3. Saudi Arabia: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.6.6. UAE
- 9.6.6.1. UAE: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.6.6.2. UAE: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.6.6.3. UAE: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.6.7. Egypt
- 9.6.7.1. Egypt: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.6.7.2. Egypt: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.6.7.3. Egypt: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.6.8. South Africa
- 9.6.8.1. South Africa: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.6.8.2. South Africa: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.6.8.3. South Africa: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- 9.6.9. Rest of Middle East & Africa
- 9.6.9.1. Rest of Middle East & Africa: Market Size and Forecast, By Product Type, 2021 – 2033 ($ Million)
- 9.6.9.2. Rest of Middle East & Africa: Market Size and Forecast, By Ingredients, 2021 – 2033 ($ Million)
- 9.6.9.3. Rest of Middle East & Africa: Market Size and Forecast, By Distribution Channel, 2021 – 2033 ($ Million)
- CHAPTER 10. Competitive Landscape
- 10.1. Competitior Benchmarking 2023
- 10.2. Market Share Analysis, 2022
- 10.3. Key Developments Analysis By Top 5 Companies
- 10.4. Market Share Acquisition Strategies: Analysis of Key Approaches Employed by Top Players
- CHAPTER 11. Company Profiles
- 11.1. NESTLE
- 11.1.1. Business Overview
- 11.1.2. Financial Analysis
- 11.1.2.1. Business Segment Revenue, 2022, $ Million
- 11.1.2.2. Geographic Revenue Mix, 2022 (% Share)
- 11.1.3. Product Portfolio
- 11.1.4. Recent Development and Strategies Adopted
- 11.1.5. SWOT Analysis
- 11.2. Danone
- 11.2.1. Business Overview
- 11.2.2. Financial Analysis
- 11.2.2.1. Business Segment Revenue, 2022, $ Million
- 11.2.2.2. Geographic Revenue Mix, 2022 (% Share)
- 11.2.3. Product Portfolio
- 11.2.4. Recent Development and Strategies Adopted
- 11.2.5. SWOT Analysis
- 11.3. Mead Johnson (acquired by Reckitt Benckiser Group plc)
- 11.3.1. Business Overview
- 11.3.2. Financial Analysis
- 11.3.2.1. Business Segment Revenue, 2022, $ Million
- 11.3.3. Product Portfolio
- 11.3.4. Recent Development and Strategies Adopted
- 11.3.5. SWOT Analysis
- 11.4. Abbott
- 11.4.1. Business Overview
- 11.4.2. Financial Analysis
- 11.4.2.1. Business Segment Revenue, 2022, $ Million
- 11.4.2.2. Geographic Revenue Mix, 2022 (% Share)
- 11.4.3. Product Portfolio
- 11.4.4. Recent Development and Strategies Adopted
- 11.4.5. SWOT Analysis
- 11.5. FrieslandCampina
- 11.5.1. Business Overview
- 11.5.2. Financial Analysis
- 11.5.2.1. Business Segment Revenue, 2022, $ Million
- 11.5.2.2. Geographic Revenue Mix, 2022 (% Share)
- 11.5.3. Product Portfolio
- 11.5.4. Recent Development and Strategies Adopted
- 11.5.5. SWOT Analysis
- 11.6. The Hain Celestial Group, Inc
- 11.6.1. Business Overview
- 11.6.2. Financial Analysis
- 11.6.2.1. Business Segment Revenue, 2022, $ Million
- 11.6.3. Product Portfolio
- 11.6.4. Recent Development and Strategies Adopted
- 11.7. Arla Foods
- 11.7.1. Business Overview
- 11.7.2. Financial Analysis
- 11.7.2.1. Geographic Revenue Mix, 2022 (% Share)
- 11.7.3. Product Portfolio
- 11.7.4. Recent Development and Strategies Adopted
- 11.8. DANA DAIRY GROUP
- 11.8.1. Business Overview
- 11.8.2. Product Portfolio
- 11.9. THE KRAFT HEINZ COMPANY
- 11.9.1. Business Overview
- 11.9.2. Financial Analysis
- 11.9.2.1. Business Segment Revenue, 2022, $ Million
- 11.9.2.2. Geographic Revenue Mix, 2022 (% Share)
- 11.9.3. Product Portfolio
- 11.9.4. Recent Development and Strategies Adopted
- 11.10. Bellamy’s Organic
- 11.10.1. Business Overview
- 11.10.2. Product Portfolio
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