Global Soy-Based Infant Formula Market Report and Forecast 2023-2028

Global Soy-Based Infant Formula Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global soy-based infant formula market is projected to grow at a CAGR of 3.5% between 2023 and 2028 to reach a value of USD 356 million by 2028. Aided by the increasing demand for lactose-free infant nutrition products and growing awareness about child health, the market is expected to grow significantly by 2028.

Soy-based infant formula is a plant-derived alternative to cow's milk formula and is designed to fully support the nutrition of infants who are not breastfeeding. It contains ample amounts of protein, vitamins, and minerals essential for a baby’s growth and development. This makes soy-based infant formula a vital option for babies with lactose intolerance, galactosemia, or for families preferring plant-based diets.

The rising emphasis on infant health and nutrition is a primary driver for the soy-based infant formula market growth. With increasing awareness about the potential complications associated with lactose intolerance and cow’s milk allergy in infants, there has been a significant shift towards lactose-free, hypoallergenic options. Soy-based infant formula provides a balanced amount of nutrients, including protein, which is essential in the early stages of development, making it a popular choice among health-conscious parents.

Moreover, soy-based infant formulas are often fortified with essential nutrients such as DHA and ARA (types of Omega-3 fatty acids) that are crucial for brain and eye development, further increasing their appeal as a wholesome nutritional solution.

The growing popularity of plant-based diets and the surge in veganism worldwide are contributing to the soy-based infant formula market demand. With the shift towards sustainability and ethical consumption, parents are increasingly seeking vegan and plant-based alternatives in all areas of life, including infant nutrition. This trend aligns well with the soy-based infant formula market, positioning it as a product of choice for vegan families and those looking to reduce their reliance on animal products.

The Asia Pacific region is expected to hold a significant portion of the soy-based infant formula market share due to increasing birth rates and growing awareness about infant health in countries like China and India. In developed regions such as North America and Europe, market growth is driven more by increasing consumer demand for plant-based alternatives and the high prevalence of lactose intolerance among populations.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

• 12-36 Months
• 6-12 Months
• 0-6 Months

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global soy-based infant formula market. Some of the major players explored in the report by Expert Market Research are as follows:

• Abbott Laboratories
• Nestlé SA
• Reckitt Benckiser Group Plc
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.