Infant Formula Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Infant Formula Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Infant Formula Market


The infant formula market size was valued at USD 73.83 billion in 2023, and the market is now projected to grow from USD 81.72 billion in 2024 to USD 178.83 billion by 2032, exhibiting a CAGR of 10.28% during the forecast period of 2023-2030.

COVID-19 reversed the market dynamics and repositioned them globally. The infant nutrition sector across the globe has also gone through rather turbulent and constraining production and supply chain through the whole pandemic period. The market audience has evolved to seek a product that caters for the nutrient-rich diet and increased cognizance of the intake of minerals and vitamins towards a strong immune system. As a result, the product demand in the global market has skyrocketed.

The infant formula market share globally has been contributed due to the hectic lifestyles coupled with product innovations. In the last years the market has been positively affected by some factors such as style changes of the consumers, the higher purchasing power and the higher percentage of girls in the workforce. One of the major drawbacks of urbanization is that majority of urban dwellers cannot completely monitor their children’s nutritional needs, thereby making it impossible to help children develop healthy lifestyles. Busyness is also a causing factor that brings moms to exhaustion and distress that finally have a negative influence on the baby’s health in the long term.

Furthermore, there is an increased consumer shift toward clean-label and plant-based products. The fact that global market is booming, stems from a common feature that this niche industry is characterized by continuous innovation with well-known ingredients such as probiotics and so on. Moreover, the consumers of these modern days have shifted their taste towards clean-labeled, plant-based and organic items in the last time.

Comprehensive Analysis of Infant Formula Market

The infant formula market and food & beverage industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the food & beverage industry. These segmentations are methodically segregated by types of distribution channel and type. The distribution channel types include, pharmacy/medical stores, hypermarkets/supermarkets, specialty stores, and others. However, the types are such as follow-on-milk, infant milk, and others.

The Asia Pacific region is conducive to the infant formula market growth, leading to a recall of USD 50.52 billion as one possible reason is the increasing understanding of the added value which can be only produced by infant formula as well as the positive impact of convenience as far as both feeding practices and nutritional maintenance are concerned. Indeed the region has millions of opportunities for industry development and could carry it through by such means as product introduction, increase of market channels, and large scale investment.

The top players in the market play a crucial role in the food & beverage assuring industrial prospectus growth and setting market standards. These players include, Nestle S.A. (Switzerland), Danone S.A. (France), Arla Foods (Denmark), Yili Group (China), Abbott (U.S.), The Kraft Heinz Company (U.S.), Bellamy’s Organic (Australia), Reckitt Benckiser Group PLC (U.K.), Perrigo Company plc (Ireland), and FrieslandCampina (Netherlands) these market players provide a level-playing competitive landscape.

In the spring of 2023 Danone Manifesto Ventures, the corporate venture capital division of the French dairy giant Danone S.A., invested approximately USD 2 million in a particular Israeli biotech startup that focuses on producing human breast milk in a cellular setting called Wilk. In such an investment, we desired to develop cultured breast milk components for infant nutrition/formula by combining cell-based technology.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 10.28% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type, Distribution Channel and Region

Segmentation

By Type

Infant Milk

Follow-On-Milk

Others

By Distribution Channel

Hypermarkets/ Supermarkets

Pharmacy/Medical Stores

Specialty Stores

Others

By Geography

North America (By Type, Distribution Channel, and By Country)

-U.S. (By Distribution Channel)

-Canada (By Distribution Channel)

-Mexico (By Distribution Channel)

Europe (By Type, Distribution Channel, and By Country)

-Germany (By Distribution Channel)

-France (By Distribution Channel)

-Italy (By Distribution Channel)

-Spain (By Distribution Channel)

-U.K. (By Distribution Channel)

-Russia(By Distribution Channel)

-Rest of Europe (By Distribution Channel)

Asia Pacific (By Type, Distribution Channel, and By Country)

-China (By Distribution Channel)

-India (By Distribution Channel)

-Japan (By Distribution Channel)

-Australia (By Distribution Channel)

-South Korea (By Distribution Channel)

-Rest of Asia Pacific (By Distribution Channel)

South America (By Type, Distribution Channels, and By Country)

-Brazil (By Distribution Channel)

-Argentina (By Distribution Channel)

-Rest of South America (By Distribution Channel)

Middle East & Africa (By Type, Distribution Channel, and By Country)

-South Africa (By Distribution Channel)

-Saudi Arabia (By Distribution Channel)

-Rest of the Middle East & Africa (By Distribution Channel)