Soy-Based Infant Formula

Soy-Based Infant Formula

Global Soy-Based Infant Formula Market to Reach US$342.1 Million by 2030

The global market for Soy-Based Infant Formula estimated at US$297.9 Million in the year 2023, is expected to reach US$342.1 Million by 2030, growing at a CAGR of 2.0% over the analysis period 2023-2030. Low-Fat-Soy-Based Infant Formula, one of the segments analyzed in the report, is expected to record a 1.6% CAGR and reach US$197.6 Million by the end of the analysis period. Growth in the Whole-Fat-Soy-Based Infant Formula segment is estimated at 2.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$81.2 Million While China is Forecast to Grow at 4.1% CAGR

The Soy-Based Infant Formula market in the U.S. is estimated at US$81.2 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$66.2 Million by the year 2030 trailing a CAGR of 4.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.5% and 1.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 0.9% CAGR.

Global Soy-Based Infant Formula Market - Key Trends and Drivers Summarized

Soy-based infant formula is a plant-based alternative to cow`s milk formula, designed to cater to infants who are lactose intolerant, allergic to cow`s milk protein, or whose families opt for a vegan or vegetarian lifestyle. This formula is made primarily from soy protein isolate, which is processed to be digestible for infants. It is fortified with nutrients that are essential for infant development, including iron, calcium, vitamins, and fatty acids that mimic those found in breast milk. Given that soy does not naturally contain some critical nutrients needed for early development, such as vitamin B12 and vitamin D, these are added during manufacturing to ensure the formula supports normal growth during the first year of life.

The market for soy-based infant formula has evolved due to dietary restrictions and health concerns over allergens found in traditional dairy-based formulas. In many cases, parents turn to soy formula as a solution when their infant displays signs of dairy intolerance or allergy, or when they are seeking products free from animal-derived ingredients. Moreover, the perception of soy as a healthier alternative has bolstered its popularity among health-conscious parents. However, it`s important to note that soy-based formulas are often scrutinized for their phytoestrogen content, which some studies suggest may influence hormonal balance. Despite this, regulatory agencies like the FDA have deemed soy-based infant formulas safe and nutritionally adequate when used as a sole source of nutrition for infants.

The growth in the soy-based infant formula market is driven by several factors, including advancements in food technology and nutrition science, which have improved the nutritional profile of soy formulas to better match that of human milk. Technological improvements have led to the development of formulas that are enriched with supplemented nutrients such as DHA and ARA, which are vital for brain and eye development, respectively. Additionally, changing consumer behaviors toward plant-based diets have expanded the customer base for soy-based formulas. The increasing prevalence of lactose intolerance and milk allergies among infants has also played a critical role in propelling demand. Furthermore, global demographic trends, such as rising birth rates in certain regions and increasing female participation in the workforce, necessitate convenient feeding options, contributing to the growth of this market. As awareness and acceptance of alternative dietary preferences increase, soy-based infant formulas continue to gain a substantial share of the global infant nutrition market, supported by both consumer demand and ongoing product innovation.

Select Competitors (Total 46 Featured) -

• AAK AB
• Abbott Laboratories – Abbott Nutrition
• Arla Foods amba
• BIMBOSAN AG (HOCHDORF Swiss Nutrition AG)
• Bubs Australia Limited
• Danone S.A.
• Earth`s Best (A Brand of The Hain Celestial Group, Inc)
• Enfamil (A brand of Mead Johnson & Company, LLC.)
• Fonterra Co-operative Group Ltd.
• H-E-B LP
• Hipp GmbH & Co. Vertrieb KG
• Holle Baby Food AG
• Nestlé India Ltd.
• Perrigo Nutritionals
• Wakodo (A brand of Asahi Group Foods, Ltd.);

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