Infant Formula Market Size, By Product (Standard, Follow-on, Toddler, Specialty), By Distribution Channel (Hypermarket, Supermarket, Convenience Stores, Online), Industry Analysis Report, Regional Outlook, End-user Development Potential, Price Trends, Com

Infant Formula Market Size, By Product (Standard, Follow-on, Toddler, Specialty), By Distribution Channel (Hypermarket, Supermarket, Convenience Stores, Online), Industry Analysis Report, Regional Outlook, End-user Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030

The global infant formula market is slated to expand at a robust rate through 2030, owing to the dramatic increase in premature birth cases. In addition, the challenges related to breastfeeding are also likely to further push market expansion over the forecast timeline.

Recently, mounting integration of innovative technological advancements in the infant formula industry has been beneficial for market growth. For instance, in May 2022, the U.S. Food and Drug Administration (FDA) announced that Bubs Australia Ltd, the Australian baby formula manufacturer, planned to export at least 1.25 million cans of its baby formula to the U.S. to alleviate the product shortage in the country.

Furthermore, the U.S. Department of Health and Human Services invoked the Defense Manufacturing Act to authorize Cargill Inc., a global agriculture commodities trader, to offer raw materials that are required to optimize infant formula production. Infant formula companies depend on Cargill for a variety of goods, and the change was meant to enable them to manufacture at full capacity to address critical marketplace shortages.

To cite another instance, in July 2022, Danone, the Spanish-French food production company, introduced its Dairy & Plants Blend baby formula that caters to parents' preference for feeding alternatives for vegetarian, flexitarian, and plant-based diets while still meeting babies’ nutritional needs. Danone developed this innovative dairy & plant-based baby formula recipe by relying on long-standing scientific breastmilk research as well as its expertise in plant-based foods.

The infant formula market has been divided in terms of product, distribution channel, and region.

Based on product, the industry has been segmented into standard, follow-on, toddler, and specialty. The follow-on segment, which includes infants aged 6-12 months, is expected to register a positive CAGR of over 10.2% to capture a market share of about 28.64% by the end of the review timeline.

With respect to distribution channel, the infant formula market has been fragmented into hypermarket, supermarket, convenience stores, online, and others. The hypermarket segment is anticipated to expand at more than 9.6% CAGR, attaining a market share of above 24.9% by 2030.

Moreover, the others segment is speculated to progress at a considerable CAGR of approximately 9.4% and garner a market share of roughly 6.6% by the end of the evaluated timeframe. Other distribution channels for infant formula include pharmacies, hospitals, discounters, and so forth.

From the regional perspective, the Latin America infant formula market is poised to account for nearly 6.0% market share by 2030, growing at about 9.8% CAGR through the estimated timespan. Owing to their nutritional value and environmental friendliness, infant formula products are observing high demand, which is expected to drive LATAM market expansion.