The global baby infant formula market was valued at $25.5 billion in 2021, and is projected to reach $56.6 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.Baby infant formula comprises infant milk, follow-on-milk, specialty baby milk, and growing-up milk designed for the infants’ and toddlers’ consumption. Infant milk contains the necessary nutrients, minerals, and vitamins for normal development of the baby. Physicians recommend infant formula as an alternative to breastmilk, as it can be fed anywhere and at any time, which makes it convenient for working mothers. Many working mothers return to their jobs shortly after giving birth. Thus, infant formula can be fed at convenience and provides a healthy and nutritious alternative.
The baby infant formula market is projected to be fueled by Increase in consumer shift toward clean-label and plant-based products. The baby infant formula market is flourishing globally, with promising prospects for rapid expansion in the industry amid a frenzy of innovation Including essential substances such as probiotics and human milk oligosaccharides. The expansion of organic and clean-labeled newborn nutrition products is anticipated to be supported by the Increased consumer trend away from chemical components and toward all-natural & plant-based ingredients.
The Asia-Pacific baby infant formula market had a major share in 2021 and is projected to grow significantly during the forecast period, owing to the living standards in China, India, South Korea, and other countries. Rise in disposable Income has led to higher spending on infant nutrition. Rapid Increase in female participation in labor force in India, coupled with high infant population, is anticipated to provide opportunities to the infant formula manufacturers, thereby boosting the market growth.
Moreover, in the present scenario, consumers have become more health conscious and prefer minimally processed foods and natural drinks for their babies. Parents are on a constant look out for foods that are healthy for consumption by their children. Thus, baby infant formula free from ingredients such as added sugar, sodium, and preservatives is expected to present new opportunities for manufacturers.
In addition, infant formula serves as an ideal substitute for mother’s milk; however, it lacks antibodies and the complexity of nutrients found in mother’s milk. Moreover, it is less digestible as compared to breast milk and might contain allergens. Thus, development in technology of infant milk production results in the emergence of new products with high density of nutrition that match the nutrient complexity of breast milk, which is expected to provide lucrative opportunities for the growth of the global market.
However, according to the World Bank, more than 80% of the global population resides in the developing countries, while global birth rates have steadily decreased across all regions and economic levels have remained highest over the past 55 years in developing countries. According to the World Bank, in 2021, the global birth rate was 17.873 per 1,000 people, a 1.13% decline from 2020. This decline in the global birth rate is expected to result in sluggish market growth.
The baby infant formula market is segmented on the basis of type, ingredient, distribution channel, and region. By type, the market is classified into infant milk, follow on milk, specialty baby milk, and growing up milk. By ingredient, the market is divided into carbohydrate, fat, protein, minerals, and vitamins. By distribution channel, the market is categorized into online and offline. The offline segment is further segregated into hypermarkets & supermarkets, pharmacy/medical store, specialty stores, and hard discounter store. Region wise, it is analyzed across North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Italy, Spain, Turkey, Russia, and rest of Europe), Asia-Pacific (China, India, South Korea, Japan, Philippines, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, UAE, and rest of LAMEA).
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the baby infant formula market Include Abbott Laboratories, Arla Foods amba, Campbell Soups, Dana Dairy Group Ltd, Danone, D-Signstore, HiPP GmbH & Co. Vertrieb KG, Reckitt Benckiser (Mead Johnson & Company LLC), The Hain Celestial Group, Inc., The Kraft Heinz Company, Reckitt Benckiser Group plc, Royal FrieslandCampina N.V., bellamy's organic, Nestle S.A., and yili group.
The baby infant formula market is projected to be fueled by Increase in consumer shift toward clean-label and plant-based products. The baby infant formula market is flourishing globally, with promising prospects for rapid expansion in the industry amid a frenzy of innovation Including essential substances such as probiotics and human milk oligosaccharides. The expansion of organic and clean-labeled newborn nutrition products is anticipated to be supported by the Increased consumer trend away from chemical components and toward all-natural & plant-based ingredients.
The Asia-Pacific baby infant formula market had a major share in 2021 and is projected to grow significantly during the forecast period, owing to the living standards in China, India, South Korea, and other countries. Rise in disposable Income has led to higher spending on infant nutrition. Rapid Increase in female participation in labor force in India, coupled with high infant population, is anticipated to provide opportunities to the infant formula manufacturers, thereby boosting the market growth.
Moreover, in the present scenario, consumers have become more health conscious and prefer minimally processed foods and natural drinks for their babies. Parents are on a constant look out for foods that are healthy for consumption by their children. Thus, baby infant formula free from ingredients such as added sugar, sodium, and preservatives is expected to present new opportunities for manufacturers.
In addition, infant formula serves as an ideal substitute for mother’s milk; however, it lacks antibodies and the complexity of nutrients found in mother’s milk. Moreover, it is less digestible as compared to breast milk and might contain allergens. Thus, development in technology of infant milk production results in the emergence of new products with high density of nutrition that match the nutrient complexity of breast milk, which is expected to provide lucrative opportunities for the growth of the global market.
However, according to the World Bank, more than 80% of the global population resides in the developing countries, while global birth rates have steadily decreased across all regions and economic levels have remained highest over the past 55 years in developing countries. According to the World Bank, in 2021, the global birth rate was 17.873 per 1,000 people, a 1.13% decline from 2020. This decline in the global birth rate is expected to result in sluggish market growth.
The baby infant formula market is segmented on the basis of type, ingredient, distribution channel, and region. By type, the market is classified into infant milk, follow on milk, specialty baby milk, and growing up milk. By ingredient, the market is divided into carbohydrate, fat, protein, minerals, and vitamins. By distribution channel, the market is categorized into online and offline. The offline segment is further segregated into hypermarkets & supermarkets, pharmacy/medical store, specialty stores, and hard discounter store. Region wise, it is analyzed across North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Italy, Spain, Turkey, Russia, and rest of Europe), Asia-Pacific (China, India, South Korea, Japan, Philippines, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, UAE, and rest of LAMEA).
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the baby infant formula market Include Abbott Laboratories, Arla Foods amba, Campbell Soups, Dana Dairy Group Ltd, Danone, D-Signstore, HiPP GmbH & Co. Vertrieb KG, Reckitt Benckiser (Mead Johnson & Company LLC), The Hain Celestial Group, Inc., The Kraft Heinz Company, Reckitt Benckiser Group plc, Royal FrieslandCampina N.V., bellamy's organic, Nestle S.A., and yili group.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the baby infant formula market analysis from 2021 to 2031 to identify the prevailing baby infant formula market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the baby infant formula market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global baby infant formula market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Distribution Channel
- Online
- Offline
- Offline Sub type
- Hypermarkets and Supermarkets
- Pharmacy/Medical Store
- Specialty Stores
- Hard Discounter Store
By Type
- Infant milk
- Follow on milk
- Specialty baby milk
- Growing-up milk
By Ingredient
- Carbohydrate
- Fat
- Protein
- Minerals
- Vitamins
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Turkey
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Philippines
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Saudi Arabia
- UAE
- Rest of LAMEA
Key Market Players
- Abbott Laboratories
- Royal FrieslandCampina N.V.
- Campbell Soup Company
- The Hain Celestial Group, Inc.
- Dana Dairy Group
- Reckitt Benckiser Group PLC
- Arla Foods amba
- Nestle S.A.
- Danone S.A.
- The Kraft Heinz Company
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Table of Contents
CHAPTER 1: INTRODUCTION
Chapter 2: EXECUTIVE SUMMARY
Chapter 3: MARKET LANDSCAPE
Chapter 4: BABY INFANT FORMULA MARKET, BY TYPE
Chapter 5: BABY INFANT FORMULA MARKET, BY INGRIDIENT
Chapter 6: BABY INFANT FORMULA MARKET, BY DISTRIBUTION CHANNEL
Chapter 7: BABY INFANT FORMULA MARKET, BY REGION
Chapter 8: COMPANY PROFILE
List Of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Baby Infant Formula Market,' The baby infant formula market was valued at $25.5 billion in 2021, and is estimated to reach $56.6 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.The baby infant formula market size was $25,539.2 million in 2021 and is expected to reach $56,618.5 million by 2031, registering a CAGR of 8.1% from 2022 to 2031.
Baby infant formula comprises infant milk, follow-on-milk, specialty baby milk, and growing-up milk designed for infants’ and toddlers’ consumption. Infant milk contains the necessary nutrients, minerals, and vitamins for normal development of the baby. Physicians recommend infant formula as an alternative to breastmilk, as it can be fed anywhere and at any time, which makes it convenient for working mothers. Many working mothers return to their jobs shortly after giving birth. Thus, infant formula can be fed at convenience and provides a healthy and nutritious alternative.
Key factors driving the growth of the baby infant formula market include high nutritional content of infant formula, increase in number of women participations in labor force, and surge in consumer shift toward clean-label and plant-based products. Owing to the rising incidence of preterm births, the market for baby infant formula is expanding. According to the WHO, more than 15 million infants are born prematurely each year. Specialty formulae have been developed to help meet nutritional requirements and treat certain health issues connected to these babies, such as low birthweight. These formulas contain nutrients including iron, chlorine, iodine, and zinc that are particularly added to help the brain development of premature newborns and increase product consumption.
Moreover, the market for baby infant formula is expected to rise due to a high birth rate in emerging economies. The Population Reference Bureau estimates that by 2050, there can be 9.7 billion people on earth, up from 7.9 billion in 2021. As a result, market expansion is expected during the forecast period. The market also offers growth opportunities to the key players in the market. Potential prospects for the market of infant formula are anticipated to arise from the surge in demand for high-end infant feeding products. For instance, Advanced Lipids, which creates and sells innovative bioactive lipid components, recently introduced two new products to their newborn portfolio of infant formula ingredients. Infant MF is a combination that includes milk fat, whereas Infant Pro offers sn-2 palmitate. New prospects in the infant formula market are anticipated to result from the global expansion of the internet retail sector, which makes it simple to buy goods at convenient prices. Owing to their tight schedules, working women liked online shopping greatly. Therefore, the rise of the online retail sector across emerging economies is anticipated to accelerate market growth during the forecast period.
The baby infant formula market is segmented on the basis of type, ingredient, distribution channel, and region. By type, the market is classified into infant milk, follow on milk, specialty baby milk, and growing up milk. By ingredient, the market is bifurcated into carbohydrate, fat, protein, minerals, and vitamins. By distribution channel, the market is bifurcated into online and offline. The offline segment is further classified into hypermarkets & supermarkets, pharmacy/medical store, specialty stores, and hard discounter store. Region wise, it is analyzed across North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Italy, Spain, Turkey, Russia, and rest of Europe), Asia-Pacific (China, India, South Korea, Japan, Philippines, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, UAE, and rest of LAMEA).
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the baby infant formula market include Abbott Laboratories, Arla Foods amba, Campbell Soups, Dana Dairy Group Ltd, Danone, D-Signstore, HiPP GmbH & Co. Vertrieb KG, Reckitt Benckiser (Mead Johnson & Company LLC), The Hain Celestial Group, Inc., The Kraft Heinz Company, Reckitt Benckiser Group plc, Royal FrieslandCampina N.V., bellamy's organic, Nestle S.A., and yili group.
KEY FINDINGS OF THE STUDY
- By Type, the infant milk segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
- By Ingredient, the carbohydrate segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
- By Distribution Channel, the offline segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
- By Region, the Asia-Pacific region was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
Companies Mentioned
- Abbott Laboratories
- Royal FrieslandCampina N.V.
- Campbell Soup Company
- The Hain Celestial Group, Inc.
- Dana Dairy Group
- Reckitt Benckiser Group PLC
- Arla Foods amba
- Nestle S.A.
- Danone S.A.
- The Kraft Heinz Company
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 387 |
| Published | May 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 25.5 billion |
| Forecasted Market Value ( USD | $ 56.6 billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
