Infant Formula - Market Insights, Competitive Landscape, and Market Forecast - 2030

Infant Formula Market By Product Type (Infant Milk, Follow On Milk, And Others), Distribution Channel (Hypermarkets And Supermarkets, Pharmacy/Medical Stores, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increase in working female population and rising demand for organic baby food
The global Infant Formula Market was valued at USD 69.62 billion in 2023, growing at a CAGR of 7.9% during the forecast period from 2024 to 2030 to reach USD 118.32 billion by 2030. The demand for infant formula is primarily being boosted by the increase in the working female population. Additionally, the rising demand for organic baby food and increasing awareness of the importance of infant care are some of the key factors that are contributing to the growth of the Infant formula market during the forecast period from 2024-2030.

Infant Formula Market Dynamics:

According to data provided by the Office for National Statistics (ONS) 2021, it was estimated that the number of working mothers in the United Kingdom had grown substantially over the last two decades. From April to June 2021, three in four mothers (75.6%) were working, reaching its highest level in the equivalent quarter over the last 20 years, up from 66.5% in 2002. Additionally, working mothers often have limited time for breastfeeding due to work commitments. Infant formula provides a convenient and time-saving alternative, allowing mothers to ensure their babies receive proper nutrition even when they are not able to breastfeed. Thus the increase in the working female population will result in the positive growth of the Infant Formula market.

Another driver for the Infant Formula market is the rising demand for organic baby food. With an increasing focus on health and wellness, parents are becoming more conscious about the quality of food they provide to their infants. Organic baby formulas are often perceived as healthier options, as they are free from synthetic pesticides, hormones, and genetically modified organisms. Additionally, organic baby food formulas are typically made from organic ingredients, which are believed by some consumers to offer better nutritional value. This perception may drive parents to choose organic formulas over conventional ones. Thus, the rising demand for organic baby food will eventually boost the growth of the Infant Formula market.

However, the concerns regarding food safety and stringent regulations for infant food, are some of the key constraints that may limit the growth of the Infant Formula market.

Infant Formula Market Segment Analysis:

Infant Formula market by Product Type (Infant Milk, Follow on Milk, and Others), Distribution Channel (Hypermarkets and Supermarkets, Pharmacy/Medical Stores,, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the distribution channel segment of the infant formula market, the hypermarkets and supermarkets category is estimated to amass a significant revenue share in the Infant Formula market owing to higher market penetration and availability of a variety of products and brands. Additionally, hypermarkets and supermarkets are widely distributed and easily accessible to consumers. Parents, especially those with infants, appreciate the convenience of being able to purchase infant formula alongside their regular grocery shopping. Further, hypermarkets and supermarkets often carry well-known and trusted infant formula brands. These brands invest heavily in marketing and brand building, creating a sense of trust and reliability among consumers. Parents are more likely to choose formulas from reputable brands available in hypermarkets and supermarkets. Further, these markets frequently engage in promotional activities such as discounts and bundled deals. These promotions tend to attract more consumers, encouraging them to choose hypermarkets and supermarkets over other retail channels.

Therefore, owing to the above-mentioned factors, the hypermarkets and supermarkets category is expected to register significant growth, thereby driving the growth of the overall Infant Formula market during the forecast period.

North America is expected to dominate the overall Infant Formula Market:

North America is expected to account for the highest proportion of the Infant Formula Market in 2023, out of all regions. This is due to the increasing number of working women in the region resulting in increasing demand for baby food. Additionally, high per capita healthcare expenditure, combined with high awareness levels regarding child nutrition among the general population, and rising disposable income, are some of the key factors that are contributing to the growth of the Infant Formula Market in North America.

According to the data provided by the U.S. Department of Labor Blog 2022, it was estimated that females accounted for 46.8% (76.6 million females) of the labor force in the year 2022 in the United States. Thus, the increasing population of working women in the United States will result in the positive growth of the Infant Formula market in the United States, which will eventually propel the Infant Formula market in North America.

Further, various key product launches in the region are other key factors that are influencing the positive growth of the market in North America. For example in March 2022, By Heart launched its groundbreaking infant formula, containing a patented blend of the two most abundant proteins in breast milk as well as organic, grass-fed whole milk.

Therefore, all the aforementioned factors are responsible for driving the overall market for Infant formula in North America during the forecast period.

Infant Formula Market Key Players:

Some of the key market players operating in the Infant Formula market include Abbott Laboratories, Nestle S.A., Arla Foods amba, Perrigo, HiPP, Danone S.A., Reckitt Benckiser, Dana Dairy Group Ltd, Bellamy's Organic, Estrellas Life Sciences Private Limited., Friesland Campina, and Meiji Holdings Co., Ltd, and others.

Recent Developmental Activities in the Infant Formula Market:

• In September 2022, Nestle launched Nutrilearn connect in Hong Kong, an infant formula containing a novel ingredient.
• In July 2022, Danone launched a new baby formula consisting of Dairy and plant blends. The infant baby formula contains 60% of plant protein and 40% of dairy protein in its composition.

Key Takeaways from the Infant Formula Market Report Study

• Market size analysis for current Infant Formula Market size (2023), and market forecast for 6 years (2024-2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global Infant Formula market.
• Various opportunities available for the other competitors in the Infant Formula Market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current Infant Formula market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Infant Formula market growth in the coming future?

Target Audience who can be benefited from this Infant Formula Market Report Study

• Infant Formula product providers
• Research organizations and consulting companies
• Infant Formulas-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Infant Formula
• Various end-users who want to know more about the Infant Formula Market and the latest technological developments in the Infant Formula Market.

Frequently Asked Questions for the Infant Formula Market:

1. What is meant by Infant Formula?

Infant Formula refers to a commercially prepared substitute of human breast milk, designed to provide the essential nutrients required for the healthy growth and development of infants who are not breastfed. The infant formula contains a balanced combination of proteins, fats, carbohydrates, vitamins, and minerals.

2. What is the market for Infant Formula?

The global Infant Formula Market was valued at USD 69.62 billion in 2023, growing at a CAGR of 7.9% during the forecast period from 2024 to 2030 to reach USD 118.32 billion by 2030.

3. What are the drivers for the global Infant Formula market?

The Infant Formula Market is slated to witness prosperity owing to factors such as an increase in the working female population. Additionally, the rising demand for organic baby food and increasing awareness of the importance of infant care are some of the factors that are contributing to the growth of the Infant formula market during the forecast period from 2024-2030.

4. Who are the key players operating in the global Infant Formula market?

Some of the key market players operating in the Infant Formula market include Abbott Laboratories, Nestle S.A., Arla Foods amba, Perrigo, HiPP, Danone S.A., Reckitt Benckiser, Dana Dairy Group Ltd, Bellamy's Organic, Estrellas Life Sciences Private Limited., Friesland Campina, and Meiji Holdings Co., Ltd, and others.

5. Which region has the highest share in the global Infant Formula market?

North America is expected to dominate the overall Infant Formula Market during the forecast period, 2024 to 2030. This can be attributed to the increasing number of working women in the region resulting in increasing demand for baby food. Additionally, high per capita healthcare expenditure, combined with high awareness levels regarding child nutrition among the general population, and rising disposable income, are some of the key factors that are contributing to the growth of the Infant Formula Market in North America.


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