The rising number of mothers participating in workforce across the globe has propelled the adoption of infant formula. In response to the increasing demand for organic baby food, sales of infant formula are set to rise at a robust pace of 10.60% CAGR between 2021 and 2026.
Sales of infant formula increased by 9.9% in 2021 owing to the rise in demand for baby food with clean label ingredients. Increasing penetration of e-commerce platforms have necessitated the rising demand of organic infant formula across the globe.
Key players in infant formula market are focusing on strategic collaboration with online pharmacies and retail stores. Their partnership is often aimed at catering the growing demand. Following the outbreak of COVID-19, while the world witnessed global shutdown, consumers turned to online shopping as safety measure.
Against this backdrop, partnerships with online store dealers is seen as a key market strategy to meet the rising demand, especially in developing regions. Based on aforementioned factors, the infant formula market value is estimated to reach US$ 38.8 Bn in 2021, opines Future Market Insights (FMI).
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Key Takeaways from FMI’s Infant Formula Market Study
- Online stores are anticipated to be the primary distribution channel during the forecast period, followed by pharmacy stores
- In terms of product type, starting milk formula segment is anticipated to account for over 50% of global market share
- Special milk formulas and follow-on milk formulas are estimated to register growth with impressive double-digit CAGR over the next ten years
- France and Germany are anticipated to register, collectively, robust growth backed by the presence of leading players during the forecast period
- China is likely to dominate the global infant formula market backed by the rising demand for organic baby food in the country
- The U.S. will lead the North America infant formula market during the forecast period owing to the rising number of mothers participating in the workforce
- India will emerge as a lucrative market owing to rising cases of malnutrition children under the age of 5 in severe need of additional diet supplement
“Increasing demand for eco-friendly packaging and organic baby food will create a conducive environment for the manufacturing of infant formula, creating lucrative growth opportunities. Emergence of new Chinese group companies are currently challenging the industry giants through innovations and new product launches,” says the FMI analyst.
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Key players operating in infant formula market are focusing on strengthening their foothold in the industry due to increasing competition. Nearly 50-60% of the global market is dominated by Nestle, Danone, The Kraft Heinz Company, Abbott, and Friesland Campina.
However, the market scenario is expected to take a turn with innovations and new launches of infant baby formula by emerging group of Chinese manufacturers. Collaborations with current key players is the prime strategy of these Chinese manufacturers.
Current market players are increasing their research activities to develop new product launches with increased nutritional value to maintain their position in the industry.
For instance, in March 2021, Nestle introduced new range of bio-based lids and scoops made from sugar cane and its by product for a range of its nutrition products for infants and children. Along with this, its new Nestle Nutrition NAN infant formula packed in new eco-friendly packaging material was made available in the global market in January 2021.
In January 2021, Bobbie, the only mom founded and led infant formula company in the U.S. announced the launch of its first organic, European style infant formula that passed the approval of the U.S Food & Drugs Administration (FDA) requirements.
More Insights on the Global Infant Formula Market
In its new offering, Future Market Insights, offers detailed segmentation on global infant formula market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is classified on the basis of product type (starting milk formula, follow-on milk formula, toddlers milk formula, and special milk formula), and distribution channel (specialty outlets, supermarkets, online stores, pharmacy stores, and others) across major regions (North America, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan).