In 2023, the infant formula market is worth US$ 49,720 million. In 2022, the market was worth US$ 45,614 million. Over the projection period of 2023 to 2033, the market is estimated to develop at a strong CAGR of 9%. The market is expected to reach US$ 94,468 million by 2033.
Infants need a range of micronutrients for proper development. These micronutrients are present in human milk naturally. Human milk might not provide all of the necessary nutrients for preterm newborns. Infant formula might be useful in this situation.
A variety of micronutrients are required for an infant’s healthy development. These micronutrients are naturally present in human milk. For premature neonates, human milk might not supply all of the essential nutrients. In this case, infant formula might be helpful.
However, casein and whey sensitivity can occur in some newborns. These newborns can eat soy-protein-rich baby formula. Numerous manufacturers of infant formula are also experimenting with cutting-edge product designs that use elements sourced from plant-based sources.
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FMI anticipates the United States, Germany, the United Kingdom, China, and India to dominate the global market for infant formula between 2023 and 2033. Across these countries, private and public players are taking firm initiatives to encourage adoption of infant formulas for supporting the development of babies.
From 2023 to 2033, the market is likely to encounter particular challenges as well. For instance, in rural parts of developing nations, people still shy away from using infant formulas and rely exclusively on breastfeeding.
Key Takeaways from the Report:
- The global infant formula marketis expected to reach a market valuation of US$ 114.1 billion in 2033.
- A positive CAGR of 5%is likely to accelerate the market from 2023 to 2033.
- The United States is anticipated to account for an 9% share in the global market.
- The United Kingdom is set to hold a 6% share in the global market.
- Powdered infant formulas are poised to dominate sales in the coming years owing to their easy availability and affordability.
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Who is Winning?
The global market for infant formula consists of emerging as well as established players. Irrespective of the size of market participants, all of them are likely to diversify their products in the coming years. Through product diversification, they can expand their global reach and strengthen their respective grasps on the market.
Nestle, Abbott Nutrition, Groupe Danone, The Kraft Heinz Company, Synutra International Inc., Mead Johnson Nutrition, Beingmate Baby & Child Food Co. Ltd, Meiji Holdings Co. Ltd., Friesland Campina, and Pfizer Inc. are the key players in the global infant formula market.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global infant formula market market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the infant formula market based on product type (starting milk, follow-on-milk, toddlers milk, special milk), ingredient (whey protein concentrate, soy protein concentrate, protein hydrolysate), form (liquid, powder, ready-to-eat), and distribution channel (store-based retailing, online retailers) across seven regions.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Global Infant Formula Market by Category
By Product Type:
- Starting Milk
- Follow-On-Milk
- Toddlers Milk
- Special Milk
By Ingredient:
- Whey Protein Concentrate
- Soy Protein Concentrate
- Protein Hydrolysate
By Form:
- Powder
- Liquid
- Ready to Feed
By Distribution Channel:
- Store-based retailing
- Convenience Store
- Hypermarkets/ Supermarkets
- Pharmacy/Medical stores
- Food Specialist
- Other Grocery Retailers
- Online retail
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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