During the forecast period, the infant formula ingredients market is expected to expand at a CAGR of 6.3%. Beginning the forecast period in 2023 with a market value of US$ 42,645 million, it is likely to reach a valuation of US$ 78,818.9 million by 2033.
It is anticipated by the expert analysts at FMI that there is an unprecedented surge in the market size of infant formula ingredients as it is being largely fed to babies for their overall development. Although physicians recommend exclusive breastfeeding for babies under 6 months, infant formula can be used as an alternative.
It is gaining rapid traction in the global forum because it has similar nutrient contents and is being widely adopted by working women with infants. The FMI analysts have revealed that consumer attitudes have changed significantly in recent years due to the growth of the global food business since consumers are now more knowledgeable about the components of food and beverage goods before making a purchase. This is particularly true when it comes to ingredients for infant formula, which mostly consists of components for food preparations meant for infants younger than one year of age.
With parents’ preferences to maintain the necessary levels of nutrition for their newborns, the use of baby formula ingredients has increased. Therefore, it is anticipated that the infant formula ingredient market is likely to have significant growth during the forecast period.
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Key Takeaways:
- The United States holds a significant market share of 18.9% in the infant formula market, highlighting its strong presence and leading position as a major consumer and producer of infant formula products.
- Germany maintains a notable market share of 8.6% in the infant formula market, emphasizing its significant contribution and role in providing high-quality and nutritious infant formula options to meet the needs of infants and their families.
- Japan accounts for 6.9% of the market share in the infant formula industry, showcasing its importance as a key player in the market and its commitment to offering reliable and quality infant formula products.
- Australia contributes to the infant formula market with a market share of 3.5%, underscoring the country’s role in providing safe and nutritious infant formula options for the well-being of infants and their development.
- China experiences a compound annual growth rate (CAGR) of 6.3% in the infant formula market, indicating a steady growth trajectory and increasing demand for infant formula products driven by factors such as population growth, urbanization, and rising disposable incomes.
- India demonstrates a robust CAGR of 9.7% in the infant formula market, highlighting the country’s expanding consumer base, growing awareness about infant nutrition, and rising demand for high-quality and nutritious infant formula products.
- The United Kingdom showcases a CAGR of 7.6% in the infant formula market, reflecting its sustained growth and continuous efforts to provide safe and reliable infant formula options, meeting the changing needs and preferences of parents and caregivers.
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Competitive Landscape:
The leading suppliers of infant formula ingredients are found to be engaging in aggressive business practices such as several mergers and acquisitions, capital expansion and strategic alliances. Leading businesses are also bringing their focus to boosting the productivity of their companies through technological innovation and increasing the share of their sector. Manufacturers who are active in the infant formula ingredients market are also constantly working on research and development to create products that meet consumer demands.
The following are the actions taken by some leading companies in the market:
- In February 2018, Arla Foods announced its plans to invest £70 million in the United Kingdom, as a part of its strategy to secure long-term opportunities for its farmers all over Europe.
- In April 2022, Kerry Group acquired Natreon, Inc, a United States-based supplier of branded Ayurvedic botanical ingredients.
Some other leading players in the market are:
- Co-operative Group Limited
- AAK AB
- Royal Friesland Campina N.V.
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Key Segments in the Infant Formula Ingredients Market
By Ingredient Type:
- Fats & Oils
- Minerals
- Proteins
- Vitamins
- Carbohydrates
- Prebiotics
- Others (Probiotics, Nucleotides, and Emulsifiers)
By Source:
- Soy
- Protein hydrolysates
- Cow Milk
- Others (Goat milk and camel milk)
By Application:
- 0 to 6-month-old infants
- 6 to 12-month-old infants
- Infants over 12 months
- Specialty Formula
By Form:
- Powder
- Liquid & semi-liquid
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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