According to Future Market Insights (FMI), the global infant formula market is projected to witness substantial growth, increasing from USD 50,126 million in 2024 to USD 1,15,326 million by 2034. The market is expected to surge at a CAGR of 8.7% during the forecast period.
The infant formula market is experiencing significant growth, driven by factors such as the rising population of working mothers, increased spending on infant health, and the growing demand for organic baby food. In emerging and developing countries, the expanding middle class is reshaping the market by seeking products tailored to the needs of working parents.
A major contributor to the industry’s expansion is heightened parental awareness of the benefits infant formula offers for a baby’s growth and development. Parents are increasingly prioritizing healthier options, emphasizing organic and clean-label ingredients.
Modern infant formulas are fortified with essential nutrients like vitamins, minerals, and probiotics to promote the comprehensive development of vital organs. The availability of various formats, including powdered, ready-to-use, and concentrated liquid formulas, further drives market growth by catering to diverse budgets and preferences.
Key Takeaways from the Report:
- The global infant formula market is expected to reach a valuation of USD 1,15,326 million by 2034.
- The global market is expected to surge at a CAGR of 8.7% over the forecast period.
- The United States is set to rise at a CAGR of 6.7% during the forecast period.
- India is estimated to grow at a CAGR of 7.1% during the forecast period.
- Starting milk formula is the most popular product type, contributing to a market share of 48.0% in 2024.
“The infant formula market is undergoing rapid growth globally, driven by increasing consumer awareness and responsiveness of its potential health benefits and demand for natural & healthier products for adequate physical and mental growth. However, challenges such as stringent regulatory compliances, high manufacturing costs, less awareness, especially in rural areas, and limited availability are set to impact its widespread adoption.” – says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
Nestle, Abbot Nutrition, Danone, Synutra International Inc., Mead Johnson Nutrition, and others are a few leading players in the market. With research and development of new products, manufacturers are diversifying their product portfolio, such as the use of innovative ingredients with multiple claims to attract consumers.
Manufacturers are directing toward partnerships, mergers, acquisitions, and collaborations with companies or organizations. Innovation and development in processes and products attract new investors, further leading to market growth.
For instance,
- In 2023, Danone Early Life Nutrition introduced a new infant formula containing milk droplets that closely mimic the structure found in mother’s milk in China to expand its position in Asia.
Get More Valuable Insights
Future Market Insights (FMI) has released an objective assessment of the global market, presenting past demand data from 2019 to 2023 and projecting forecast statistics for the 2024 to 2034 period.
The study provides compelling insights into the infant formula market segments based on product type (starting milk, follow-on-milk, toddlers milk, special milk), ingredient type (whey protein concentrate, soy protein concentrate, protein hydrolysate), product form (powder, liquid, ready to feed), distribution channel (store-based retail [supermarket/hypermarket, specialty store, pharmacies] and online retail), and region.
Infant Formula Market Segmentation by Category
By Product Type:
- Starting Milk
- Follow-on-milk
- Toddler Milk
- Special Milk
By Ingredient Type:
- Whey Protein Concentrate
- Soy Protein Concentrate
- Protein Hydrolysate
By Product Form:
- Powder
- Liquid
- Ready-to-feed
By Distribution Channels:
- Store-based Retail
- Supermarket/Hypermarket
- Specialty Store
- Pharmacies
- Online Retail
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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