Description
The Global Infant Formula Milk Powder Market was valued at USD XX Billion in 2023 and is expected to reach USD 70.98 Billion by the end of 2030 with a CAGR of 10.10%, during the forecast period 2024-2030.
Key Takeaways:
- By region, North America dominated the Global Infant Formula Milk Powder Market, during the forecast period.
- By region, Asia Pacific is expected to grow at the highest rate of CAGR in the Global Infant Formula Milk Powder Market, during the forecast period.
- By Type, the protein hydrolysate-based formula segment dominated the Global Infant Formula Milk Powder Market, during the forecast period.
- By Type, the cow’s milk-based formula segment is expected to grow at the highest CAGR in the Global Infant Formula Milk Powder Market, during the forecast period.
- By Application, the 0-6 Months baby (first class) segment dominated the Global Infant Formula Milk Powder Market, during the forecast period.
- By Application, the 06-12 Months Baby (second class) segment is expected to grow at the highest CAGR in the Global Infant Formula Milk Powder Market, during the forecast period.
Infant Formula Milk Powder Market Overview:
The Global Infant Formula Milk Powder Market refers to A prepared food called infant formula milk powder is marketed and intended for use in the feeding of babies and infants less than 12 months. When nursing is not possible, is not sufficient, or the parents have made the decision not to breastfeed, it is usually given as a supplement or replacement for breast milk. With the goal of closely emulating the nutritional profile of breast milk, infant formula milk powder offers the vital elements required for a baby’s healthy growth and development. For parents and other caretakers, infant formula milk powder offers a vital substitute, guaranteeing that babies who are not nursed nonetheless get the nourishment required for normal growth and development.
Infant Formula Milk Powder Market Dynamics:
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Growth Driver:
1. Increasing birth rates in underdeveloped nations
The rising birthrates in underdeveloped nations can grow the Global Infant Formula Milk Powder Market. The high birth rates that persist in many developing nations raise the need for infant formula milk powder, which is a vital nutritional supplement for young children. The need for infant formula rises as more individuals relocate to cities, where nursing may be less practical owing to work and lifestyle restrictions.
2. Increase in the number of women in the workforce
The increasing number of women in the workforce can grow the Global Infant Formula Milk Powder Market. More women are joining and staying in the employment, particularly in emerging nations, which has increased demand for dependable and practical breastfeeding substitutes like infant formula. The demand for formula feeding grows because many moms find it to be a more practical alternative while juggling work and home obligations.
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Restraint:
1. Cultural and Social Aspects
The cultural and social aspects may slowdown the Global Infant Formula Milk Powder Market. The breastfeeding is customary and highly recommended by family, friends, and community members in many cultures. This may restrict the adoption and use of baby formula, especially in areas where customs are strongly embedded. There can be stigma or false information around formula feeding, and some parents might feel under pressure to breastfeed despite difficulties, which would lower the market for baby formula.
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Opportunity:
1. Rising need for smart packaging
The rising need for smart packaging can be the opportunity to boost the Global Infant Formula Milk Powder Market. By introducing solutions for smart packaging that monitor formula usage, freshness, or deliver extra information through QR codes, businesses can gain a competitive advantage and improve the customer experience.
2. Personalized Nutrition
As biotechnology and nutrition research progress, customized infant formula solutions based on microbiome or genetic analysis may be developed, providing individualized nourishment for certain infants.
Infant Formula Milk Powder Market: Segmentation
By Type
- Cow’s Milk Based Formula
- Soy-Based Formula
- Protein Hydrolysate Based Formula
- Specialty Formula
By Application
- 0-6 Months Baby (First Class)
- 6-12 Months Baby (Second Class)
- 12-36 Months Baby (Third Class)
By Packaging Type
- Cans
- Boxes
- Sachets
By Distribution Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- Pharmacies
- Online Retailers
- Others
Infant Formula Milk Powder Market: Regional Insights
North America dominated the Global Infant Formula Milk Powder Market, by region, during the forecast period. The continent of North America holds a dominant position in the worldwide infant formula milk powder market due to its advanced healthcare system, high level of living, stringent regulations, sizeable market, and strong brand presence. Together, these elements support the region’s dominant position in the industry and its potential to hold a sizeable share throughout the anticipated timeframe.
Statista computed the data using information from the Simmons National Consumer Survey (NHCS) and the U.S. Census. In 2020, 8.22 million Americans consumed liquid or powdered infant formula, according to this figure. By 2024, this number is expected to drop to 7.19 million.
Asia Pacific is expected to grow at the highest rate of CAGR in the Global Infant Formula Milk Powder Market, by region, during the forecast period. Rising birth rates, rising disposable incomes, expanding consumer knowledge of newborn nutrition, product innovation, increased distribution channels, and substantial investment from international brands are the main factors driving the Asia-Pacific region’s predicted highest compound annual growth rate (CAGR) in the Global Infant Formula Milk Powder Market. Over the course of the forecast period, these factors combined will create a favorable environment for the rapid growth of the baby formula market in this region.
Infant Formula Milk Powder Market: Key Players
- Mead Johnson
- Nestle
- Danone (Sutton Group)
- Abbott
- FrieslandCampinaHeinz
- Bellamy
- Topfer
- HiPP
- Perrigo
- Arla
- Holle
- Fonterra
- Westland Dairy
- Pinnacle
Infant Formula Milk Powder Market: Recent Developments
- In October 2023, Nestlé introduced the Nido product, an inexpensive and nutrient-dense instant milk powder in Central and West Africa, utilizing a combination of dairy and plant-based ingredients. Nestlé claims that when local soy and dairy milk are combined, the milk powder has important elements including fiber and protein. It is iron-fortified and a source of calcium.
- In July 2022, The new Dairy & Plants Blend baby formula from Danone was introduced to satisfy parents’ needs for feeding options that are both tailored to their baby’s nutritional needs and appropriate for vegetarian, flexitarian, and plant-based diets. This new dairy-and plant-based baby formula mix is the result of Danone’s 50 years of scientific research on breastfeeding and its legacy as a leader in plant-based foods, demonstrated by well-known brands like Silk & Alpro.