The global infant formula market reached a value of USD 44.0 billion in 2022 and is projected to reach USD 80.89 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7% during the forecast period. The market's revenue growth is primarily driven by factors such as the increasing number of women in the workforce, rising disposable incomes, and the growing preference for formula as an alternative to breastfeeding. Additionally, there is a rising demand for infant formula due to the higher incidence of preterm births and the need for specialized formulas for premature infants.
Concerns surrounding the use of genetically modified organisms (GMOs) and artificial additives in conventional infant formula have led to a significant surge in the demand for organic alternatives within the industry. Manufacturers are responding to this trend by developing advanced organic infant formula options, capitalizing on the increasing consumer awareness of the benefits associated with organic products. Furthermore, as more parents recognize the importance of maintaining a newborn's gut health, there is a growing demand for infant formula that includes probiotics and prebiotics.
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Top Companies Operating in the Global Infant Formula Market Report:
- Nestlé S.A.
- Danone S.A.
- Reckitt Benckiser Group plc (Mead Johnson Company, LLC)
- Abbott Laboratories
- Meiji Co., Ltd.
- FrieslandCampina
- The Kraft Heinz Company
- Beingmate Baby Child Food Co., Ltd.
- Synutra International, Inc.
- Yili Group
Driving Factors of Infant Formula Market
- Increasing global population: The global population, especially in emerging economies, is growing, leading to an increase in the number of infants. This growth in population directly contributes to the demand for infant formula as a substitute for breast milk.
- Rising urbanization and changing lifestyles: Urbanization and changing lifestyles have resulted in an increase in the number of working women and nuclear families. This has led to a higher reliance on infant formula as a convenient and easily accessible alternative to breastfeeding.
- Awareness and acceptance of formula feeding: Increased awareness about infant nutrition and the availability of advanced infant formula products have contributed to a greater acceptance of formula feeding. As a result, more parents are opting for infant formula as a suitable choice for their babies.
- Increase in disposable income: Rising disposable income levels, particularly in developing countries, have enabled consumers to afford premium infant formula products. Parents are willing to spend more on high-quality and nutritionally enhanced infant formula options.
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To assist readers in making profitable business decisions, the report is written with the help of industry analysts, market segmentation, and data collection. In addition to providing a comprehensive database of technological and product advances, the report provides detailed information on growth rates, market values, as well as niche market segments.
The global Infant Formula market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Type Outlook:
- Milk-based
- Soy-based
- Organic
- Others
Distribution Channel Outlook:
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retail
- Others
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