According to the report by Expert Market Research (EMR), the global infant formula market size reached a value of USD 36.19 billion in 2023. Aided by the increasing demand for nutrition-rich infant food and growing applications of infant formula in baby nutrition products, the market is projected to further grow at a CAGR of 8.40% between 2024 and 2032 to reach a value of USD 58.72 billion by 2032.
Infant formula, derived from milk, is a primary source of infant nutrition, commonly used as a supplement or substitute for mother’s milk. The formula provides essential nutrients and plays a pivotal role in supporting growth, cognitive development, and overall infant health. In addition to its nutritional benefits, infant formula possesses excellent solubility, storage longevity, and safety measures, making it a significant ingredient in various infant food products.
The increasing consumer preference for nutrition-rich infant food is one of the key factors driving the global infant formula market growth. With the rising awareness of the health benefits associated with balanced infant nutrition, there has been a significant shift towards formula-based products. Moreover, due to various reasons such as insufficient breast milk production or medical conditions, infant formula has emerged as a reliable alternative, leading to an increase in its demand.
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The expanding applications of infant formula in various baby nutrition products also play a crucial role in propelling the infant formula market expansion. In the food industry, infant formula is used as a primary ingredient in baby cereals and baby food, providing essential nutrients for the growing child. Furthermore, advancements in food technology have resulted in formula modifications to resemble breast milk more closely, which include additions of nutrients like DHA and ARA, boosting the popularity of formula-based products.
Moreover, the increase in the working female population and the rise in disposable income have contributed to the infant formula market development. With more mothers joining the workforce, the convenience of using infant formula becomes an attractive proposition, leading to increased market demand.
In addition, the market is experiencing a surge due to the growing demand for organic and non-GMO infant formulas. Parents increasingly seek high-quality, chemical-free options for their infants, leading to a focus on organic and non-GMO products, thereby boosting the infant formula market demand.
Infant Formula Market Segmentation
The market can be divided based on type, ingredient, distribution channel, and region.
Market Breakup by Type
- Infant Milk
- Follow-on-Milk
- Speciality Baby Milk
- Growing-up Milk
Market Breakup by Ingredient
- Carbohydrate
- Fat
- Protein
- Minerals
- Vitamins
- Others
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Pharmacies/Medical Stores
- Speciality Stores
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of the Infant Formula Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global infant formula companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Nestlé S.A
- Danone S.A
- Arla Foods amba
- Royal FrieslandCampina
- Reckitt Benckiser Group plc.
- Abbott Laboratories
- The Kraft Heinz Company
- Bellamy’s Australia Limited
- Perrigo Company plc
- Synutra International, Inc.
- Others
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