U.S. Baby Infant Formula Market Is Expected to Reach $6.78 Billion by 2030
In 2020, infant milk accounted for the major market share, and is expected to continue its dominance during the forecast period. CXOs are optimistic about the growth of baby infant formula market in U.S. market, owing to the introduction of organic ingredients in infant products. In addition, hectic lifestyle of people, increase in participation of women in the labor force, and convenience in feeding babies have led to higher consumption of baby infant formula.
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Based on the insights of various CXOs' of leading companies, the market has witnessed increase in launch activities and promotion of baby infant formula in the U.S. In addition, recommendation by physicians to use infant formula for babies up to 12 months as a substitute to breastmilk has changed the perception of people, leading to its high consumption. The brand name, level of nutrition, and safety of ingredients play a vital role in influencing the purchase decisions of consumers for baby infant formula products. Americans have gradually become conscious regarding the ingredients, which go into the making of their baby infant formula products, hence, tend to prefer specific trusted brands that cater to their requirements.
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The U.S baby infant formula market was impacted positively owing to rise in at-home consumption rate during the initial phase of the pandemic.
The development of online platforms such as telemedicine and e-commerce greatly contributed to the high revenue generation of the U.S. baby infant formula market during the lockdown period.
The U.S. baby infant formula market is analyzed across product type, ingredients, and distribution channel. Based on product type, the infant milk segment accounted for around nearly three-fifths of the total market share in 2020, and is anticipated to rule the roost by 2030. The growing-up milk segment would register the fastest CAGR of 9.7% during the forecast period.
Based on ingredients, the carbohydrate segment contributed to nearly three-fifths of the total market revenue in 2020, and is expected to lead the trail by the end of 2030. The vitamins segment, however, would exhibit the fastest CAGR of 14.2% throughout the forecast period.
Based on distribution channel, the hypermarkets segment held nearly one-third of the total market revenue in 2020, and is expected to lead the trail by the end of 2030. The hard discounter stores segment, simultaneously, would exhibit the fastest CAGR of 10.7% throughout the forecast period.
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The key market players analyzed in the U.S. baby infant formula market report include Arla Foods, Bobbie, Campbell Soups Company, Holle Baby Food AG, Dana Dairy Group, Ltd., Danone S.A., D-Signstore, Else Nutrition Holdings, Inc., Hipp GmbH & Co. Vertrieb KG, Nestle S.A., The Hain Celestial Group, Inc., Abbott Laboratories, Kabrita USA, Nature's One, LLC., and Reckitt Benckiser Group Plc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
Key findings of the study
In 2020, the infant milk is segment was the highest contributor to the U.S. baby infant formula market, in terms of value, and is expected to grow at a CAGR of 8.0% from 2021 to 2030.
The carbohydrate segment is generated the highest revenue in 2020, and is likely to grow at a CAGR of 8.4% during the forecast period.
The vitamins segment is anticipated to exhibit the highest CAGR of 14.2% from 2021 to 2030.
The hypermarkets segment garnered the highest revenue in 2020, and is estimated to grow at a CAGR of 7.9% during the forecast period.
The pharmacy/medical store distribution channel acquired prominent U.S baby infant formula market share in 2020, and is likely to grow at the highest CAGR of 9.6%.
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