Breast Milk Substitutes Market Demand And Growth Analysis 2023

According to Precision Business Insights (PBI), the latest report, the global breast milk substitutes market is estimated to be valued at USD 74,376.3 million in 2022 and is poised to grow at a significant CAGR of 10.1% over 2023-2029. Growing medical complications in women, such as herpes simplex virus and HIV, contribute to breastfeeding restrictions. Furthermore, women on some medications, such as anti-epileptic drugs, sedatives, psychotherapy drugs, opioids, iodophors, and radioactive iodine, among others, are unable to breastfeed their children. This will increase market demand for products. Furthermore, children with typical galactosemia, and maple syrup urine disorders require extra nourishment, and specialized formula milk will help the sector flourish.

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The Retail Stores Segment is Dominating the Breast Milk Substitutes Market:
Based on the distribution channel, the global breast milk substitutes are segmented into Pharmacies, Retail Stores. The retail store's segment is expected to account for a larger revenue share. The market is expected to grow at a double-digit growth rate over the forecast years owing to retail solid store expansion in developing nations and increased distribution methods will boost industry income. The high availability and accessibility of breast milk substitutes in retail stores provide convenience and product choice, propelling sector demand. The availability of reasonably priced items will boost customer preference and provide market expansion chances.

The global breast milk substitutes market is segmented by Substitute type, by formula type, by distribution channels and geography:
By Substitute Type
• Milk-based Formula
• Soy-based Formula
• Hypoallergenic Formula
• Others

By Formula Type
• Powdered
• Concentrated Liquid
• Ready-to-use

By Distribution Channels
• Pharmacies
• Retail stores
• Others

By Geography
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa (MEA)

Asia Pacific Leads Breast Milk Substitutes Market:
Asia Pacific region is predicted to hold the largest revenue share of the global market for breast milk substitutes in 2022 due to lax regulations on breast milk substitutes, low rates of breastfeeding, and government initiatives to lower infant mortality. North America is most likely to be the second-largest market. The two main causes are the creation of new formula-based goods and an increase in urbanisation. The Middle East and Africa are forecast to make major advancements during the anticipated time frame, while the Latin American region will experience quick growth over the evaluation period.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global breast milk substitutes market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region.

Key player's profiles in the breast milk substitutes market report are Vitagermine SAS, Fonterra Co-operative Group, The Kraft Heinz Company, Reckitt Benckiser Group, Abbott Nutrition, FrieslandCampina, Danone Nutricia, Hyproca, Nestle, Mead Johnson.

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This release was published on openPR.