Infant Formula Market Performance and Strategic Outlook Review 2024 - 2031 | Luxottica Group SpA, Essilor International S.A

Market Overview:

Global infant formula market is estimated to be valued at USD 81.42 Bn in 2024 and is expected to reach USD 161.51 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.3% from 2024 to 2031.

Market Dynamics:

The infant formula market is expected to witness significant growth over the forecast period owing to two key drivers. Firstly, the rising number of working women worldwide is leading to increased demand for infant formula as they are unable to breastfeed. Additionally, growing awareness about the complete nutritional profile of formula milk as compared to homemade alternatives is driving parents to prefer these products. Secondly, major players are focusing on new product launches catering to specific age groups and nutritional needs. They are also investing in promotional activities to expand consumer base in developing nations. For example, Abbott launched Similac® Total ComfortTM in 2019 containing prebiotics and probiotics to support digestive and immune health in infants.

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The Increasing Demand due to Growing Middle-Class Population as a major Driver for the Infant Formula Market

With increasing per capita income and changing lifestyles, more number of households are entering the middle-class category especially in developing regions of Asia and Latin America. This rapidly growing middle-class population can now afford infant formula products over traditional breastfeeding methods. As per statistics, around 60% of infants in China and over 30% of infants in India are currently being fed by formula milk. The purchasing power and priority towards enhanced nutrition is driving the demand significantly. The trend is expected to accelerate further during the forecast period with rising disposable incomes even in rural households.

Opportunity for Specialized and Therapeutic Formulas

While regular infant formula dominates overall sales, segments like specialty, organic and therapeutic formulas present lucrative opportunities. Factors like rising prevalence of lactose intolerance, allergies, gut disorders and other medical conditions among infants are driving demand. Specialty formulas targeting these specific requirements and customized for various stages and age groups allow manufacturers to tap into attractive premiumized market niches. The growing health and wellness trend is raising awareness about specialized nutrition as well over generic products. Major brands are actively developing R&D capabilities and expansive product portfolios in these high growth segments.

Transition towards Plant-based and Clean Label Formulas

With increasing focus on sustainability and clean labels, the market is witnessing a gradual shift towards plant-based and organic infant formulas. Ingredients like soy, potato and rice are gaining prominence as alternatives for cows' milk protein. Consumers are also favoring formulas with minimal processing and fewer synthetic additives. Leading brands are actively investing in relevant product developments, leveraging premium natural positioning to attract health-conscious customers. Regulators too are promoting the application of alternatives through certification programs. The trend reflects growing flexitarianism and is expected to accelerate the 'free-from' and vegan baby food categories in future.

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Top Companies Featured in This Report:

• Luxottica Group SpA
• Essilor International S.A
• Carl Zeiss AG
• Hoya Corporation (Life Care)
• Johnson & Johnson Vision Care Inc.
• Cooper Companies Inc.
• Fielmann AG.
• Safilo Group Spa
• Marcolin S.p.A.
• De Rigo S.p.A.

Market Segmentation:

By Product Type:

• By Product Type: Spectacles, Plano Sunglasses, Contact Lenses, Sportswear, and Eye Care
• By Price Range: Premium, Mid, and Low
• By Distribution Channel: E-commerce/Online, Company Outlets/Franchises, Hospitals, Clinics, and Multi-brand Stores

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Trends in Navigation Keyword Market:

Increasing Demand: Notice a surge in demand for navigation keywords due to the widespread adoption of GPS-enabled devices and the need for precise mapping data.

Technological Innovations: Witness innovative breakthroughs enhancing the accuracy and reliability of navigation keywords, such as real-time traffic updates, 3D mapping, and augmented reality.

Tailored Solutions: Explore industry-specific navigation keyword solutions designed to meet the unique needs of automotive, aviation, and maritime sectors.

Integration with Advanced Technologies: Embrace the integration of navigation keywords with cutting-edge technologies like artificial intelligence and the Internet of Things, unlocking advanced functionalities.

Mobile Applications: Embrace the convenience and accessibility of navigation keywords through mobile applications, catering to the evolving needs of consumers.

Environmental Sustainability: Embrace environmentally conscious navigation keyword solutions that address issues like traffic congestion and air quality, promoting sustainable transportation options.

Report Highlights:

📈 Examination of navigation keyword market share at both country and regional levels

📈 Thorough analysis of the competitive landscape and emerging trends

📈 Detailed review of product advancements, technological developments, drivers, and limitations

📈 Strategic recommendations tailored for key business segments based on market insights

📈 Valuable guidance for newcomers venturing into the navigation keyword market

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Author Bio:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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