Infant Formula Market Current Status and Future Outlook Report 2024 - 2031 | Kendamil USA, Nestle, USA, Arla Foods

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 witnessing significant growth owing to increasing working women population globally. It has been observed that more number of women are joining workforce which leaves limited time for breastfeeding. Thus, to meet nutritional requirement of infants, consumption of infant formula is increasing. Further, rise in purchasing power along with product innovation in terms of formulation suitable for different age group is also fueling market growth during forecast period. Formulations suitable for newborn babies, infants 6-12 months and toddlers is witnessing high demand from working mothers.

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Infant Formula Market Drivers 2023-2031

Increasing female workforce participation driving the demand for infant formula

The rapid increase in female workforce participation worldwide has significantly increased the demand for infant formula. With more women combining motherhood with their careers, they are unable to exclusively breastfeed and rely on infant formula as a breastmilk substitute. According to the World Bank, the female labor force participation rate has increased from 50% in 1990 to 48% in 2021 globally. This rising trend is expected to continue in the future as well thereby posing as a major growth driver for the infant formula market.

Infant Formula Market Opportunity

Increasing penetration in emerging economies opening new revenue pools

Emerging economies in Asia Pacific and Latin America present vast untapped opportunities for infant formula sales. Traditional breastfeeding practices are gradually shifting to preference for infant formula in these developing nations due to changing lifestyles and rising disposable incomes. Major players are targeting middle-income groups in China, India, Brazil through customized affordable products. Aggressive marketing strategies coupled with expansion of retail distribution networks will help boost market penetration. Multinational companies tapping into high-growth developing countries stands to gain enormously. It provides a tremendous growth avenue for infant formula producers worldwide over the forecast period.

Infant Formula Market Trends

Growing demand for organic and non-GMO infant formula

In light of rising health awareness, parents today seek infant formula made from organic and non-genetically modified ingredients. Manufacturers are launching organic formula lines featuring dairy from grass-fed cows and plant-based alternatives. The ingredients are sourced from trusted suppliers adhering to stringent production standards. Sustainable and clean label positioning resonates well with conscious customers. Big brands are also introducing amino acid-based formulas without major allergens like soy and corn. Such niche but premium offerings command premium pricing. Therefore, the organic and non-GMO segment will likely emerge as one of the key trends propelling the future growth trajectory of the global infant formula industry.

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Top Companies Included in This Report:

• Kendamil USA
• Nestle
• USA
• Arla Foods
• Bobbie
• Dana Dairy Group
• Danone S.A.
• Abbott Nutrition
• Mead Johnson Nutrition
• The Kraft Heinz Company
• Meiji Holdings Co. Ltd.
• Synutra International Inc.
• Pfizer Inc.
• Friesland Campina
• Bubs Organic LLC.
• Perrigo Company plc
• Bellamy's Organic.
• Glanbia plc
• Reckitt Benckiser Group PLC.
• PT Kalbe Farma Tbk

Market Segmentation:

Based on Product Type:

• By Ingredient: Cow's milk based, Soy Based, Hypoallergenic, Others (Lactose free, Goat's milk, etc.)
• By Form: Powder forms, Liquid concentrate forms, Ready-to-feed forms
• By Distribution Channel: Supermarkets and Hypermarkets, Convenience stores, Online, Others (Specialty stores, etc.)

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)

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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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