Infant Formula Market CAGR to Grow at 10.1% 2016 - 2026
Infant formula is basically a food product meant to fulfill nutritional requirements of new-born children aged between zero to twelve months. It is a substitute for breast milk as it contains all the crucial ingredients found in breast milk. Infant formula is purveyed as powders, liquids, and in ready-to-use forms. The market is seeing a proliferation of various kinds of infant formula these days, namely prebiotic infant formula, organic infant formula, soy-based formula, lactose-free formula, and non-genetically modified organisms’ infant formula. Each of them tout different USPs pertaining to nutrients, taste, and quality. Manufacturers are also trying to up sales with competitive pricing and attractive packaging and labelling. All these are decidedly having a positive impact on the market.
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Apart from that, other factors fuelling demand in the global infant formula market is the soaring number of working mothers and the subsequent spending capacity of parents and an ever-increasing birthrate. On account of so many growth drivers, the market is expected to rise at an impressive 10.1% CAGR over the course of the forecast period from 2016 to 2026.
Depending upon the type of products, the global market for infant formula can be classified into special milk formula, starting milk formula, toddler’s milk formula, and follow-on milk formula. Of them, the segment of starting milk formula accounts for a leading share in the market vis-à-vis value. In the foreseeable future too, it is predicted to maintain its dominant share in the market. In terms of growth rate, on the other hand, the segment of follow-on milk formula is predicted to outshine all others.
Depending upon the channel of distribution again, the global market for infant formula can be classified into supermarkets, specialty outlets, pharmacist/ chemist/drugstore, online stores, etc. Among them, the segment of pharmacy stores leads the market with maximum share and in the years ahead too, will likely maintain its leading position. When it comes to growth rate, however, the segment of supermarket is expected to surpass all others over the course of the forecast period. The online segment too is fast gaining traction as all major e-tailing bands purvey infant formula.
Geographically, the key segments of the global market for infant formula are North America, Latin America, Eastern Europe, Western Europe, Japan, Asia Pacific excluding Japan (APEJ), and the Middle East and Africa. Of them, the market in APEJ market is projected to grow at the healthy clip in the upcoming years due to growing disposable income of people brought about by economic development and a sizeable population. The Western Europe market is predicted to contribute the most in terms of value to the market.
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Some of the prominent names operating in the global market for infant formula are Nestlé S.A., Abbott Nutrition, Groupe Danone, The Kraft Heinz Company, Mead Johnson Nutrition, Pfizer Inc., Meiji Holdings Co. Ltd, Synutra International, Inc., Beingmate Baby & Child Food Co. Ltd., and FrieslandCampina. The report examines their sales and revenues, product offerings, market share, and growth path in the future.
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