Baby Specialty Milk Formula Market size was over USD 41.96 Billion in 2023 and is likely to reach USD 78.15 Billion by the end of 2036, growing at around 4.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of baby specialty milk formula is assessed at USD 43.81 Billion. The growth of the market can be attributed primarily to the increasing birth rates worldwide. It was observed that in 2021, approximately 3,650,200 babies were born in the United States, an increase of 1% compared to 2020.
The term specialty milk formula refers to a type of infant milk formula designed to feed babies with health issues. The purpose of infant formula is to feed babies when their mothers are not available to breastfeed. Users are becoming increasingly interested in these infant milk formulas owing to their nutritional benefits and ease of accessibility. Compared to whole milk, baby milk formula has several advantages. Baby specialty milk formula contains high levels of whey protein, iron, Vitamin E, and C, as well as essential minerals and fatty acids. Providing these nutrients to an infant is crucial to their overall development. Moreover, growing health concerns among parents about their children, increased awareness of specialty milk formulas, and decreasing breastfeeding rates are anticipated to fuel baby specialty milk formula market growth in coming years. For instance, approximately 78 million babies are not breastfed within their first hour of life, which increases their risk of death and disease, as well as their likelihood of continuing breastfeeding.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.9% |
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Base Year Market Size (2023) |
USD 41.96 Billion |
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Forecast Year Market Size (2036) |
USD 78.15 Billion |
Age Group {New Born (0-3 months), Infant (3-12 months), Toddler (1-3 years)}
The global baby specialty milk formula market is segmented and analyzed for demand and supply by age group into a newborn (0-3 months), infant (3-12 months), and toddler (1-3 years). Among these segments, the newborn (0-3 months) segment is anticipated to capture the largest market size in the global baby specialty milk formula market owing to an increasing number of newborn babies. According to estimates, there are about 380,000 births per day around the world, or approximately 138 million births per year. Moreover, a breastfeeding difficulty among women with some form of the disease, coupled with increasing awareness of newborn health and care is projected to drive segment growth over the forecast period.
Our in-depth analysis of the global baby specialty milk formula market includes the following segments:
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By Age Group |
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By Distribution Channel |
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Regionally, the global baby specialty milk formula market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2036 backed by the increasing number of working mothers coupled with the rising number of women returning to work after giving birth. It was observed that 1 in 4 mothers return to work in the United States within 10-15 days following childbirth. Moreover, concerns about infant healthcare, increasing income levels, and high women employment rate are factors anticipated to drive baby specialty milk formula market growth in the region during the forecast period.
Author Credits: Parul Atri
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