Infant Formula Milk Market Segmentation by Form (Powdered, Concentrated, and Ready-to-Feed); by Ingredients (Cow Milk-Based, Goat Milk-Based, Soy-Based, Hypoallergenic, and Others); by Type (First Infant Formula, Follow-on Formula, Growing-Up Formula, and Specialty Formula); by Distribution Channel {Online, and Offline (Medical Stores, Supermarkets, and Others)}; and by End-User (00 to 06, 06 to 12, and 12 to 24-months Old Infants) - Global Demand Analysis and Opportunity Outlook 2029

Buy Now Report ID: 63 | Published Date: Feb 14, 2023

Market Segmentation

Our in-depth analysis of the global formula milk market includes the following segments:

By Form

  • Powdered
  • Concentrated
  • Ready-to-Feed

By Ingredients

  • Cow milk-based
  • Goat milk-based
  • Soy-based
  • Hypoallergenic
  • Others

By Type

  • First Infant Formula
  • Follow-on Formula
  • Growing-up Formula
  • Specialty Formula

By Distribution Channel

  • Online
  • Offline
    • Medical Stores
    • Supermarkets
    • Others

By End-Users

  • 00 to 06 months old
  • 06 to 12 months old
  • 12 to 24 months old

Global Infant Formula Milk Market
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Global Infant Formula Milk Market Regional Synopsis

Regionally, the global infant formula milk market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

The market in the North America is anticipated to hold the highest share in the market throughout the forecast period, owing to the presence of leading market players in the region. Moreover, increasing number of employed women in the region, is estimated to raise the demand for formula milk, owing to its convenience of use among working mothers. As per the statistics by the World Bank, the total percentage of working women aged 15-64 in North America increased by 1.96% from 2015 to 2019. As of 2019, 68.677% women in the North America were working. Additionally, ising awareness regarding the pros and cons of breastfeeding during certain medical conditions, and efficient pediatric care facilities, are estimated to propel the market growth. 

The market in the Asia Pacific, is estimated to attain highest CAGR during the forecast period, on the back of high infant population in the growing economies, such as, India and China. The growing awareness regarding the right nutrition for the baby is another major factor driving the growth of the market in the region. Moreover, busy lifestyle and increasing number of nuclear families with both the spouses working, is estimate to boost the market growth in the region.

Infant Formula Milk Market

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The global infant formula milk market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.

Growth Drivers


  • Surge in the Total Number of Working Mothers is likely to Boost the Market Growth
  • Rising Cases of Diseases Which Prevent Mothers from Breastfeeding likely to Promote the Market Growth


  • High Cost of Infant Formula Products is Anticipated to Restrain the Market Growth

Infant Formula Milk Market
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Top Featured Companies Dominating the Market

    • Nestle S.A.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Pfizer Inc.
    • Mead Johnson & Company, LLC
    • Danone S.A.
    • Abbott Laboratories
    • Earth’s Best (The Hain Celestial Group, Inc.)
    • Nature’s One, LLC
    • The LittleOak Company Pty Limited
    • Royal FrieslandCampina N.V.
    • Hero Company


In The News


Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Anil Kumar, Ipsheeta Dash

Key Questions Answered in the Report

1) What are the major factors driving the growth of the global infant formula milk market?

Ans: Rising number of employed mothers is one of the major factors driving the market growth.

2) What would be the CAGR of global infant formula milk market over the forecast period?

Ans: The market is anticipated to attain a considerable CAGR over the forecast period, i.e., 2021-2029.

3) What are the challenges affecting the global infant formula milk market growth?

Ans: High cost of formula milk is one of the major factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of global infant formula milk market in future?

Ans: Asia Pacific market is anticipated to provide highest business opportunities on the back of large infant population in the region.

5) Who are the major players dominating the global infant formula milk market?

Ans: The major players in the market are Nestle S.A., Pfizer Inc., Nature’s One, LLC, The LittleOak Company Pty Limited, Royal FrieslandCampina N.V., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the global infant formula milk market?

Ans: The market is segmented by form, ingredient, type, distribution channel, end-user, and by region.

8) Which segment captures the largest market share in form segment in the global infant formula milk market?

Ans: The powdered segment is anticipated to hold largest market share owing to ease of use and availability of the product along with its lower cost.

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