Global Infant Formula Milk Market Highlights over 2020-2029
The global infant formula milk market is anticipated to attain a considerable CAGR during the forecast period, i.e., 2021-2029 owing to the growing number of working mothers worldwide. Moreover, the various advantages of formula milk, such as, convenience of public feeding, giving opportunities for fathers to feed the child, and providing additional nutrients to the baby, are some of the major factors driving the market growth. Manufacturers agree that formula milk cannot replace breast milk, however, it is advised to use formula milk along with breast feeding if the mother is unable to produce enough milk. Various health conditions, such as, tuberculosis, HIV and leukemia, refrain the lactating mother to feed the child and complete dependency on formula milk is required. Furthermore, changing lifestyle, increasing disposable income and shared responsibility of childcare among couples, are estimated to boost the market growth. Extensive R&D activities by the players operating in the market to improve the nutritional value of the formula milk along with stringent check on the formula standards by the government are projected to encourage the market growth.
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The global infant formula milk market is segmented by form, ingredients, type, distribution channel, and by end-users. On the basis of form, the market is segmented into powdered, concentrated and ready-to-feed, out of which, the powdered segment is estimated to garner the maximum share in the market throughout the forecast period, on the back of its easy availability and lower cost. Moreover, it is convenient to use and carry and can be easily stored, making it ideal for travelling. On the basis of end-user, the 00 to 06-month old segment is projected to garner the highest revenue over the forecast period. The tendency among parents to be extra-precautious for the baby’s health in the first six months, and growing prevalence of diseases among mothers, which prevent them from breastfeeding, accounts for the dominance of this segment.
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.
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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.
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
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
Challenges
- High Cost of Infant Formula Products is Anticipated to Restrain the Market Growth
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
