Infant Formula Market Outlook from 2024 to 2034

The global infant formula sales are projected to have substantial growth, increasing from USD 50,126 million in 2024 to USD 1,15,326 million by 2034. The market is expected to surge at a CAGR of 8.7% during the forecast period.

Attributes Key Insights
Estimated Global Infant Formula Market Size (2024E) USD 50,126 million
Projected Infant Formula Market Value (2034F) USD 1,15,326 million
Value-based CAGR (2024 to 2034) 8.7%

In the United States, three major manufacturers that control more than 90 % of the market dominate the infant formula market. The consolidation of these companies raised concerns about a deficit in the industry. In 2021 there was a lack of infant formula. The situation got even worse when Abbott Nutrition recalled several products in mid-February 2022.

The reason for the recall was the discovery of potentially dangerous bacteria in its factory. During the investigation of the plant, FDA inspectors discovered unsanitary conditions and violations of food safety laws.

The facility has also been implicated in an outbreak of the bacterium Cronobacter sakazakii linked to baby formula.Several newborns became ill from the epidemic and two died. However, no genetic link was found between the bacteria found in the facility and the breast milk consumed by sick babies.

In February 2021, a whistleblower notified the FDA of suspected safety violations at the plant, but the information was delayed in reaching FDA administrators. The whistleblower's report raised concerns about improper cleaning techniques and alleged that workers fabricated the documents.

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2019 to 2023 Global Infant Formula Market Growth Outlook Vs. 2024 to 2034

Historical CAGR (2019 to 2023) 6.5%
Forecast CAGR (2024 to 2034) 8.7%

The infant formula market grew at a substantial CAGR of 6.5% from 2019 to 2023. It is estimated to be valued at USD 50,126 million in 2024. From 2019 to 2023, commercial infant formula products emerged as convenient alternatives to homemade ones, primarily based on cow's milk and fortified with vitamins & minerals.

The infant formula market offers diversified infant formula-based products with different, altered, innovative formulations and high nutrition to cater to infants' specific needs. Infant formula is offering hydrolyzed animal protein for allergies, prebiotics, probiotics, and essential fatty acids for infant health & development.

The infant formula market is further driven by increasing consumer acceptance, awareness, and demand for nutritional and specialized infant formula options. Rising preterm infant births are pushing parents toward infant formula due to insufficient nutrient intake from breast milk alone.

Governments is promoting the use of organic products to boost market expansion. The growing preference for organic products is expected to lead to more acceptance of organically claimed infant formulas as health trends evolve. The increasing number of working females are inclined to infant formulas due to their convenience and ability to be administered anywhere, satisfying the needs of their babies.

Multinational companies has dominated the infant formula sales. These companies targeted emerging economies in Asia Pacific, Latin America, and Africa due to rising disposable income, urbanization, and changing lifestyles.

The infant formula market is growing due to continuous research and development of new products, renewed innovations and improvements of existing products. Regional markets of leading companies are growing due to endorsements and awareness campaigns for consumer products, increasing sales of baby formula.

Key Infant Formula Market Trends

Increasing birth rates in developing countries are set to lead to rising demand for infant formula as baby food for newborns. Campaigns organized by manufacturers and government agencies to increase awareness regarding the necessity of infant food for growth & development are anticipated to augment demand.

Rising premature birth rates of babies, which cause mother's milk alone not to be sufficient to provide all the essential nutrients to the newborn baby, are driving demand for infant formula. Infant formula manufacturers are constantly innovating to create products that closely mimic breast milk. They are incorporating prebiotics, probiotics, and omega-3 fatty acids to enhance the nutritional benefits of their products.

E-commerce is considerably impacting the salse of infant formula products. It is offering convenience and a wide selection, attracting a growing number of consumers who prefer online purchases. The global infant formula market is anticipated to benefit from the growing number of parents adopting babies.

Nandini Roy Choudhury
Nandini Roy Choudhury

Principal Consultant

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Country-wise Insights

The table below shows the predicted growth rates of the leading countries. India, Japan, and the United States are anticipated to record high CAGRs of 7.1%, 7.9%, and 6.7%, respectively, through 2034.

Countries CAGR (2024 to 2034)
United States 6.7%
United Kingdom 6.3%
China 5.2%
India 7.1%
Japan 7.9%

Rising Health-conscious Consumers in the United States to Surge Sales

The United States is expected to exhibit a CAGR of 6.7% through 2034. Infant formulas are available in several offline retail chains in the United States such as Kroger's Co. and Walmart's, fueling customer base.

The United States infant formula market is highly competitive, with key brands like Enfamil, Similac, and Gerber Good Start dominating. Brand loyalty and consumer trust significantly influence brand preference and market share in the United States.

Demand for Infant Formulas with Improved Formulations Uplift the United Kingdom

The United Kingdom is set to grow at a CAGR of 6.3% during the forecast period, showing significant future growth for infant formula. The popularity of infant formulas, which has claims such as No Artificial Sweeteners and Flavors, are driving the market's growth in the United Kingdom. Companies such as Hipp Organics are offering products which has recyclable packaging made from sustainable paper and plant-based inks are playing important as well.

Growing Population and Awareness among Consumers to Surge Demand in China

Healthcare professionals, including pediatricians, nurses, and lactation consultants, provide crucial advice on infant feeding practices. These influence consumer behavior in the infant formula market.

China's infant formula market is influenced by nutritional value, brand reputation, price sensitivity, and safety concerns. Trends like organic & natural formulations, clean labeling, and increased demand for hypoallergenic formulas are gaining prominence.

Consumer Preference for Organic Infant Formula Grows in Japan

Japan's technological advancements are expected to influence the market, with researchers studying breastmilk minutely to replicate its properties. They are focusing on the ultimate goal of creating infant formulas that closely resemble breastmilk.

Japan's economy is boosting health-consciousness, driving the baby care product industry. It allows infant formula manufacturers to capitalize on this potential.

Category-wise Insights

The table section offers detailed insights into key segments in the global infant formula industry. The information will help companies maximize profits by investing in popular products and using preferred distribution channels.

Segment Market Share (2024)
Starting Milk (Product Type) 48.0%
Powder (Product Form) 65.0%
Store-based Retail (Distribution Channel) 72.0%

Starting Milk to Gain Traction over the Projection Period

In the infant formula market, starting milk formula is the most prevalent product type. It will likely contribute to a market share of 48.0% in 2024. The starting milk formula is suitable for infants below six months of age and fed with a bottle. It adds more nutrition to breast milk. The starting milk formula with breast milk gives all essential nutrition for growth and development in infants' early stages.

Infant Formula Consumption Remains High in Powder Form

Infant formula in powdered form is commonly consumed due to its ease of storage and convenience. The powdered-form infant formula can be prepared by mixing it with water or milk.

The process of freeze-drying is required to make this powdered form, which retains all the nutrition intact in the product. It also has the least cost compared to other infant formulas.

The powder form further allows parents to control and measure an accurate amount of infant formula without any mistakes for every feeding. This makes it the most preferred choice for parents.

Store-based Retail Segment Leads Worldwide

Store-based retail is a popular distribution channel for infant formula due to its ability to attract impulsive purchases, thereby raising awareness and boosting sales. These stores provide quick and easy access for time-pressed consumers.

The distribution channel creates a favorable setting for infant formula-based product promotion. Their dominance in the face of growing urbanization and hectic lives further solidifies their role in the market.

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Competitive Landscape

With research and development of new products, manufacturers are diversifying their product portfolio, such as the use of innovative ingredients with multiple claims to attract consumers. Leading companies in the market focus on different marketing strategies, such as awareness campaigns in rural areas to educate consumers.

Manufacturers are directed toward partnerships, mergers, acquisitions, and collaborations with companies or organizations to expand their market reach. Innovation and development in processes and products attract new investors, further leading to market growth.

Product Launches and Key Developments

  • In 2023, Danone Early Life Nutrition introduced a new infant formula containing milk droplets that closely mimic the structure found in mother's milk in China.
  • In 2023, Gerber, a subsidiary of Nestle and the frontrunner in early childhood nutrition, received clean-label certifications from a renowned non-profit clean-label project.
  • In 2023, Bobbie, a maker of clean-label infant formula, acquired Nature's One, an Ohio-based pediatric nutrition company.

Competitive Landscape of Emerging Market Players

Piccolo, a United Kingdom-based start-up, produces organic baby food from sustainably sourced ingredients. Their products include an alternative for breastmilk for infants from birth to 7 months and a weaning diet for 6 to 12 months infant.

The Pure Goat Company is creating a non-bovine milk formula using full cream goat milk, containing iron, vitamins, organic galactooligosaccharides, zinc, and omega-3, without additives like vegetable oils, or fish oils, maltodextrin, as an alternative to breast milk.

Australia-based start-up, Sprout Organic produces certified organic plant-based infant formula, containing key nutrients for infant from birth to 12 months. This sustainable child nutritional formula supports strong and healthy growth.

Key Companies Profiled

  • Nestle
  • Abbott Nutrition
  • Groupe Danone
  • The Kraft Heinz Company
  • Synutra International Inc.
  • Mead Johnson Nutrition
  • Beingmate Baby & Child Food Co. Ltd.
  • Meiji Holdings Co. Ltd.
  • Friesland Campina
  • Pfizer Inc.

Key Coverage in Global Infant Formula Market Research Report

  • Adjacent Study on Global Infant Formula Market, Infant Formula Packaging Market, and A2 Infant Formula Market
  • Infant Formula Market Share, Drivers, Trends, & Opportunities
  • Market Overview of Infant Formula-based Products
  • Emerging Trends in Infant Formula Consumption
  • Key Opportunities for Infant Formula Companies in Infant Formula Ingredient Market

Infant Formula Market Segmentation by Category

By Product Type:

  • Starting Milk
  • Follow-on-milk
  • Toddler Milk
  • Special Milk

By Ingredient Type:

  • Whey Protein Concentrate
  • Soy Protein Concentrate
  • Protein Hydrolysate

By Product Form:

  • Powder
  • Liquid
  • Ready-to-feed

By Distribution Channels:

  • Store-based Retail
  • Supermarket/Hypermarket
  • Specialty Store
  • Pharmacies
  • Online Retail

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

Frequently Asked Questions

How big is the infant formula market?

In 2024, the market is expected to reach USD 50,126 million.

Which is the leading country in the infant formula landscape?

China is expected to hold a share of 43.6% in 2024.

What is the expected valuation of the market by 2034?

By 2034, the market is expected to reach USD 1,15,326 million.

Who are the biggest producers of baby formula?

Nestle, Abbot Nutrition, Danone, and Synutra International Inc. are the key players.

What are the key trends in the market?

Iron-fortified baby formula and government campaigns are two of the key trends in the market.

Table of Content
	1. Executive Summary
	2. Market Overview
	3. Market Dynamics
	4. Value Chain Analysis
	5. Global Market - Pricing Analysis
	6. Global Market Size in Value (USD billion) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034
	7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type
		7.1. Starting Milk
		7.2. Follow-on-milk
		7.3. Toddlers Milk
		7.4. Special Milk
	8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Ingredient Type
		8.1. Whey Protein Concentrates
		8.2. Soy Protein Concentrate
		8.3. Protein Hydrolysates
	9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Form
		9.1. Powder
		9.2. Liquid
		9.3. Ready-to-feed
	10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Distribution Channel
		10.1. Store-based Retail
			10.1.1. Supermarket/Hypermarket
			10.1.2. Specialty Store
			10.1.3. Pharmacies
		10.2. Online Retail
	11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
		11.1. North America
		11.2. Latin America
		11.3. Europe
		11.4. East Asia
		11.5. South Asia
		11.6. Oceania
		11.7. Middle East and Africa
	12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
	13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
	14. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
	15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
	16. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
	17. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034
	18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
	19. Country-level Market Analysis, 2024
	20. Market Structure Analysis
	21. Competition Analysis
		21.1. Nestle
		21.2. Abbott Nutrition
		21.3. Groupe Danone
		21.4. The Kraft Heinz Company
		21.5. Synutra International Inc.
		21.6. Mead Johnson Nutrition
		21.7. Beingmate Baby & Child Food Co. Ltd
		21.8. Meiji Holdings Co. Ltd.
		21.9. Friesland Campina
		21.10. Pfizer Inc.
		21.11. Others (on additional request)
	22. Assumptions and Acronyms
	23. Research Methodology
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