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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| 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.
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.
Principal Consultant
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% |
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.
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.
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.
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.
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% |
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 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 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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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
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.
In 2024, the market is expected to reach USD 50,126 million.
China is expected to hold a share of 43.6% in 2024.
By 2034, the market is expected to reach USD 1,15,326 million.
Nestle, Abbot Nutrition, Danone, and Synutra International Inc. are the key players.
Iron-fortified baby formula and government campaigns are two of the key trends in the market.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market trends by Region
3.5. Forecast Factors - Relevance & Impact
3.6. Regulations and Policies
3.7. Impact of the Crisis (COVID)
4. Value Chain Analysis
4.1. Operating margins at each node of supply chain
4.2. List of Active Market Participants
5. Global Market - Pricing Analysis
5.1. Price Point Assessment by Region
5.1.1. Manufacturer Level Pricing
5.1.2. Distributor Level Pricing
5.2. Price Point Assessment by Source Type
5.3. Price Forecast till 2034
6. Global Market Size in Value (US$ billion) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034
6.1. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis, 2019 to 2023
6.2. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis, 2024 to 2034
6.2.1. Y-o-Y Growth Trend Analysis
6.2.2. Absolute $ Opportunity Analysis
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type
7.1. Introduction / Key Findings
7.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Product Type, 2019 to 2023
7.3. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Product type, 2024 to 2034
7.3.1. Starting Milk
7.3.2. Follow-on-milk
7.3.3. Toddlers Milk
7.3.4. Special Milk
7.4. Market Attractiveness Analysis by Product Type
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Ingredient Type
8.1. Introduction / Key Findings
8.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Ingredient Type, 2019 to 2023
8.3. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Ingredient Type, 2024 to 2034
8.3.1. Whey Protein Concentrates
8.3.2. Soy Protein concentrate
8.3.3. Protein Hydrolysates
8.4. Market Attractiveness Analysis by Ingredient Type
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Form
9.1. Introduction / Key Findings
9.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Product Form, 2019 to 2023
9.3. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Product Form, 2024 to 2034
9.3.1. Powder
9.3.2. Liquid
9.3.3. Ready-to-feed
9.4. Market Attractiveness Analysis by Product Form
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Distribution Channel
10.1. Introduction / Key Findings
10.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Distribution Channel, 2019 to 2023
10.3. Current and Future Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Distribution Channel, 2024 to 2034
10.3.1. Store-based Retail
10.3.1.1. Supermarket/Hypermarket
10.3.1.2. Specialty Store
10.3.1.3. Pharmacies
10.3.2. Online Retail
10.4. Market Attractiveness Analysis by Distribution Channel
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
11.1. Introduction
11.2. Historical Market Size in Value (US$ billion) and Volume (MT) Analysis by Region, 2019 to 2023
11.3. Current Market Size in Value (US$ billion) and Volume (MT) Analysis and Forecast by Region, 2024 to 2034
11.3.1. North America
11.3.2. Latin America
11.3.3. Europe
11.3.4. East Asia
11.3.5. South Asia
11.3.6. Oceania
11.3.7. Middle East and Africa
11.4. Market Attractiveness Analysis by Region
12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
12.1. Introduction
12.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023
12.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034
12.3.1. by Country
12.3.1.1. United States
12.3.1.2. Canada
12.3.2. by Product Type
12.3.3. by Ingredient Type
12.3.4. by Product form
12.3.5. by Distribution Channel
12.4. Market Attractiveness Analysis
12.4.1. by Country
12.4.2. Product Type
12.4.3. by Ingredient Type
12.4.4. by Product form
12.4.5. by Distribution Channel
12.5. Key takeaways
13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
13.1. Introduction
13.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023
13.3. Market Size (US$ billion) and Volume (MT) Forecast by Market Taxonomy, 2024 to 2034
13.3.1. by Country
13.3.1.1. Brazil
13.3.1.2. Mexico
13.3.1.3. Argentina
13.3.1.4. Rest of Latin America
13.3.2. By Product Type
13.3.3. by Ingredient Type
13.3.4. by Product form
13.3.5. by Distribution Channel
13.4. Market Attractiveness Analysis
13.4.1. by Country
13.4.2. By Product Type
13.4.3. by Ingredient Type
13.4.4. by Product form
13.4.5. by Distribution Channel
13.5. Key takeaways
14. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
14.1. Introduction
14.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023
14.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034
14.3.1. by Country
14.3.1.1. Germany
14.3.1.2. United Kingdom
14.3.1.3. France
14.3.1.4. Italy
14.3.1.5. Spain
14.3.1.6. BENELUX
14.3.1.7. Nordic
14.3.1.8. Russia
14.3.1.9. Poland
14.3.1.10. Rest of Europe
14.3.2. By Product Type
14.3.3. by Ingredient Type
14.3.4. by Product form
14.3.5. by Distribution Channel
14.4. Market Attractiveness Analysis
14.4.1. by Country
14.4.2. By Product Type
14.4.3. by Ingredient Type
14.4.4. by Product form
14.4.5. by Distribution Channel
14.5. Key takeaways
15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
15.1. Introduction
15.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023
15.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034
15.3.1. by Country
15.3.1.1. China
15.3.1.2. Japan
15.3.1.3. South Korea
15.3.2. By Product Type
15.3.3. by Ingredient Type
15.3.4. by Product form
15.3.5. by Distribution Channel
15.4. Market Attractiveness Analysis
15.4.1. by Country
15.4.2. By Product Type
15.4.3. by Ingredient Type
15.4.4. by Product form
15.4.5. by Distribution Channel
15.5. Key takeaways
16. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
16.1. Introduction
16.2. Historical Market Size (US$ billion) and Volume (MT) Trend Analysis by Market Taxonomy, 2019 to 2023
16.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034
16.3.1. by Country
16.3.1.1. India
16.3.1.2. Thailand
16.3.1.3. Malaysia
16.3.1.4. Indonesia
16.3.1.5. Vietnam
16.3.1.6. Philippines
16.3.1.7. Singapore
16.3.1.8. Rest of South Asia
16.3.2. By Product Type
16.3.3. by Ingredient Type
16.3.4. by Product form
16.3.5. by Distribution Channel
16.4. Market Attractiveness Analysis
16.4.1. by Country
16.4.2. By Product Type
16.4.3. by Ingredient Type
16.4.4. by Product form
16.4.5. by Distribution Channel
16.5. Key takeaways
17. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034
17.1. Introduction
17.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023
17.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034
17.3.1. by Country
17.3.1.1. Australia
17.3.1.2. New Zealand
17.3.2. By Product Type
17.3.3. by Ingredient Type
17.3.4. by Product form
17.3.5. by Distribution Channel
17.4. Market Attractiveness Analysis
17.4.1. by Country
17.4.2. By Product Type
17.4.3. by Ingredient Type
17.4.4. by Product form
17.4.5. by Distribution Channel
17.5. Key takeaways
18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
18.1. Introduction
18.2. Historical Market Size (US$ billion) and Volume(MT) Trend Analysis by Market Taxonomy, 2019 to 2023
18.3. Market Size (US$ billion) and Volume(MT) Forecast by Market Taxonomy, 2024 to 2034
18.3.1. by Country
18.3.1.1. GCC Countries
18.3.1.2. Turkiye
18.3.1.3. Egypt
18.3.1.4. South Africa
18.3.1.5. Rest of Middle East and Africa
18.3.2. By Product Type
18.3.3. by Ingredient Type
18.3.4. by Product form
18.3.5. by Distribution Channel
18.4. Market Attractiveness Analysis
18.4.1. by Country
18.4.2. By Product Type
18.4.3. by Ingredient Type
18.4.4. by Product form
18.4.5. by Distribution Channel
18.5. Key takeaways
19. Country-level Market Analysis, 2024
19.1. United States Market Analysis
19.1.1. By Product Type
19.1.2. by Ingredient Type
19.1.3. by Product form
19.1.4. by Distribution Channel
19.2. Canada Market Analysis
19.2.1. By Product Type
19.2.2. by Ingredient Type
19.2.3. by Product form
19.2.4. by Distribution Channel
19.3. Brazil Market Analysis
19.3.1. By Product Type
19.3.2. by Ingredient Type
19.3.3. by Product form
19.3.4. by Distribution Channel
19.4. Mexico Market Analysis
19.4.1. By Product Type
19.4.2. by Ingredient Type
19.4.3. by Product form
19.4.4. by Distribution Channel
19.5. Argentina Market Analysis
19.5.1. By Product Type
19.5.2. by Ingredient Type
19.5.3. by Product form
19.5.4. by Distribution Channel
19.6. Germany Market Analysis
19.6.1. By Product Type
19.6.2. by Ingredient Type
19.6.3. by Product form
19.6.4. by Distribution Channel
19.7. United Kingdom Market Analysis
19.7.1. By Product Type
19.7.2. by Ingredient Type
19.7.3. by Product form
19.7.4. by Distribution Channel
19.8. France Market Analysis
19.8.1. By Product Type
19.8.2. by Ingredient Type
19.8.3. by Product form
19.8.4. by Distribution Channel
19.9. Italy Market Analysis
19.9.1. By Product Type
19.9.2. by Ingredient Type
19.9.3. by Product form
19.9.4. by Distribution Channel
19.10. Spain Market Analysis
19.10.1. By Product Type
19.10.2. by Ingredient Type
19.10.3. by Product form
19.10.4. by Distribution Channel
19.11. BENELUX Market Analysis
19.11.1. By Product Type
19.11.2. by Ingredient Type
19.11.3. by Product form
19.11.4. by Distribution Channel
19.12. Nordic Market Analysis
19.12.1. By Product Type
19.12.2. by Ingredient Type
19.12.3. by Product form
19.12.4. by Distribution Channel
19.13. Russia Region Market Analysis
19.13.1. By Product Type
19.13.2. by Ingredient Type
19.13.3. by Product form
19.13.4. by Distribution Channel
19.14. Poland Market Analysis
19.14.1. By Product Type
19.14.2. by Ingredient Type
19.14.3. by Product form
19.14.4. by Distribution Channel
19.15. China Market Analysis
19.15.1. By Product Type
19.15.2. by Ingredient Type
19.15.3. by Product form
19.15.4. by Distribution Channel
19.16. Japan Market Analysis
19.16.1. By Product Type
19.16.2. by Ingredient Type
19.16.3. by Product form
19.16.4. by Distribution Channel
19.17. South Korea Market Analysis
19.17.1. By Product Type
19.17.2. by Ingredient Type
19.17.3. by Product form
19.17.4. by Distribution Channel
19.18. India Market Analysis
19.18.1. By Product Type
19.18.2. by Ingredient Type
19.18.3. by Product form
19.18.4. by Distribution Channel
19.19. Thailand Market Analysis
19.19.1. By Product Type
19.19.2. by Ingredient Type
19.19.3. by Product form
19.19.4. by Distribution Channel
19.20. Malaysia Market Analysis
19.20.1. By Product Type
19.20.2. by Ingredient Type
19.20.3. by Product form
19.20.4. by Distribution Channel
19.21. Indonesia Market Analysis
19.21.1. By Product Type
19.21.2. by Ingredient Type
19.21.3. by Product form
19.21.4. by Distribution Channel
19.22. Vietnam Market Analysis
19.22.1. By Product Type
19.22.2. by Ingredient Type
19.22.3. by Product form
19.22.4. by Distribution Channel
19.23. Philippines Market Analysis
19.23.1. By Product Type
19.23.2. by Ingredient Type
19.23.3. by Product form
19.23.4. by Distribution Channel
19.24. Singapore Market Analysis
19.24.1. By Product Type
19.24.2. by Ingredient Type
19.24.3. by Product form
19.24.4. by Distribution Channel
19.25. Australia Market Analysis
19.25.1. By Product Type
19.25.2. by Ingredient Type
19.25.3. by Product form
19.25.4. by Distribution Channel
19.26. New Zealand Market Analysis
19.26.1. By Product Type
19.26.2. by Ingredient Type
19.26.3. by Product form
19.26.4. by Distribution Channel
19.27. GCC Countries Market Analysis
19.27.1. By Product Type
19.27.2. by Ingredient Type
19.27.3. by Product form
19.27.4. by Distribution Channel
19.28. Turkiye Market Analysis
19.28.1. By Product Type
19.28.2. by Ingredient Type
19.28.3. by Product form
19.28.4. by Distribution Channel
19.29. Egypt Market Analysis
19.29.1. By Product Type
19.29.2. by Ingredient Type
19.29.3. by Product form
19.29.4. by Distribution Channel
19.30. South Africa Market Analysis
19.30.1. By Product Type
19.30.2. by Ingredient Type
19.30.3. by Product form
19.30.4. by Distribution Channel
20. Market Structure Analysis
20.1. Global Market Competition - a Dashboard View
20.2. Industry Structure Analysis
20.2.1. % tier 1 market players
20.2.2. % tier 2 market players
20.2.3. % tier 3 market players
20.3. Global Market Company Share Analysis
20.3.1. For Tier 1 Market Players, 2023
20.3.2. Company Market Share Analysis of Top 5 Players, by Region
20.4. Key Participants Market Presence (Intensity Mapping) by Region
21. Competition Analysis
21.1. Competition Dashboard
21.2. Competition Benchmarking
21.3. Competition Deep Dive
21.3.1. Nestle
21.3.1.1. Source Portfolio
21.3.1.2. Source Claim
21.3.1.3. Revenue by Market Segments (Source/Channel/Region)
21.3.1.4. Sales Footprint
21.3.1.5. Strategy Overview
21.3.1.5.1. Marketing Strategy
21.3.1.5.2. Source Strategy
21.3.1.5.3. Channel Strategy
21.3.1.5.4. SWOT Analysis
21.3.2. Abbott Nutrition
21.3.3. Groupe Danone
21.3.4. The Kraft Heinz Company
21.3.5. Synutra International Inc.
21.3.6. Mead Johnson Nutrition
21.3.7. Beingmate Baby & Child Food Co. Ltd
21.3.8. Meiji Holdings Co. Ltd.
21.3.9. Friesland Campina
21.3.10. Pfizer Inc.
21.3.11. Others (on additional request)
22. Assumptions and Acronyms
23. Research Methodology
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Infant Formula Market
