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Infant Formula Market size was over USD 46.72 billion in 2023 and is projected to cross USD 136.55 billion by the end of 2036, growing at more than 8.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of infant formula is estimated at USD 49.93 billion. 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 infant formula 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.
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
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
8.6% |
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Base Year Market Size (2023) |
USD 46.72 billion |
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Forecast Year Market Size (2036) |
USD 136.55 billion |
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Regional Scope |
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The global infant formula 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.
Our in-depth analysis of the global market includes the following segments:
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Form |
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Ingredients |
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Type |
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Distribution Channel |
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End-Users |
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Regionally, the global infant formula market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The infant formula market in the North America industry is set to dominate majority revenue share by 2036, owing to presence of leading companies 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 infant formula market growth in the region.
Author Credits: Parul Atri
Copyright © 2024 Research Nester. All Rights Reserved
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