Infant Formula Market Size

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.