The global infant formula market is estimated to reach US$80.76 billion in 2023, growing at a CAGR of 5.80% for the period spanning from 2019 to 2023. The factors such as emerging middle class population, growing birth rate in developing countries, increasing female in the workforce, increasing e-commerce sales, increasing disposable income and accelerating economic growth are expected to drive the market. However, growth of the industry will be challenged by stringent regulations and dominance of infant formula alternatives. A few notable trends include growing awareness regarding baby foods and increasing preference for foreign infant formula brands in China.
The global infant formula market is broadly segmented into four types which are toddler (+12 months), standard (0-6 months), follow-on (6-12 months) and special (premature, allergic) products. Increased preference of infant formula by younger moms and increased females in the workforce resulted into high demand of infant formula.
China is the fastest growing region to the global infant formula market mainly propelled by increasing population in China after withdrawal of one child policy by the Government of China. The growth in Asia Pacific region was mainly attributable to the increased disposable income and rising concerns among the new parents regarding child nutritional requirement. North America and Europe are highly established premium markets that contribute significantly to the global market.
Scope of the report:
• The report provides a comprehensive analysis of the global infant formula market, segmented into toddler (+12 months), standard (0-6 months), follow-on (6-12 months) and special (premature, allergic) products.
• The major regional markets (Asia Pacific, Europe, North America and Latin America) have been analyzed, along with country coverage of China and Australia.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Nestlé S.A. Danone S.A., Abbott Laboratories and Royal FrieslandCampina N.V., Reckitt Benckiser and Kraft Heinz) are also presented in detail.
Key Target Audience:
• Infant Formula Producers
• Raw Material Suppliers
• Consulting Firms
• Investment Banks
• Government Bodies & Regulating Authorities