Global infant formula market had market value of US$64.69B in 2022 and is slated to rise from US$71.83B in 2023 to US$141.7B by 2030, growing at a CAGR of 10.2% during 2023-2030 period: Fortune Business Insights

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December 12, 2023 (press release) –

The global infant formula market size stood at USD 64.69 billion in 2022. The market value is slated to rise from USD 71.83 billion in 2023 to USD 141.70 billion by 2030 at a CAGR of 10.19% during 2023-2030. The expansion can be credited to the growing e-commerce industry. Due to this factor, the sales of plant-based infant formula via online channels have increased.

Fortune Business Insights™ presents this information in its report, titled “Infant Formula Market Size, Share and COVID-19 Impact Analysis, By Type (Infant Milk, Follow-on-Milk, and Others), Distribution Channel (Hypermarkets/ Supermarkets, Pharmacy/ Medical Stores, Specialty Stores, and Others), and Regional Forecast, 2023-2030”                                                        

Disturbances in the Supply Chain Impeded the Market Growth

The market was negatively impacted due to the COVID-19 pandemic owing to supply chain and production constraints. Border closures and lockdowns were announced by the governments of various countries due to a surge in infection rates. In addition, an increase in the inclination of people toward products with high nutrition resulted in surged sales. However, the increased demand and limited production resulted in a supply chain gap, which led to a shortage of baby formula, leading to consumer panic.

Biomilq Announced its Plan to Emphasize Recreation of Breast Milk Outside the Body To Strengthen its Market Position

In May 2023, Biomilq, a North Carolina-based startup, unveiled its plan to focus on the recreation of breast milk outside the body. This innovation has the potential to change the way infant nutrition is understood in America.

Market Value to Grow Owing to New Product Innovations Coupled With Busy Lifestyles of People

Infant formula market growth is driven by the growing hectic lifestyles of people. Due to busy lifestyles, people lag in caring for their babies, which causes an adverse impact on the baby’s health in the long term. Thus, parents get attracted by infant formula’s convenience to cater to their baby’s nutritional needs.

Another factor driving the market expansion is the rising investment by major market players in R&D for product innovations. Citing an instance, in October 2022, Abbott Laboratories, an American manufacturer of nutrition food, announced an investment of USD 500 million for building a new plant for the manufacturing of toddler and baby formula in the U.S.

Despite such growth opportunities, the strict regulations associated with new infant formulas may impede the market growth.

Leading Players Focus on Investment Strategies to Expand Their Market Hold

Major market players are focusing on investment strategies to capture the largest market share. Several companies are also deploying joint ventures, mergers and acquisitions, and collaborations to retain their industry footing. Product innovation strategies are also being implemented by leading players to enhance their industry position.

Key Players

  • Nestle S.A. (Switzerland)
  • Danone S.A. (France)
  • Arla Foods (Denmark)
  • Yili Group (China)
  • Abbott (U.S.)
  • The Kraft Heinz Company (U.S.)
  • Bellamy’s Organic (Australia)
  • Reckitt Benckiser Group PLC (U.K.)
  • Perrigo Company plc (Ireland)
  • FrieslandCampina (Netherlands)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/infant-formula-market-101498

Key Industry Development

April 2023: Danone Manifesto Ventures, the corporate venture arm started by the French dairy giant Danone SA, unveiled an investment of around USD 2 million in a cell-based milk startup, Wilk of Israel. The investment aimed to develop cultured breast milk components for infant formula/nutrition with the help of cell-based technology.

Further Report Findings

  • The Asia Pacific market dominated in 2022. China has decided to increase its birth rate and abolish its “one-child” policy. This factor is driving the regional expansion.
  • The hypermarkets/supermarkets segment has the largest market share. The new product innovations by manufacturers are driving the segment expansion.

Table of Segmentation

ATTRIBUTE

DETAILS

Study Period

2019-2030

Base Year

2022

Estimated Year

2023

Forecast Period

2023-2030

Historical Period

2019-2021

Growth Rate

CAGR of 10.19% from 2023 to 2030

Unit

Value (USD Billion)

 

 

 

 

 

 

 

 

 

 

 

 

Segmentation

 

 

 

 

 

By Type

  • Infant Milk
  • Follow-On-Milk
  • Others

By Distribution Channel

  • Hypermarkets/ Supermarkets
  • Pharmacy/Medical Stores
  • Specialty Stores
  • Others

By Geography

  • North America (By Type, Distribution Channel, and By Country)
    • U.S. (By Distribution Channel)
    • Canada (By Distribution Channel)
    • Mexico (By Distribution Channel)
  • Europe (By Type, Distribution Channel, and By Country)
    • Germany (By Distribution Channel)
    • France (By Distribution Channel)
    • Italy (By Distribution Channel)
    • Spain (By Distribution Channel)
    • U.K. (By Distribution Channel)
    • Russia  (By Distribution Channel)
    • Rest of Europe (By Distribution Channel)
  • Asia Pacific (By Type, Distribution Channel, and By Country)
    • China (By Distribution Channel)
    • India (By Distribution Channel)
    • Japan (By Distribution Channel)
    • Australia (By Distribution Channel)
    • South Korea (By Distribution Channel)
    • Rest of Asia Pacific (By Distribution Channel)
  • South America (By Type, Distribution Channels, and By Country)
    • Brazil (By Distribution Channel)
    • Argentina (By Distribution Channel)
    • Rest of South America (By Distribution Channel)
  • Middle East & Africa (By Type, Distribution Channel, and By Country)
    • South Africa (By Distribution Channel)
    • Saudi Arabia (By Distribution Channel)
    • Rest of the Middle East & Africa (By Distribution Channel)

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