The global Infant Formula Market is estimated to be valued at US$31,868.8 million in 2021, with a CAGR of 10.6% during the forecast period. Infant formula refers to a nutritional product specially designed for infants up to 12 months of age. It provides essential nutrients required for their healthy growth and development. The need for infant formula arises from various factors such as mothers unable to breastfeed, supplemented feeding, or as a complete substitute for breast milk. The advantages of infant formula products include convenience, availability, proper nutrition, and suitability for specific dietary needs. The global infant formula market is driven by the rising population of working women, increasing disposable income, and changing lifestyles.
Market Key Trends:
As the demand for infant formula continues to surge, one key trend observed in the market is the growing popularity of organic infant formula. With rising awareness about the benefits of organic products and increasing concerns about baby health, more parents are opting for organic infant formula over conventional formula. Organic formula is made from organic ingredients and is free from pesticides, hormones, and genetically modified organisms. It offers a safer and healthier option for infants while providing similar nutritional value as conventional formula. Many manufacturers are introducing organic variants to cater to this growing demand. Additionally, organic infant formula is being marketed as an eco-friendly choice, appealing to environmentally conscious consumers. The trend towards organic infant formula is expected to have a positive impact on market growth in the coming years.
The infant formula market includes various segments based on product type, distribution channel, and geography. Among the product type segment, the dominating sub-segment is the powdered infant formula. This is mainly due to its longer shelf life, convenience in storage and preparation, and affordability compared to other forms such as liquid or ready-to-feed formulas. Powdered infant formula is preferred by parents as it can be easily measured and mixed according to the desired consistency and quantity. Additionally, powdered infant formula offers a wide range of options in terms of brands, compositions, and specific nutritional requirements.
The global Infant Formula Market is expected to witness high growth, exhibiting a CAGR of 10.6% over the forecast period (2022-2030). This growth can be attributed to several factors, including the increasing number of working parents, rising disposable incomes, and growing awareness about the importance of proper nutrition for infants. Moreover, the COVID-19 pandemic has further boosted the market as it led to increased concerns about breastfeeding and emphasized the need for alternative feeding options.
In terms of regional analysis, the Asia Pacific region is expected to be the fastest-growing and dominating region in the global infant formula market. This can be attributed to the large population in countries such as China and India, increasing urbanization, rising middle-class population, and the adoption of Western lifestyle patterns. Additionally, the Asia Pacific region has witnessed significant investments by key players to expand their production and distribution networks, further fueling market growth in the region.
Key players operating in the infant formula market include Nestlé S.A., Groupe Danone, Abbott Nutrition, Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd., Beingmate Baby & Child Food Co. Ltd., Synutra International Inc., Pfizer Inc., and FrieslandCampina N.V. These key players are focusing on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market presence and gain a competitive edge. Over the years, they have invested in research and development activities to introduce infant formulas that cater to specific nutritional requirements and offer superior quality and safety.