The global infant formula market is projected to grow at a CAGR of 5.38% over the forecast period, from US$67.633 billion in 2025, and is expected to reach US$87.834 billion by 2030.
Infant formula or baby formula is a process specially designed to provide nutrition and vitamins to infants, especially those under the age of one year. These formulas help babies with reflux issues and additionally offer assistance with newborn children's weight gain. It can also be fed to premature and low-birth-weight babies because it gives them fundamental supplements, minerals, and calories to develop.
The increment in female employment or growing female participation within the worldwide workforce is expected to push the market for infant formula forward. The increment in female participation within the workforce is forecasted to boost disposable income and is additionally expected to decrease breastfeeding of infants within the worldwide market. Within the past two years, the worldwide female labor force expanded from 39.7% in 2022 to almost 40.1% in 2023, according to the World Bank. The data further expressed that in countries like Japan and the USA, female workforce participation expanded from 44.9% and 46.3% in 2022 to 45.1% and 46.5%, respectively, in 2023.
One of the major driving variables anticipated to push the worldwide demand for infant formula is the continually growing global population.
With this increment, the number of children born worldwide will increase. This increment in the worldwide population and increasing childbirth are anticipated to boost the worldwide demand for infant formula in the forecasted period.
The World Bank observed in its report that the global population reached 8.02 billion in 2023, up from 7.95 billion in 2022. This represents a steady rise in the worldwide population, particularly in developing countries such as India, Malaysia, and Vietnam. India is home to the biggest population globally, with around 1.43 billion individuals living within the country in 2023. The expanding population surges the market's requirement for infant food and formula.
The infant formula market for cow's milk protein-based is driven by expanding consumer mindfulness of the healthy and nutritious benefits of cow milk protein for general infant development. Pediatricians broadly endorse cow milk protein-based infant formulas as an alternative to breast milk. One of the primary variables driving this segment's development is the various well-being benefits of cow milk infant formula over other types of infant formula.
This type of formula contains more bovine whey than casein, making it simpler to digest, which makes it more suited to newborns. It is suitable from birth until the child turns one. Therefore, mothers don’t need to change the formula driving this segment’s growth. Most doctors prescribe cow milk-based infant formula as the protein found in this formula is similar to breast milk proteins.
Moreover, the expanding infant mortality rate is one of the reasons for the need for nutritious infant formula within the nation. For instance, according to the Centers for Disease Control and Prevention, the infant mortality rate within the United States in 2022 was 5.60 per 1,000 live births, which was 3% higher compared to 2021, where the infant mortality rate was 5.44 per 1,000 live births. The increase in cases of newborn mortality is expected to be one of the major reasons for the bolstering of the market for cow milk protein-based infant formula within the anticipated period.
Key market players and new entrants are investing in major market activities such as product launches, developments, and collaborations to meet the growing demand for cow milk protein-based infant formula products.
The demand for organic infant formula is anticipated to rise in the United States. Rising awareness among guardians about the kind of nutrition to purchase is one of the major reasons for the expanding demand for organic infant formula within the forecasted period.
Moreover, the demand for specialty infant formula is expected to increase nationwide. These specialty formulas have specialized ingredients such as hydrolyzed protein, amino acids, and prebiotics.
Furthermore, companies are increasing their investments in the United States infant formula market, which is expected to drive market growth in the coming years. For instance, in March 2022, Bobbie, one of the first organic infant formula companies manufacturing in the United States, announced that it had closed funding of US$50 million. This included its Series B funding, which was led by Park West, with existing investors Nextview and VMG. This funding will help the company accelerate the production of its infant formula and support the growing demand for nutritious formula. Hence, such rising investments are expected to fuel the market growth.
According to the U.S. Department of Commerce, the total number of infants (0-5 years) in the United States in 2023 was 1,85,11,160. Of this, 94,59,399 were males, and 90,51,761 were females. Currently, according to the World Bank, 18% of the United States population comprises children aged 0-14 years. Hence, in the coming years, with the rising infant population, the demand for infant formula is anticipated to grow.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Infant Formula Market Size in 2025 | US$67.633 billion |
| Infant Formula Market Size in 2030 | US$87.834 billion |
| Growth Rate | CAGR of 5.38% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in Infant Formula Market |
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| Customization Scope | Free report customization with purchase |
Infant Formula Market is segmented and analyzed as below: