Global Infant Formula Market Size, Share, Opportunities, And Trends By Formula Type (Cow’s Milk Protein-Based, Soy-Based, Protein Hydrolysate), By Form (Powdered, Concentrated Liquid, Ready-to-Use), By Distribution Channel (Offline, Online), And By Geography - Forecasts From 2024 To 2029

The global infant formula market is projected to grow at a CAGR of 5.60% over the forecast period, from US$64.183 billion in 2024, and is expected to reach US$84.268 billion by 2029.

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 evaluated 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 evaluated 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 information. 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.

GLOBAL INFANT FORMULA MARKET DRIVERS:

• The constantly growing global population is expected to boost the demand for infant formula.

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.

GLOBAL INFANT FORMULA MARKET SEGMENT ANALYSIS

• The cow's milk protein-based infant formula is anticipated to boost the market expansion.

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 elective 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 United States region is predicted to contribute significantly to market growth.

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 request 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 to 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.

Global Infant Formula Key Market Developments:

• December 2022 – Abbott Nutrition unveiled a new formula production facility in Bowling Green, Ohio. The company plans to invest US$500 million in this facility and to create 450 permanent jobs in the northwest Ohio region. The facility construction is expected to be over by 2026, and commercial production is anticipated to start by 2027.
• March 2022 – ByHeart, a New York-based next-generation baby nutrition company devoted to creating a new standard for newborn nutrition, introduced its much-anticipated cow milk infant formula to better serve babies and parents. The formula contains organic, grass-fed whole milk and a proprietary mix of the two most prevalent proteins in breast milk.

Global Infant Formula Market Scope:

 

Report Metric	Details
Market Size Value in 2024	US$64.183 billion
Market Size Value in 2029	US$84.268 billion
Growth Rate	CAGR of 5.60% from 2024 to 2029
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2024
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segments Covered	Formula Type Form Distribution Channel Geography
Companies Covered	Abbott Nestlé  S.A. Dana Dairy Group Danone Ausnutria Dairy Corporation Ltd.
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope	Free report customization with purchase

 

Market Segmentation:

Global Infant Formula Market is segmented and analyzed as below:

• By Formula Type
  • Cow’s Milk Protein-Based
  • Soy-Based
  • Protein Hydrolysate
• By Form
  • Powdered
  • Concentrated Liquid
  • Ready-to-Use
• By Distribution Channel
  • Offline
  • Online
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst view 

5. GLOBAL INFANT FORMULA MARKET BY FORMULA TYPE 

5.1. Introduction

5.2. Cow's Milk Protein-Based

5.3. Soy-Based

5.4. Protein Hydrolysate

6. GLOBAL INFANT FORMULA MARKET BY FORM 

6.1. Introduction

6.2. Powdered

6.3. Concentrated Liquid

6.4. Ready-to-Use

7. GLOBAL INFANT FORMULA MARKET BY DISTRIBUTION CHANNEL 

7.1. Introduction

7.2. Offline

7.3. Online

8. GLOBAL INFANT FORMULA MARKET BY GEOGRAPHY 

8.1. Introduction

8.2. North America

8.2.1. By Formula Type

8.2.2. By Form

8.2.3. By Distribution Channel

8.2.4. By Country

8.2.4.1. USA

8.2.4.2. Canada

8.2.4.3. Mexico

8.3. South America

8.3.1. By Formula Type

8.3.2. By Form

8.3.3. By Distribution Channel

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.2. Argentina

8.3.4.3. Others

8.4. Europe

8.4.1. By Formula Type

8.4.2. By Form

8.4.3. By Distribution Channel

8.4.4. By Country

8.4.4.1. United Kingdom

8.4.4.2. Germany

8.4.4.3. France

8.4.4.4. Spain

8.4.4.5. Italy

8.4.4.6. Others

8.5. Middle East and Africa

8.5.1. By Formula Type

8.5.2. By Form

8.5.3. By Distribution Channel

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.2. UAE

8.5.4.3. Others

8.6. Asia Pacific

8.6.1. By Formula Type

8.6.2. By Form

8.6.3. By Distribution Channel

8.6.4. By Country

8.6.4.1. China

8.6.4.2. Japan

8.6.4.3. India

8.6.4.4. South Korea

8.6.4.5. Taiwan

8.6.4.6. Thailand

8.6.4.7. Indonesia

8.6.4.8. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Markey Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Abbott

10.2. Nestlé S.A.

10.3. Dana Dairy Group

10.4. Danone

10.5. Ausnutria Dairy Corporation Ltd.

10.6. Perrigo Company plc

10.7. Else Nutrition

10.8. Biostime

10.9. HHPL Healthcare

10.10. Mead Johnson & Company, LLC

10.11. Estrellas Life Sciences Pvt Ltd

10.12. Nutricore Biosciences Pvt. Ltd.

10.13. Morinaga Milk Industry Co.,Ltd.

10.14. Meiji Holdings Co., Ltd.

10.15. Bean Stalk Snow Co.,Ltd

Abbott 

Nestlé  S.A.

Dana Dairy Group 

Danone 

Ausnutria Dairy Corporation Ltd.

Perrigo Company plc 

Else Nutrition 

Biostime 

HHPL Healthcare 

Mead Johnson & Company, LLC 

Estrellas Life Sciences Pvt Ltd 

Nutricore Biosciences Pvt. Ltd. 

Morinaga Milk Industry Co., Ltd. 

Meiji Holdings Co., Ltd. 

Bean Stalk Snow Co., Ltd