The global infant formula market is expected to reach USD 90.48 billion by 2025, growing at a CAGR of 9.35% from 2017 to 2025. The market growth is primarily driven by increasing working women population and the introduction of milk formulas induced with additional nutrition.
The global infant formula products aim to satisfy the nutritional requirements for the infants of the age group between 0-3 years as an alternative for human breast milk. Infant formula products are available in various forms including liquid, powder and ready usage. Furthermore, increasing parents’ awareness regarding the benefits rendered by feeding these products will enhance the uptick in the sales over the forecast period.
Economic growth has been creating a large number of employment opportunities which is driving more women workforce to adopt these products across both developed and developing economies. Furthermore, the increasing number of middle- class households supported by economic development and rising population is also contributing to the acceptance of infant formula.
Infant formula market is gaining a strong position in the Asian market and is expected to triple up in the next few years. This growth is driven by the China infant formula industry which represents more than 50% of the total Asian market. China accounts for about one-third of the global market majorly supported by factors such as rapid urbanization, expansion of distribution channels, and the introduction of new product variants.
Europe stands out to be one of the potential markets for infant milk formula followed by Asia Pacific. Major countries contributing to the Europe market include France, Spain, UK, Turkey, Germany, and Italy, wherein France offers lucrative opportunities for the market growth. However, at present Europe market is estimated to grow at a relatively steady pace, due to the introduction of various initiatives supporting breastfeeding.
The market represents a consolidated nature with four players dominating the industry namely Nestle, Abbott, Danone, and Mead Johnson. Nestle is the largest player in the global market, thereby representing a market share of about 22%, followed by Danone with around 12% Abbott and Mead Johnson have a market share of about 7% and 5%, respectively. Manufacturers are focusing on developing the products with the addition of several ingredients thereby enhancing the nutritional value of the products. In addition, the players are catering to the needs of the consumers especially for the lactose intolerant infants by introduction of the soy based variants.
For instance, Abbott has introduced Isomil, a soy variant for the infants. Few domestic Chinese companies such as Beingmate, Biostime, and Yili and international players such as Fonterra, Royal FrieslandCampina, Sodiaal, Arla are in continuous competition with an aim to gain a potential share in this market.
Access full report or request for free sample at: https://www.hexaresearch.com/research-report/infant-formula-market
Hexa Research has segmented the infant formula market report based on product type, distribution channel and region:-
Segmentation by Product Type
• Infant Milk
• Growing-up Milk
• Follow on Milk
• Specialty Milk
Segmentation by Distribution Channel
• Supermarket and Hypermarket
Segmentation by Region
• North America
• Asia Pacific
• Central and South America
• Middle East and Africa
Key players analyzed:
• Mead Johnson & Company, LLC
• Friesl and Campina
• Arla Foods Ltd
• Dana Dairy Group Ltd
• HiPP GmbH & Co. Vertrieb KG