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Global Infant Formula Market Size, Share, Growth, Trends: By Type: Infant Milk, Follow-on-Milk, Specialty Baby Milk, Growing-up Milk; By Ingredient: Carbohydrate, Fat, Protein, Minerals, Vitamins, Others; By Distribution Channels; Regional Analysis; Market Dynamics; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Infant Formula Market Size
The global infant formula market attained a value of approximately USD 39.23 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.40%, reaching a value of around USD 81.08 billion by 2032.
| Global Infant Formula Market Report Summary | Market Value |
| Base Year | 2023 |
| Historical period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Market Size 2023: USD Billion | 39.23 |
| Market Size 2032: USD Billion | 81.08 |
| CAGR 2018-2023 | XX% |
| CAGR 2024-2032 | 8.4% |
| Market by Distribution Channel CAGR 2024-2032 - Online | 12.4% |
| Market by TypeCAGR 2024-2032 - Specialty Baby Milk | 9.6% |
| Market by Region CAGR 2024-2032 - Asia Pacific | 9.2% |
| Market by Country CAGR 2024-2032 -UK | 8.7% |
| Market by Country CAGR 2024-2032 -China | 9.1% |
| Market Share by Country - USA | 25.5% |
The increasing prevalence of challenges with breastfeeding and increasing awareness regarding the advantages and convenience of infant formula are driving the infant formula market growth. The increasing sale of premium packaged infant formula products for newborns, induced by the growing consciousness about the health of infants and their specific dietary requirements is further increasing the demand for infant formula. Specialised infant formulas are designed to meet the dietary requirements of infants and include the necessary vitamins and minerals crucial for infant development. These formulations are easy to digest and replicate the texture, taste, and nutritional profile of traditional breast milk, due to which they are being widely adopted by parents worldwide.
Infant Formula Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Infant Formula Market Analysis
8.1 Key Industry Highlights
8.2 Global Infant Formula Historical Market (2018-2023)
8.3 Global Infant Formula Market Forecast (2024-2032)
8.4 Global Infant Formula Market by Type
8.4.1 Infant Milk
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Follow-on-Milk
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Specialty Baby Milk
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Growing-up Milk
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Infant Formula Market by Ingredient
8.5.1 Carbohydrate
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Fat
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Protein
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Minerals
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Vitamins
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Infant Formula Market by Distribution Channels
8.6.1 Supermarkets and Hypermarkets
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Pharmacies/Medical Stores
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Specialty Stores
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Online
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Infant Formula Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Infant Formula Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Infant Formula Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Infant Formula Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Infant Formula Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Infant Formula Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Nestlé S.A
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Danone S.A
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Arla Foods amba
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Royal FrieslandCampina
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Reckitt Benckiser Group plc.
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Abbott Laboratories
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 The Kraft Heinz Company
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Bellamy’s Australia Limited
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Perrigo Company plc
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 Synutra International, Inc.
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.2.11 Others
18 Key Trends and Developments in the Market
Additional Customisations Available:
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operation Involved
2 Project Requirement and Cost Analysis
2.1 Land, Location and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Cost of Raw Material
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investment
List of Figures and Tables
1. Global Infant Formula Market: Key Industry Highlights, 2018 and 2032
2. Global Infant Formula Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Infant Formula Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Infant Formula Historical Market: Breakup by Ingredient (USD Million), 2018-2023
5. Global Infant Formula Market Forecast: Breakup by Ingredient (USD Million), 2024-2032
6. Global Infant Formula Historical Market: Breakup by Distribution Channels (USD Million), 2018-2023
7. Global Infant Formula Market Forecast: Breakup by Distribution Channels (USD Million), 2024-2032
8. Global Infant Formula Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Infant Formula Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Infant Formula Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Infant Formula Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Infant Formula Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 39.23 billion.
The market is projected to grow at a CAGR of 8.40% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 81.08 billion by 2032.
The major drivers of the market include the high vitamin and mineral content in ingredients, increasing prevalence of malnutrition among the kids, and rising number of working mothers.
The key market trends include the flourishing e-commerce industry, growing research and development activities by the major market players and increasing sales of immunity-boosting infant products.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Infant milk, follow-on-milk, speciality baby milk, and growing-up milk are the different types of infant formula in the market.
Carbohydrate, fat, protein, minerals, and vitamins, among others, are the significant ingredients of infant formula in the market.
Supermarkets and hypermarkets, pharmacies/medical stores, speciality stores, and online, among others, are the various distribution channels in the market for infant formula.
The biggest producers are Nestlé S.A, Danone S.A, Arla Foods amba, Royal FrieslandCampina, Reckitt Benckiser Group plc., Abbott Laboratories, The Kraft Heinz Company, Bellamy’s Australia Limited, Perrigo Company plc, and Synutra International, Inc., among others.
The Asia Pacific region will contribute notably towards the demand of infant formula market.
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