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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.*
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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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