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Redding, California - June 24, 2024

Infant Formula Market to be Worth $77.09 Billion by 2031

Infant Formula Market Size, Share, Forecast, & Trends Analysis by Product Type (Infant Milk, Specialty Milk), Nature (Inorganic, Organic), Form (Powder, Ready-to-Feed), Distribution Channel (Supermarkets/Hypermarkets, Online) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Infant Formula Market Size, Share, Forecast, & Trends Analysis by Product Type (Infant Milk, Specialty Milk), Nature (Inorganic, Organic), Form (Powder, Ready-to-Feed), Distribution Channel (Supermarkets/Hypermarkets, Online) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the infant formula market is projected to reach $77.09 billion by 2031, at a CAGR of 9.2% during the forecast period 2024–2031. The growth of this market is driven by factors such as a growing number of working women, rising consumer awareness regarding the importance of early nutrition for infants, increasing innovation in product development, and increasing disposable income. However, stringent regulations regarding infant formula and the risk of product contamination and frequent product recall may restrain market growth.

Moreover, the growing demand for organic and plant-based products and rising investment in the research & development of novel products by the key players are expected to create market growth opportunities. However, the complex registration process and promotion of breastfeeding by healthcare professionals pose a significant challenge to the market’s growth.

Additionally, prominent trends in the infant formula market include human milk oligosaccharides (HMO)- based infant formula, clean-label products, and shifting customer preferences for online channels.

Key Players

Some of the key players operating in the infant formula market are Nestle S.A. (Switzerland), Danone S.A. (France), Reckitt Benckiser Group PLC (U.K.), Abbott Laboratories (U.S.), The Kraft Heinz Company (U.S.), HiPP Gmbh & Co. Vertrieb KG (Germany), Perrigo Company plc (Ireland), Royal FrieslandCampina N.V. (Netherlands), Arla Foods Group (Denmark), Hain Celestial Group (U.S.), Mead Johnson Nutrition (U.S.), Beingmate Group (China), Bellamy's Organic (Australia), Synutra International, Inc. (U.S.), and Meiji Holdings Co. Ltd. (Japan).

The infant formula market is segmented by product type (infant milk, follow-on milk, and specialty milk), nature (inorganic, organic), form (powder, liquid concentrate, and ready-to-feed), distribution channel (supermarkets/hypermarkets, pharmacies and specialty stores, convenience stores, E-commerce, and other distribution channels), and geography (North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product type, the infant formula market is segmented into infant milk, follow-on milk, and specialty milk. In 2024, the infant milk segment is expected to account for the largest share of above 53.6% of the infant formula market. The large market share of this segment can be attributed to the decreasing infant mortality rate, the only substitute for breast milk, and growing awareness about the importance of infant formula for growth and development. Infant milk is specially designed to meet the growing needs of babies under six months of age who are not breastfed or partially breastfed.

Based on nature, the infant formula market is segmented into inorganic and organic. In 2024, the inorganic segment is expected to account for the largest share of the infant formula market. The large market share of this segment is mainly attributed to the high availability of products at a lower cost. However, the organic segment is projected to register a higher CAGR during the forecast period of 2024–2031.

Based on the form, the infant formula market is segmented into powder, liquid concentrate, and ready-to-feed. In 2024, the powder segment is expected to account for the largest share of the infant formula market. The large market share of this segment is mainly attributed to ease of storage and convenience, ease of handling, and comparatively lower costs than other forms of infant formula.

Based on distribution channel, the infant formula market is segmented into supermarkets/hypermarkets, pharmacies and specialty stores, convenience stores, E-commerce, and other distribution channels. In 2024, the supermarkets/hypermarkets segment is expected to account for the largest share of above 42.7% of the infant formula market. The large market share of this segment can be attributed to several factors, such as the availability of a wide variety of products under one roof, a growing number of modern groceries offering high-quality products, and consumer preference for shopping offline due to the enhanced shopping experience offered by these channels. In addition, infant formula products are strategically placed in dedicated sections within supermarkets and hypermarkets. This strategic placement ensures visibility and accessibility, making it easy for parents to locate and purchase infant formula during shopping trips.

Based on geography, the infant formula market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 43.8% of the infant formula market, followed by North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific’s major market share is mainly attributed to the rising women's workforce and fast-paced lifestyle, increasing disposable income, high birth rates, expansion of retail infrastructure, increasing awareness about the importance of nutrition for infants, and declining infant mortality rate.

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Key Questions Answered in the Report:

What are the historical market sizes and growth rates of the infant formula market?
At what rate is the demand for infant formula projected to grow over the next 5–7 years?
What are the major factors impacting market growth at the regional and country levels? What are the opportunities for existing players and new entrants in the market?
Which segments, in terms of product type, nature, form, and distribution channel, are expected to create traction for the manufacturers in this market during the forecast period 2024–2031?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the players operating in the infant formula market during the forecast period 2024–2031?
Who are the major players in the infant formula market? What are their product offerings in this market?
What are the recent strategic developments in the infant formula market? What are the impacts of these strategic developments on the market?

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Redding, California - June 24, 2024

Infant Formula Market to be Worth $77.09 Billion by 2031

Infant Formula Market Size, Share, Forecast, & Trends Analysis by Product Type (Infant Milk, Specialty Milk), Nature (Inorganic, Organic), Form (Powder, Ready-to-Feed), Distribution Channel (Supermarkets/Hypermarkets, Online) - Global Forecast to 2031

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