Infant Formula Market Estimated to grow at a CAGR 5.48% to reach US$57.685 billion by 2024

Knowledge Sourcing Intelligence announces the publication of a new report on “Infant Formula Market – Forecasts from 2020 to 2025" to their offering.

Infant formula, also referred to as baby formula, is a baby food which is meant to feed infants of ages below 12 months. Infant formula is also known as baby milk or formula in many parts of the world, and is manufactured in a way that makes it fit for being fed through a bottle or a cup and offer optimum amount of carbohydrates, fats, water, vitamins, proteins, and minerals to babies.

According to the report, the Infant Formula Market is projected to increase at a CAGR of 5.48% over the forecast period 2018-2024.

The infant formula market growth is majorly attributed to rising number of working women across the globe. Rising influence of western culture in many parts of the world has been known to bring about this good change in many societies. Countries or provinces which, for long, had witnessed women pushed to stay at home are now witnessing an impressive increase in the number of women going to work. While this number has already been high in many countries across North America and Europe, other regions are showing a good growth in this field. Saudi Araba is one of the best examples of women empowerment and independence as this country has been showing an impressive increase in the number of working women. A data from the World Bank Group shows that around 97.25% of the Saudi Arabian women were wage and salaried workers (% of female employment) in 2008, and this figure stood at 98.64% in 2018. Coming into force of various reforms in this country have changed this scenario significantly. This increase in the number of working women can be seen in many other parts of the world as well. As sparing enough time to breast-feed infants is difficult for many working mothers, popularity of infant formulas among them is increasing, thus augmenting the market growth. The market growth is also being fuelled by rising disposable income in many parts of the world. Economic growth across countries is improving the financial backbone of many families. Since spending capacity of households in many parts of the world is showing a continuous improvement, adoption of infant formula is picking up pace. Increasing number of working women and rising disposable income can be seen as factors which complement each other in this market. Increase in one factor, coupled with increase in the other, is driving the growth of infant formula market.

However, breastfeeding continues to remain the first choice of mothers as it carries unparalleled nutritional benefits. Rising awareness regarding the benefits of breastfeeding and changing perception of people has lately shown an impressive increase in the number of mothers choosing breastfeeding over infant formulas available in the market. Growing popularity of expressed milk among mothers who, for some reason, are not able to breastfeed their child can also be seen limiting the infant formula market growth to some extent.

The Asia Pacific infant formula market is expected to show a good growth over the projected period

Geographically, the infant formula market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. To give a clearer view of the overall market, these regional markets have been further segmented into countries which account for a considerable market share. North America and Europe together account for a significant market share and the market growth in these regions is being contributed to by presence of a vast working women population across many countries.

The major players covered as part of the report are Abbott Laboratories, Nestlé Group, DANALAC, Danone, AUSNUTRIA and Perrigo Nutritionals among others.

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This report has segmented the infant formula marketon the basis of following terms:

By Formula Type

  • Cow’s Milk Protein-Based
  • Soy-Based
  • Protein Hydrolysate

By Form

  • Powdered
  • Concentrated Liquid
  • Ready-to-Use

By Distribution Channel

  • Online
  • Offline

By Geography

  • North America

    • USA
    • Canada
    • Mexico
  • South America

    • Brazil
    • Argentina
    • Others
  • Europe

    • Germany
    • France
    • United Kingdom
    • Others
  • Middle East and Africa

    • Israel
    • South Africa
    • Others
  • Asia Pacific

    • China
    • Japan
    • South Korea
    • India
    • Others