Baby Infant Formula Market to Garner $56.6 Billion by 2031 : Allied Market Research

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Mar 31, 2023, 10:01 ET

PORTLAND, Ore., March 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Baby Infant Formula Market by Type (Infant milk, Follow on milk, Specialty baby milk, Growing-up milk), by Ingredient (Carbohydrate, Fat, Protein, Minerals, Vitamins, Others), by Distribution Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global baby infant formula industry was valued at $25.5 billion in 2021, and is estimated to reach $56.6 billion by 2031, registering a CAGR of 8.1% from 2022 to 2031.

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Prime determinants of growth -

The global baby infant formula market is experiencing growth due to various factors, such as an increase in the number of women participating in the labor force, the high nutritional value of infant formula, and the rise in the middle-class population in emerging economies. However, the industry is also facing challenges, including concerns regarding food safety and a decrease in the global birth rate. Despite these challenges, there are opportunities for growth in the market, such as the growing preference for organic baby food and the development of new products resulting from advances in technology.

Covid-19 scenario-

The global baby infant formula market was significantly affected by disruptions in the supply chain caused by the pandemic, resulting in a shortage of raw materials.
However, as the global situation gradually normalized, the market for baby infant formula also recovered slowly and steadily.

The infant milk segment to maintain its dominant status throughout the forecast period-

By type, the infant milk segment contributed to nearly three-fifths of the global baby infant formula market share in 2021 and is expected to retain its dominance by the end of 2021. The demand for infant milk is rising as it is specially designed to meet the growing needs of babies under six months of age. The specialty baby milk segment, on the other hand, would register the fastest CAGR of 11.1% by 2031.

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The carbohydrate segment to maintain its leadership status-

By ingredient, the carbohydrate segment held the highest share in 2021, accounting for nearly three-fifths of the global baby infant formula market revenue. The demand for carbohydrate in baby infant formula is rising as carbohydrates are an important source of energy for growing infants, as they account for almost 40% of their daily energy intake. The vitamins segment, simultaneously, would showcase the fastest CAGR of 14.0% from 2022 to 2031.

The offline segment will maintain its dominance throughout the forecast period-

By distribution channel, the offline segment accounted for more than three-fourths of the global baby infant formula market revenue in 2021 and is anticipated to lead the trail throughout the forecast period. This is attributed to the rise in the number of hypermarkets and supermarkets, pharmacy/medical stores, specialty stores, and hard discount stores in developed countries. Simultaneously, the online segment would manifest the fastest CAGR of 9.0% by 2031.

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Asia-Pacific garnered the major share in 2021-

By Region, Asia-Pacific held the major share in 2021, garnering more than half of the global baby infant formula market revenue. Developing economies such as Indonesia and Vietnam are rapidly industrializing and have a young population and millions of mothers entering the workforce in the coming years, which is expected to lead to the growth in formula feeding. Simultaneously, LAMEA would grow at the fastest CAGR of 8.7% from 2022 to 2031.

Leading Market Players: -

Campbell Soups
Dana Dairy Group Ltd
Arla Foods amba
Abbott Laboratories
Danone
D-Signstore
yili group
The Hain Celestial Group, Inc.
HiPP GmbH & Co.
Vertrieb KG
Reckitt Benckiser (Mead Johnson & Company LLC)
Royal FrieslandCampina N.V.
bellamy'sThe Kraft Heinz Company
Reckitt Benckiser Group plc
organic
Nestle S.A.

The report analyzes these key players in the global baby infant formula market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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