Human Milk Oligosaccharides (HMO) Market to Reach $332.6 Mn, Globally, by 2028 at 14.1% CAGR: Allied Market Research

Increase in HMO acceptance, adoption of healthy dietary habits, and rise in demand for HMOs as functional food products drive the growth of the global human milk oligosaccharides market

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Allied Market Research

Aug 10, 2021, 09:00 ET

PORTLAND, Ore., Aug. 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Human Milk Oligosaccharides (HMO) Market by Type (2'FL, 3'FL, 3'SL, and 6'SL), Application (Infant Formula, Functional Food & Beverage, and Food Supplements), and Distribution Channel (Hypermarkets & Supermarkets, Drug Store or Pharmacy, Mass Merchandiser, Departmental Stores, Mono-brand Stores, Specialty Stores, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast 2021–2028." According to the report, the global human milk oligosaccharides (HMO) industry generated $125.9 million in 2020, and is expected to reach $332.6 million by 2028, witnessing a CAGR of 14.1% from 2021 to 2028.

Prime determinants of growth

Increase in HMO acceptance, adoption of healthy dietary habits, and rise in demand for HMOs as functional food products drive the growth of the global human milk oligosaccharides market. However, expensive production methods and possibility of health-related issues restrain the market growth. On the other hand, surge in R&D activities and increase in demand for infant nutrition products present lucrative opportunities for the market players in the coming years.

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Covid-19 Scenario

During the initial phase of the Covid-19 pandemic, the panic buying for at-home consumption led to increased demand for HMOs. The sales volumes of HMOs rose significantly during the pandemic as it offers immunity boosting properties.
However, the disruptions in supply chain resulted in supply-demand gap. However, the gap is expected to be fulfilled during the post-lockdown.
Owing to closure of hypermarkets & supermarkets, departmental stores, mono-brand stores, and specialty stores during the lockdown, the sales decreased. However, the sales would increase during the post-lockdown as restrictions are lifted off.

The infant formula segment to continue its leadership status during the forecast period

By application, the infant formula segment held the largest share in 2020, contributing to more than half of the global human milk oligosaccharides market, and is expected to continue its leadership status during the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 14.5% from 2021 to 2028. This is due to rise in number of working women, an inability to lactate, and the preference for added nutrition for parents. The research also analyzes the segments including functional food & beverage and food supplements

The drug stores or pharmacy segment to maintain its dominance throughout the forecast period

Based on distribution channel, the drug stores or pharmacy segment accounted for the highest share in 2020, contributing to nearly one-fourth of the global human milk oligosaccharides market, and is expected to maintain its dominance in terms of revenue throughout the forecast period. In addition, this segment is projected to manifest the largest CAGR of 15.4% from 2021 to 2028. This is due to rise in demand for prescriptions and over-the-counter drugs. The report also discusses the segment including hypermarkets & supermarkets, mass merchandiser, departmental stores, mono-brand stores, specialty stores, and online sales channel.

Europe, followed by North America, to continue its lead position by 2028

Based on region, Europe, followed by North America, accounted for the highest share in terms of revenue in 2020, holding more than one-third of the global human milk oligosaccharides market, and is expected to continue its lead position by 2028. Moreover, this region is estimated to register the fastest CAGR of 14.6% during the forecast period. This is due to rise in demand for infant food, presence of a huge number of HMO manufacturers, and rise in regulatory approvals for HMO as an ingredient in infant formula.

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Leading market players

Abbott Laboratories
BASF S.E.
Biosynth Carbosynth
Chr. Hansen Holding A/S
Dextra Laboratories Ltd.
Dupont Nutrition & Biosciences
Elicityl S.A.
Glycom A/S
Glycosyn
Inbiose NV
Medolac Laboratories
Neolacta Lifesciences Pvt. Ltd.
Nestle Health Science
Royal DSM
ZuChem

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