Infant Milk Formula Market Poised for 13.5% CAGR Surge, Targeting $22.35 Billion by 2034, States FactMR

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May 23, 2024, 10:01 ET

Challenges in Monitoring and Managing Nutrition for Children Due to Busy Lifestyles Make Infant Milk Formula More Attractive

ROCKVILLE, Md., May 23, 2024 /PRNewswire/ -- As per a recently published report by Fact.MR, the global Infant Milk Formula Market is estimated to reach US$ 6.3 billion in 2024 and surpass $22.35 billion by 2034, growing at a CAGR of 13.5% from 2024 to 2034.

Since milk is a key nutritional choice for infants, the market for baby milk formula is growing at a remarkable pace. For those moms who are hesitant to breastfeed, milk formula is the only alternative. Milk formula supplies all of the nutrients the infant needs to stay healthy.

Mothers who are unable to breastfeed use milk formula due to its flexibility and convenience. Breastfeeding is often discouraged when a woman has HIV or TB; in such instances, a mother's milk formula is the preferred option. Providing the child with the proper nutrition is akin to nursing.

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Various elements, such as changing consumer habits, greater spending power, and more female employment, have all benefited market players in recent decades. Many city dwellers struggle to appropriately manage or monitor their children's dietary demands. A hectic lifestyle is a major contributing factor to parents facing challenges in feeding their babies, which has a detrimental long-term influence on the baby's health. As a result, many parents and caregivers look for simple solutions to meet their baby's nutritional demands.

Key Takeaways from the Market Study:

The North American market is calculated to hold a share of 24.3% by 2034.
The market in East Asia is projected to expand at a CAGR of 13.8% from 2024 to 2034.
The United States market is evaluated to expand at a CAGR of 14% through 2034. The country is analyzed to occupy a market share of 45.6% in North America by 2034.
Japan is forecasted to account for a market share of 29.4% in East Asia by 2034.
Based on product type, the starting milk formula segment is set to reach a valuation of US$ 2.49 billion in 2024.

"Infant milk formula offers micronutrients that cow and other milk alternatives may not offer, giving a massive push to its sales across the world," says a Fact.MR analyst.

Increasing Availability of Bovine Milk-based Formula for Infants

Breast milk is the finest source of nutrition for newborns. However, infant formula provides an important alternative to breastfeeding when it is not practicable or feasible to supply the developing child's nutritional demands. Bovine milk has long been utilized as a key ingredient in infant formula manufacture. It is then enriched with nutrients and bioactive compounds to closely approximate the composition of human breastfeeding.

Bovine milk-based infant formula is the most widely available, but it is not ideal for all babies; hence, alternatives, such as those based on caprine milk, soy, and rice protein, are becoming increasingly common.

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Rising Demand for Infant Milk Formula: A Global Overview of Market Trends and Drivers

The market in Japan is expected to expand at a remarkable CAGR of 14% from 2024 to 2034, projected to capture a significant 29.4% share of the infant milk formula market in East Asia by 2034.

Canada has a comparatively high proportion of working mothers, many of whom face challenges in breastfeeding due to time constraints, inadequate workplace support, and other concerns. This has driven the demand for regular milk formula as an alternative feeding option.

Cultural norms around newborn feeding methods in the United States and Canada have shifted significantly. Formula feeding is now widely accepted as a viable option for parents who are unable or unwilling to breastfeed. This shift in public attitudes has contributed to infant milk formula market growth in these countries.

Standard milk formula offers convenience and flexibility for parents, allowing them to share feeding responsibilities with partners, family members, or caregivers. This flexibility is particularly appealing in Canada, where individualism and independence are highly valued.

South Korea has experienced significant lifestyle changes in recent years, with more women entering the workforce. This trend has increased the demand for formula feeding as an alternative to breastfeeding, as working mothers may find exclusive breastfeeding challenging. Additionally, South Korea's economic development and rising disposable incomes have expanded the middle class, enabling more families to afford formula feeding as a convenient and reliable option.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the infant milk formula market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (starting milk formula, follow-on milk formula, toddler milk formula) and distribution channel (specialty stores, supermarkets, online retail, chemists/pharmacies/drugstores, and others), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).

Check out More Related Studies Published by Fact.MR Research:

Breast Milk Substitute Market is predicted to expand at an impressive CAGR of 9.4% to reach a value of $45.1 billion by 2032.

Infant Nutritional Premix Market was valued at $242.6 million in 2023 and is predicted to reach US$ 438.6 million by 2033.

Organic Infant Formula Market accelerating at a CAGR of 7.6% and is predicted to reach a valuation of $43.30 billion by 2033.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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