Newark, NJ, Oct. 05, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global breast milk substitutes market is expected to grow from USD 58.34 billion in 2019 and to reach USD 119.61 billion by 2027, growing at a CAGR of 9.39% during the forecast period 2020-2027.
The growing urbanization has increased the number of working mother populations, especially in developed and developing regions, this has been a major driving factor for the market. These women are not able to breastfeed their newborns owing to the hectic work schedules. Further, the change in lifestyle has also given rise to certain diseases, which has, in turn, resulted in the market growth of breast milk substitutes.
There are situations with both the child and the mother, where the use of breast milk should be avoided. The mother is restricted to breastfeed under severe illness, HIV infection, herpes simplex viruses, etc. Further, the mother is also advised not to breastfeed the newborn if she is on certain medications such as sedating psychotherapeutic drugs, opioids, anti-epileptic drugs, radioactive iodine and iodophors as these can result in respiratory issues, electrolyte abnormalities or thyroid suppression. Similarly, if the infants who are suffering from classic galactosemia, phenylketonuria or maple syrup urine disease needs specialized formula made milk. Moreover, the pre immature infants require additional nutrients that are provided by the breast milk substitute.
The increasing number of births worldwide has significantly contributed to the breast milk substitute market. Additionally, the high disposable income, coupled with growing awareness of breast milk substitutes among working women, has also accelerated the market growth. The rising healthcare spending and increasing investments to improve the quality of infant food have positively impacted the market. However, the stringent regulations related to the approval of the product are hindering the market growth.
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Key players operating in the global breast milk substitutes market include Nestle, Kraft Heinz, Abbott Nutrition, Danone, Mead Johnson (Reckitt Benckiser), Fonterra Co-operative Group, Vitagermine SAS, FrieslandCampina, Hyproca and others. The manufacturers are opting for expansion strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, so as to gain a significant market share in the global breast milk substitutes market and strengthen their position. Nestle and Abbott Nutrition are some of the biggest manufacturers and suppliers of breast milk substitutes in the worldwide market.
Milk-based formula dominated the market and held the largest market share of 67.94% in the year 2019
On the basis of the substitute segment, the global breast milk substitutes market includes soy-based formula, milk-based formula and hypoallergenic formula. Milk-based formula dominated the market and held the largest market share of 67.94% in the year 2019. The milk-based formulas constitute enriched nutrients such as minerals and vitamins. These formulas are usually made up of the cow’s or goat’s milk, which contains vitamin D. Apart from this, the hypoallergenic formula is expected to grow at a high rate. The hypoallergenic formulas are specialized for the consumption of infants who are allergic to the other formulas. It contains hydrolyzed proteins, which are more accessible for infants to consume.
Ready to use segment dominated the market and held the largest market share of 51.43% in the year 2019
On the basis of the form segment, the global breast milk substitutes market includes ready to use, powdered and concentrated liquid. Ready to use segment dominated the market and held the largest market share of 51.43% in the year 2019. These are easy to prepare and thus are mostly preferred by the working women owing to the convenience. However, the powdered segment has been projected to account for the majority of the market shares during the forecast period. The powdered milk is easy to prepare and is cost-effective as compared to other types.
The retail stores segment dominated the market and held the largest market share of 48.30% in the year 2019
On the basis of the distribution channel segment, the global breast milk substitutes market includes retail stores, pharmacies, e-commerce and others. The retail stores segment dominated the market and held the largest market share of 48.30% in the year 2019. The breast milk substitutes are easily available in the retail stores, with a lot of options to choose from at a cheaper rate. Apart from this, the e-commerce segment is expected to gain significant market share during the forecast period. The increasing demand for online products owing to convenience is the major reason for the growth of the market.
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Regional Segment Analysis of the Breast Milk Substitutes Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global breast milk substitutes market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for the major market share of 43.91% in the year 2019. The growth can be attributed to a number of factors, majorly the increasing urbanization and growing number of working women in the region. Further, the rise in disposable income is also a contributing factor the market growth. However, Asia-Pacific is projected to grow at an impressive rate during the forecast period. China is the leading country in the region. The increasing demand is due to the growing working population and the promotion of nutrient rich food for infants in the region.
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About the report:
The global breast milk substitutes market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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