Selbyville, Delaware, Sept. 21, 2021 (GLOBE NEWSWIRE) --
According to latest report “Breast Milk Substitute Market by Substitute Type (Milk-based Formula, Soy-based Formula, Hypoallergenic Formula), Formula Type (Powdered, Concentrated Liquid, Ready-to-use), Distribution Channels (Pharmacies, Retail Stores), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of breast milk substitutes will cross $144 billion by 2027. Growing number of working-class women worldwide will boost the market growth.
Higher birth rate coupled with increasing urbanization in developing will fuel the market expansion. Due to growing urbanization, surge in the number of educated and employed women population, the breast feeding rate is declining in certain geographies. Working women are unable to breastfeed their babies owing to busy work schedule as well as environment. Also, growing trends and change in lifestyle increase risk of several diseases that restrict mothers from breastfeeding their babies.
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Growing awareness about breast milk substitutes in developing countries along with targeted marketing by companies will foster the market progression. In addition, high disposable income and increasing healthcare spending will enhance the industry revenue generation. Large investment in research and development and availability of improving formula alternatives for better results and quality will propel product demand in the industry.
The hypoallergenic formula segment in the breast milk substitute market will witness 9.6% growth rate till 2027. The hypoallergenic breast milk substitutes formula containing protein hydrolysate is specially recommended for consumption by newborns that are allergic to cow milk or other substitute formulas. Presence of allergies among infants such as food allergy, asthma, eczema and several others will impel the product adoption.
Powdered breast milk substitutes segment is anticipated to grow at a 10.3% CAGR through 2027. Powdered formula milk is easy for preparation and available at affordable price as compared to other breast milk substitutes formula. Additionally, major industry players are mainly manufacturing and offering wide range of products including powdered milk formula and will the stimulate segment growth.
Others segment captured 23% of breast milk substitute market share in 2020. Others segment including e-commerce is growing rapidly owing to growing use of digital technologies, internet penetration and customer preference towards online purchase will augment the segment expansion. Furthermore, companies started robust marketing through online channels that assisted sales during pandemic.
Asia Pacific breast milk substitute market is poised to observe significant growth during the forecast timeline. China market held largest share in the historical period. Growing working class population base coupled with change in lifestyle will spur the regional growth. Robust marketing and promotion of breast milk substitutes for infants will enhance the product demand. Lack of proper regulations for breast milk substitutes and poor legislation for breastfeeding in several countries will impact product sales in the region. Several companies faced challenges for product supply initially during the pandemic due to limitations in international trade. However, low breast-feeding rate in rapidly growing population in region represent a major factor boosting the market demand during the forecast period.
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Major companies operating in the breast milk substitute market are Abbott Nutrition, Vitagermine SAS, Fonterra Co-operative Group, Danone Nutricia, The Kraft Heinz Company, Reckitt Benckiser Group, FrieslandCampina and Hyproca. The participants are implementing numerous growth strategies such as partnership, collaboration, acquisition and new product launches and high investments in research and development activities to gain competitive edge over others. Focus on product development will provide several growth opportunities in foreseeable future.
Table of Contents (ToC) of the report:
Chapter 3 Breast Milk Substitute Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By substitute type
3.4.2 By formula type
3.4.3 By distribution channel
3.5 COVID-19 impact analysis
3.6 Comparative analysis between breast milk and infant formulas
3.7 Regulatory landscape
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/breast-milk-substitutes-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
