Dublin, April 07, 2023 (GLOBE NEWSWIRE) -- The "Global Infant Formula Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The infant formula market is projected to grow at a CAGR of 4.04% to reach a market size of US$62.066 billion by 2027, from US$47.027 billion in 2020.
Over the projected period, the increasing population of newborns and due to rapid urbanization and modernization, the working parents' protective nature regarding their child's food intake are likely to fuel market expansion.
Millennial parents are well-versed with the required nutritional requirement for their infants due to information that is available online which creates a healthy atmosphere for gaining knowledge. And therefore, the parents' focus has been on better nutritional and healthier products for their children. Millennial parents have been demanding plant products as well, as it possesses better nutritional value. Therefore, they also like to have such nutritional value in their kid's food intake as well.
Many businesses have witnessed potential business opportunities in the online baby food market focusing on the baby formula segment and therefore have settled on e-commerce platforms to establish baby food product stores there itself. Online platforms have been gaining popularity due to various attributes such as easy accessibility, festive offers, and quality assurance. The current parental generation of newborns is majorly working, on online platforms, they find it easier to shop, due to restricted time constraints. Keeping the audience's preferences in mind, many start-ups are emerging. Online platforms are slowly gaining a significant share of the market.
Market Developments
- UK-based infant formula manufacturer Kendamil has created the country's first "ready to feed" baby milk formula that contains no fish oil or palm oil. According to the company, the product has a shelf life of 12 months, as compared to others that only offer 9 months. Furthermore, in September 2022, Abbott, a leading brand name in nutrition announced the launch of "Similac GainSchool" which is said to be the first and only milk formula with the PRODI-G Nutrient System. It is an exclusive blend of five different human milk oligosaccharides (HMOs) to support higher IQ, better brain connections, and stronger immunity.
- In August 2022, Danone launched the new Dairy & Plants Blend baby formula to meet parents' desire for feeding options suitable for flexitarian, vegetarian, and, plant-based diets, while still meeting their baby's specific nutritional requirements.
- In November 2022, Perrigo announced to expansion of its US infant formula manufacturing capabilities by investing $170 million. It has recently purchased the US and Canadian rights to the Good Start baby formula brand as well as Nestle's Gateway infant nutrition plant in Wisconsin. The investment amount will be used for the expansion of the gateway's production capacity. The expansion of Gateway is the first major initiative for their recently announced 'Supply Chain Reinvention' program. It solidifies their long-term manufacturing supply of infant formula in the US and increases the availability of lower-priced and high-quality infant formula to consumers.
- In March 2022, Boobie, an infant formula company, announced that it raised $50 million in a Series B round that was led by Park West. Their new funding round includes $40 million in venture capital and $10 million in inventory debt. The new funding will be used for the production of new formula products. The company will also deepen its partnership with its manufacturing partner Perrigo. Along with this, the company is planning to invest in product development and R&D, which includes the launch of Bobbie Labs, a virtual laboratory that will fund infant feeding research and innovation.
North America is anticipated to hold a significant share during the expected period
The North American countries- USA, Mexico, and Canada are developed countries. Therefore, they are rapidly modernizing. The families' disposable income is also increasing as both parents are now working, so their aim is to provide quality products to their children even if they cost them more than normal. The market players in this region are carrying out extensive research and development in order to make mindful investments and launch products that will expand their product offerings.
For instance, in November 2020, in Canada, Abbott launched an infant formula- Similac Pro-Advance with 2'-Fucosyllactose Oligosaccharide (2'-FL). The company has made a statement that it is the first product in the country that includes 2'-Fucosyllactose Oligosaccharide? (2'-FL).
Market Segmentation:
By Formula Type
- Cow's Milk Protein-Based
- Soy-Based
- Protein Hydrolysate
By Form
- Powdered
- Concentrated Liquid
- Ready-to-Use
By Distribution Channel
- Offline
- Online
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value (USD) in 2020 | $47.03 billion |
| Forecasted Market Value (USD) by 2027 | $62.07 billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. INFANT FORMULA MARKET BY FORMULA TYPE
6. INFANT FORMULA MARKET BY FORM
7. INFANT FORMULA MARKET BY DISTRIBUTION CHANNEL
8. INFANT FORMULA MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
- Abbott
- Nestle S.A.
- Dana Dairy Group
- Danone
- Ausnutria Dairy Corporation Ltd.
- Perrigo Company plc
- Else Nutrition
- Biostime
- Juniper Naturals
- Mead Johnson & Company, LLC
For more information about this report visit https://www.researchandmarkets.com/r/2adqwf
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