Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global infant formula market size was valued at USD 64.69 billion in 2022 and is expected to expand from USD 71.83 billion in 2023 to USD 141.70 billion by 2030, exhibiting a CAGR of 10.19% over the study period. The expansion can be credited to the rising consumer shift toward plant-based and clean-label products. Consumers are increasingly shifting from chemical to plant-based ingredients, which is anticipated to bolster the demand for these infant products.
Fortune Business Insights™ provides this information in its research report, titled “Infant Formula Market, 2023-2030”.
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Leading Players Featured in the Infant Formula Market Research Report:
- Nestle S.A. (Switzerland)
- Danone S.A. (France)
- Arla Foods (Denmark)
- Yili Group (China)
- Abbott (U.S.)
- The Kraft Heinz Company (U.S.)
- Bellamy’s Organic (Australia)
- Reckitt Benckiser Group PLC (U.K.)
- Perrigo Company plc (Ireland)
- FrieslandCampina (Netherlands)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 10.19 % |
| 2030 Value Projection | USD 141.70 Billion |
| Infant Formula Market Size in 2023 | USD 71.83 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 235 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Infant Formula Market Drivers | Hectic Lifestyles Coupled with Product Innovations to Propel Market Growth |
| Rising Awareness about the Importance of Early Nutrition for Infants' Proper Growth and Development is Fueling the Market Expansion |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/infant-formula-market-101498
Segmentation:
Infant Milk Segment Dominated Due to Growing New Product Launches by Market Players
Based on type, the market is divided into infant milk, follow-on milk, and others. The infant milk segment held the largest infant formula market share in 2022. The leading market players are focusing on new product launches in the infant milk segment. This factor is driving the segment growth.
Consumers’ High Preference for Large Supermarkets to Escalate Hypermarkets/Supermarkets Segment Expansion
By distribution channel, the market is segmented into hypermarkets/supermarkets, pharmacy/medical stores, specialty stores, and others. The hypermarkets/supermarkets segment accounts for the largest market share. Consumers exhibit a high preference to purchase products from large supermarkets due to the availability of a wide range of pricing options.
By region, the market has been studied across the Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
Report Coverage:
The market report offers comprehensive coverage of the driving factors impacting the market growth. In also offers vital insights into the COVID-19 impact on the market growth. It further highlights the key market trends and strategies formulated by leading market players to retain their industry foothold.
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Drivers and Restraints:
Surging Awareness about the Importance of Early Nutrition for Infants' Proper Growth and Development to Accelerate the Market Growth
One of the major factors driving the infant formula market growth is an increase in awareness about the importance of early nutrition for the proper growth and development of infants. Parents are focusing on better nutrition and more advantageous products for their children. In addition, young parents look for plant products due to their high nutritional value.
Despite an expanding scope for product adoption, the safety issues related to the new infant formulas may hinder the market growth.
Regional Insights:
Asia Pacific Dominated Due to the Rising Birth Rate in the Region
The Asia Pacific market held the largest share in 2022. The birth rate in the region is high, which has increased the product uptake. This factor is proliferating the regional growth.
The Europe market for infant formula is anticipated to expand significantly during the forecast period. The key market players such as Organix, Nestle, and others are continuously innovating. This factor is driving the regional growth.
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COVID-19 Impact:
Supply Chain Upheavals Hindered the Market Growth Amid the Pandemic
The supply chain and production constraints were observed in the infant nutrition industry amid the pandemic, which hurt the market growth. A surge in product sales attributed to the increased inclination of people toward products with high nutrition was also witnessed. However, the market faced consumer panic due to the limited production, which led to a supply chain gap.
Competitive Landscape:
Prominent Companies Focus on Capacity Expansion Strategies to Reinforce Their Industry Positions
Notable infant formula market players are focusing on various competitive strategies to extend their industry footing. Mergers and acquisitions, collaborations, joint ventures, and product innovations are some of the key competitive strategies deployed by leading market players. Several companies are also focusing on capacity expansion strategies to sustain their industry leadership.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview on the Parent Market
- Supply Chain Analysis
- Industry SWOT Analysis
- Regulatory Framework
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Infant Formula Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Infant Milk
- Follow-On Milk
- Others
- By Distribution Channel (Value)
- Hypermarkets/Supermarkets
- Pharmacy/Medical Stores
- Specialty Stores
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
- North America Infant Formula Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Infant Milk
- Follow-On Milk
- Others
- By Distribution Channel (Value)
- Hypermarkets/Supermarkets
- Pharmacy/Medical Stores
- Specialty Stores
- Others
- By Country (Value)
- U.S.
- By Distribution Channel (Value)
- Hypermarkets/Supermarkets
- Pharmacy/Medical Stores
- Specialty Stores
- Others
- By Distribution Channel (Value)
- Canada
- By Distribution Channel (Value)
- Hypermarkets/Supermarkets
- Pharmacy/Medical Stores
- Specialty Stores
- Others
- By Distribution Channel (Value)
- Mexico
- By Distribution Channel (Value)
- Hypermarkets/Supermarkets
- Pharmacy/Medical Stores
- Specialty Stores
- Others
- By Distribution Channel (Value)
- U.S.
- By Type (Value)
TOC Continued...!
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Key Industry Development:
August 2022: Abbott announced the resumption of its Similac infant formula production plant at Sturgis, Michigan. Through this move, the company intended to supply over 8 million pounds of infant formula in the U.S.
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