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I AgreeAnalysis of Breast Milk Substitute market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global breast milk substitute market has reached a valuation of US$ 18.4 billion and is predicted to expand at a high-value CAGR of 9.4% to reach a market size of US$ 45.1 billion by the end of 2032.
Revenue from the sales of breast milk substitutes is estimated to account for more than 30% share of the global infant formula market.
Report Attributes |
Details |
---|---|
Breast Milk Substitute Market Size (2021A) |
US$ 17.1 Billion |
Estimated Market Value (2022E) |
US$ 18.4 Billion |
Forecasted Market Value (2032F) |
US$ 45.1 Billion |
Global Market Growth Rate (2022-2032) |
~9.4 % CAGR |
North America Market Share (2021) |
~ 17.5% |
East Asia Market Growth Rate (2022-2032) |
~ 10.7% CAGR |
United States Market Growth Rate (2022-2032) |
~ 5.1% CAGR |
Market Share of Top 5 Companies |
~37.4% |
Key Companies Profiled |
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Breast milk substitutes have been in high demand among non-lactating mothers. Manufacturers’ objective of producing natural substitutes for breast milk, devoid of any additives, has helped them maintain a prominent position in the food & beverage market.
Higher birth rate in developing countries has contributed to a great extent to the use of breast milk replacement formula. Inclusion of powdered breast milk substitutes in infant diets will also boost product demand in the industry.
Consumption of breast milk substitutes by infants of different age groups increased at a compound annual growth rate of 6.4% from 2017 to 2021.
The number of women who work is on the rise. Difficult postpartum support and maternity leave policies will contribute favorably to the increased usage of breast milk substitutes over the coming years. Upsurge in spending by manufacturers to produce breast milk substitutes in various forms will majorly contribute to market growth.
According to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 9.4% CAGR between 2022 and 2032.
Market share analysis of breast milk substitutes based on formula and region. Under the formula segment, cow milk protein dominates with 63.3% market share in 2022.
“Shift in Feeding Practices among Women to Drive Demand for Breast Milk Substitutes”
Breast milk substitutes are gaining popularity due to the4 various advantages that they provide to new mothers. Mothers who encounter lactation problems are likely to introduce their infants to breast milk substitutes that provide the nutrition and health benefits that only breast milk can provide.
In addition, employed women who face inflexibility in their work hours, lack of privacy for breastfeeding near the workplace, and limited maternity leave benefits are opting for breast milk substitutes. This has contributed to the shift from breastfeeding to the usage of breast milk substitutes among many mothers.
Owing to these above-stated reasons, there is an increasing demand for breast milk alternatives, which is creating ample opportunities for additional revenue generation in the market.
“Rising Awareness & Marketing Strategies to Increase Sales of Breast Milk Substitute Products”
Provision of breast milk substitutes along with promotional materials and baby products and maternity discharge packs is the most common marketing strategy of breast milk substitute manufacturers.
Breast milk substitutes are also introduced to new mothers via mass media, print advertisements, and others means such as home visits by health workers. This approach with the help of various social networking sites promotes breast milk substitute use for infants and will help maintain the growth trajectory of breast milk substitute sales.
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“Strict Regulations for Marketing Breast Milk Substitutes to Affect Market Growth”
With recent innovations and growing awareness about the consumption of breast milk substitutes for infant nutrition among pregnant women and mothers, key manufacturers are developing products with additional nutritional supplements. Products that are promoted by key players via various means add revenue to the company.
However, the adoption of the International Code of Marketing of Breast Milk Substitutes (IC) by the World Health Assembly (WHA) has had a negative impact on the sales of breast milk substitutes. IC prohibits unethical advertising and promotion of breast milk substitutes and encourages manufacturers to advocate the importance of safe and adequate nutrition for infants by supporting and encouraging breastfeeding among mothers.
The adoption of IC and various other acts have a direct impact on the revenue of manufacturers.
China’s breast milk substitute market is expected to reach US$ 13.0 Billion by 2032.
In August 2021, China adopted a three-child policy with the aim of increasing its declining birth rate. This major policy shift is anticipated to increase birth rates, which would have a positive impact on the breast milk substitute market in the country.
The growing middle-class population, rise in the participation of women in the workforce, and increase in awareness of breast milk substitutes among Chinese parents are likely to influence the market and create a plethora of opportunities for breast milk substitute manufacturers.
The United States accounts for 81.2% share of the North America breast milk substitute market at present.
The prevalence of non-lactating mothers in the United States is relatively high in number than breastfeeding mothers. Moreover, a rise in the number of employed women is anticipated to boost the market for breast milk substitutes due to their hectic lifestyles. The only solution to provide their infants with nutrients that breastmilk can provide by using of breast milk substitutes.
The United States market for breast milk substitutes is expected to reach a valuation of US$ 4.1 billion by 2032.
Commercially prepared breast milk substitutes are nutritious and also consist of nutrients that breastfed babies need to get from additional supplements. Manufacturers produce commercial formulas in an attempt to duplicate mother’s milk using raw materials that resemble breast milk in the matter of nutrients.
Among the naturally available raw materials, cow milk protein is widely used for the preparation of infant formula that acts as a breast milk substitute. Owing to the direct resemblance to breast milk as well as easier digestibility by infants, key players are using cow milk protein for the production of infant formula as a breast milk alternative.
Thus, the use of cow milk protein as a source for infant formula has increased steadily in the recent past, surpassing a market valuation of US$ 10.8 billion at the end of 2021.
Sales of breast milk substitutes for consumption by infants are increasing rapidly. Powdered breast milk substitute is a growing segment in the overall market for infant nutrition. Being a less expensive form of breast milk alternative will drive high demand among end users over the coming years.
Use of powdered breast milk substitutes by infants is anticipated to create an absolute $ opportunity of US$ 20.9 billion by the end of the assessment period of 2022- 2032.
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Prominent breast milk substitute manufacturers are Nestle, Abbott, Heinz, Danone, Fonterra, and Kendamil.
Key manufacturers of breast milk substitute products are employing sustainable technologies as well as a safe & efficient environment for production purposes. Market players are focusing on developing new products that are designed keeping in mind the regulations and acts associated with infant nutrition.
Fact.MR has provided detailed information about the price points of key manufacturers of breast milk substitutes positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The global breast milk substitute market is valued at US$ 18.4 billion.
Worldwide demand for breast milk substitutes is anticipated to reach US$ 45.1 Billion by 2032.
From 2017 to 2021, sales of breast milk substitutes increased at 6.4 % CAGR.
East Asia leads the global breast milk substitute market with 37.9% market share.
Cow-milk protein accounts for 63.3% share of the global market at present.