Infant Milk Formula Market

Infant Milk Formula Market Study by Starting Milk Formula, Follow-on Milk Formula, Toddler Milk Formula Sold through Specialty Stores, Supermarkets, Online Retail, and Pharmacies from 2024 to 2034

Analysis of Infant Milk Formula Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Infant Milk Formula Market Outlook (2024 to 2034)

The global infant milk formula market is projected to increase from a valuation of US$ 6.3 billion in 2024 to US$ 22.35 billion by the end of 2034, expanding at a CAGR of 13.5% over the next decade (2024 to 2034).

Milk is a primary food option for infants. Formula milk, also known as baby formula, is typically derived from cow’s milk that has been processed to be more suitable for infants.

Milk formulas play a crucial role in an infant's diet, often serving as the sole source of nutrients for some babies. Infant milk formula contains several key components: whey and casein from cow’s milk as protein sources, a blend of vegetable oils for fat, lactose for carbohydrates, a variety of vitamins and minerals, and additional ingredients depending on the manufacturer. These qualities have brought formula milk into the spotlight, with more mothers relying on these products, thereby driving infant milk formula market growth.

Manufacturers offer a diverse range of formula milk options, including first infant formula, goat’s milk formula, hungrier baby formula, anti-reflux formula, and comfort formula. This extensive variety allows mothers the flexibility to choose products that best suit their preferences and their babies' needs. More mothers are starting to opt for these formulas to ensure the intake of important nutrients by their infants, leading to a constant rise in sales of infant milk formula.

Key Market Growth Drivers

  • Some mothers may not be comfortable with the idea of breastfeeding. Thus, the only alternative available is milk formula. Milk formula contains all the important nutrients required for the baby to remain healthy.
  • A family member or caretaker can feed the baby in the absence of the mother, which provides a competitive edge for milk formula producers.
  • Formula milk bottles come in varying capacities. This allows the mothers to feed their babies the right amount.
  • In many cases, breastfeeding is avoided when a mother is suffering from HIV or tuberculosis. For such mothers, milk formula is a go-to choice.
  • Infants at risk for malnutrition or birth defects may benefit from infant milk formula, as it contains the necessary components to help combat these issues.
  • Mothers who cannot produce sufficient milk often turn to infant milk formula as a suitable alternative, thereby boosting the market for manufacturers.
Report Attribute Detail
Infant Milk Formula Market Size (2024E) US$ 6.3 Billion
Forecasted Market Value (2034F) US$ 22.35 Billion
Global Market Growth Rate (2024 to 2034) 13.5% CAGR
Canada Market Growth Rate (2024 to 2034) 14% CAGR
China Market Value (2034F) US$ 2.45 Billion
North America Market Share (2024E) 23.9%
East Asia Market Share (2034F) 23.1%
Key Companies Profiled Wyeth; Feihe; Danone; Frise; Mead Johnson & Company; Abbott Laboratories; Synutra International Inc.; Yili Group; Kraft Heinz Company; Meiji Holdings Co. Ltd.; FrieslandCampina N.V.

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Which Infant Milk Formula Market Trends Should Manufacturers Capitalize On?

“Rising Consumer Preference for Products with All-Natural and Plant-Based Ingredients”

The global market for baby nutrition is flourishing, with high potential for rapid expansion due to a surge in innovation with critical components such as probiotics and human milk oligosaccharides. Similarly, there has been a recent surge in demand for clean-label, plant-based, and organic products.

Demand for organic and clean-label newborn nourishment products is projected to rise as consumers turn away from chemical components and toward all-natural and plant-based alternatives. Furthermore, vitamin D fortification in baby formula is becoming more common, as it can help balance the bacteria population in the infant's gut.

  • Nestlé introduced a new newborn formula in Hong Kong in November 2023 that features a patented combination of "all-around" nutrition that promotes bone growth while also improving infants' digestive and cognitive health.

“Growing Demand for Convenient Baby Nutrition Solutions Due to Busy Lifestyles”

Various variables, such as changing consumer lifestyles, rising purchasing power, and rising number of women in the workforce, have all had a favorable influence on the industry during the last few decades. Many people living in cities are unable to accurately manage or monitor their children's dietary needs.

A busy lifestyle is a key contributing factor to individuals finding it difficult to meet their newborns’ nutrition needs, which has a negative long-term impact on the baby's health. As a result, many millennial shoppers seek easy ways to satisfy their baby's nutritional needs. The ease offered by infant milk formula appeals to parents, driving product demand and contributing to the expansion of the infant milk formula market size.

  • In October 2022, Abbott Laboratories, an American nutrition food manufacturing corporation, spent US$ 500 million to build a new manufacturing plant in the United States to create baby and toddler formula.
  • Danone S.A., a French multinational food-products manufacturing corporation, developed a dairy and plant mix infant formula in August 2022 to address parents' demand for vegetarian and flexitarian alternatives for their newborns. The formula provides 60% plant-based protein and 40% dairy-based protein, which combines nutrients present in both plants and breast milk.

Which Restraints are Shrinking the Profit Margins of Infant Milk Formula Suppliers?

“Safety Concerns Associated with Infant Milk Formula and Stringent Regulations”

Rigorous laws and regulations governing the launch of new items, as well as the difficult procedure of registering and getting approval for new products, are projected to impede the infant milk formula market growth during forecast period.

  • Reckitt Benckiser published a press statement in February 2023 announcing the recall of 145,000 cans of Enfamil ProSobee Simply Based Infant Formula due to the risk of cross-contamination with Cronobacter sakazakii. This lethal bacteria caused the infant formula catastrophe last year.
  • UNICEF and WHO reported that exclusive breastfeeding climbed by 10 percentage points in 2023, reaching 48% globally. Newborn nutrition items incorporating artificial substances, such as newborn formulae, have experienced a relative slowdown.

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Country-wise Evaluation

The market in Japan is expected to expand at a remarkable CAGR of 14% from 2024 to 2034. In addition, the country is projected to occupy a significant infant milk formula market share of 29.4% by 2034 in the East Asia region.

Why Does Infant Milk Formula Appeal to Parents in Canada?

“Convenience and Flexibility of Infant Milk Formula Driving Sales Due to Time Constraints”

Attribute Canada
Market Value (2024E) US$ 505.9 Million
Growth Rate (2024 to 2034) 14% CAGR
Projected Value (2034F) US$ 1.87 Billion

Canada has a comparatively high proportion of working moms. Many working women struggle to breastfeed, primarily owing to time restrictions, poor workplace support, and other concerns. This has increased the need for regular milk formula as an alternative feeding option.

Cultural norms around newborn feeding methods in the United States and Canada have shifted. Formula feeding is now widely accepted and acknowledged as a viable option for parents who are unable or unwilling to breastfeed. This shift in public attitudes has helped boost the country's market growth.

Standard milk formula is convenient and flexible for parents, allowing them to share feeding responsibilities with partners, family members, or caregivers. This flexibility is especially enticing in a country like Canada, where individualism and independence are valued.

Which Trends in South Korea Have Influenced Demand for Formula Feeding?

“Increasing Participation of Mothers in Workforce”

Attribute South Korea
Market Value (2024E) US$ 313.3 Million
Growth Rate (2024–2034) 14.3% CAGR
Projected Value (2034F) US$ 1.19 Billion

South Korea has seen major lifestyle changes in the past few years, with more women entering the workforce. This trend has boosted the need for formula feeding as an alternative to breastfeeding, as working moms may find it difficult to breastfeed exclusively. South Korea's economic development and increased disposable income have led to the expansion of its middle class. With greater purchasing power, more families may afford formula feeding as a simple and dependable choice.

Category-wise Insights

Based on distribution channel, the online retail segment is evaluated to reach a market valuation of US$ 1.41 billion in 2024, holding a market share of 22.4%.

Which Product Type is Widely Preferred by Parents and Caregivers?

“Preference for Starting Milk Formula Due to its Digestive Benefits”

Attribute Starting Milk Formula
Segment Value (2024E) US$ 2.49 Billion
Growth Rate (2024 to 2034) 13.3% CAGR
Projected Value (2034F) US$ 8.67 Billion

Starting milk formula, commonly known as first infant formula, is becoming widely popular as it contains whey and casein, which are thought to be easier to digest than other types of formula. This makes starting milk formulas a top choice among all the baby formulas available in the market.

What are the Advantages Offered by Specialty Stores?

“Access to Specialized Expertise and Personalized Customer Service”

Attribute Specialty Stores
Segment Value (2024E) US$ 2.13 Billion
Growth Rate (2024 to 2034) 13.2% CAGR
Projected Value (2034F) US$ 7.35 Billion

Specialty stores offer several advantages, including access to specialized expertise, a wide range of high-quality products, personalized customer service, and an immersive shopping experience tailored to specific interests. All these components have made specialty stores desirable to shop from among parents and caregivers, thus boosting sales of baby formula through such stores.

Know thy Competitors

Competitive landscape highlights only certain players
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Market Rivalry

The market is made up of a few well-established companies as well as several small and medium-sized businesses. Key players in the infant milk formula industry rely on two main strategies: new product development and base growth. Companies are focusing on digitization, investments, and promotional initiatives to increase their market position.

  • Nestlé SA, Perrigo Company Plc, and Danone S.A. are creating new products supplemented with vitamins D, A, E, and C.

Furthermore, parents prefer to buy safe and high-quality baby items, and the new organic formula variant presents a significant development opportunity for infant formula makers. Companies are adapting themselves to the evolving infant milk formula market trends such as organic infant formula and neonatal infant care.

Fact.MR provides detailed information about the price points of key infant milk formula producers positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Key Segments of Infant Milk Formula Market Research

  • By Product Type :

    • Starting Milk Formula
    • Follow-on Milk Formula
    • Toddler Milk Formula
  • By Distribution Channel :

    • Specialty Stores
    • Supermarkets
    • Online Retail
    • Chemists/Pharmacies/Drugstores
    • Others
  • By Region :

    • North America
    • Latin America
    • Eastern Europe
    • Western Europe
    • East Asia
    • South Asia & Pacific
    • Middle East & Africa

- FAQs -

How big is the infant milk formula market in 2024?

The global market for infant milk formula is estimated at US$ 6.3 billion in 2024.

What is the estimated CAGR for the baby milk formula?

The global baby milk formula market is foreseen to advance at a CAGR of 13.5% between 2024 and 2034.

What portion of the North American market does Canada occupy?

Canada is projected to hold 34.5% share of the North American market by 2034.

What is the demand projection for infant milk formula for 2034?

Worldwide revenue from the sales of baby milk formula is projected to reach US$ 22.35 billion by 2034.

How fast is the market projected to expand in South Korea?

The market in South Korea is forecasted to expand at 14.3% CAGR through 2034.

Who are the leading manufacturers of infant milk formula?

Some of the leading market players are Wyeth, Feihe, Danone, Kraft Heinz Company, and Meiji Holdings Co. Ltd.

What are the estimated sales of infant milk formula from supermarkets?

The supermarkets segment is estimated to reach a value of US$ 1.76 billion in 2024.

- Also of Interest -

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Infant Nutritional Premix Market

Infant Nutritional Premix Market Analysis by Vitamins, Minerals, Nucleotides, and Amino Acids for Bone Health, Immunity, Digestion, Vision Health, and Brain Health & Memory from 2023 to 2033

Organic Infant Formula Market

Organic Infant Formula Market Analysis by Starting Milk Formula, Follow-on Milk Formula, and Special Milk Formula in Powder, Concentrate, and Ready-to-feed from 2023 to 2033

Standard Milk Formula Market

Standard Milk Formula Market Analysis by Liquid Formula, Powder Formula, Concentrate Formula, and Ready-to-Feed Formula from 2023 to 2033

Infant Milk Formula Market