According to Future Market Insights (FMI), the infant formula market is likely to reach a value of US$ 49.9 billion in 2023. It is anticipated to surpass US$ 114.1 billion in 2033. Between 2023 and 2033, a robust CAGR of 8.5% is likely to propel market acceleration.
A variety of micronutrients are crucial for newborns' overall growth. These micronutrients can be found in human milk naturally. Premature newborns might not get all the nutrition they need from human milk, though. In this case, infant formula can be helpful.
Similar to how human milk contains vitamins, infant formulae do too. They are therefore perfect for promoting the physical and mental growth of newborns. Most manufacturers of infant formula use casein and whey from cow's milk.
Casein and whey allergies, however, can occur in some infants. These babies should be fed infant formula made with soy protein. Many manufacturers of infant formula are now creating new products using plant-based materials.
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According to FMI, between 2023 and 2033, China, India, the United States, Germany, and the United Kingdom will control the majority of the global infant formula industry. Corporate and governmental players are stepping up to promote the use of baby formula as a growth aid for babies throughout these nations.
From 2023 to 2033, the market is likely to encounter particular challenges as well. For instance, in rural parts of developing nations, people still shy away from using infant formulas and rely exclusively on breastfeeding.
Key Takeaways from the Report:
The global infant formula marketis expected to reach a market valuation of US$ 114.1 billion in 2033.A positive CAGR of 5%is likely to accelerate the market from 2023 to 2033.The United States is anticipated to account for an 9% share in the global market.The United Kingdom is set to hold a 6% share in the global market.Powdered infant formulas are poised to dominate sales in the coming years owing to their easy availability and affordability.Who is Winning?
The global market for infant formula consists of emerging as well as established players. Irrespective of the size of market participants, all of them are likely to diversify their products in the coming years. Through product diversification, they can expand their global reach and strengthen their respective grasps on the market.
Nestle, Abbott Nutrition, Groupe Danone, The Kraft Heinz Company, Synutra International Inc., Mead Johnson Nutrition, Beingmate Baby & Child Food Co. Ltd, Meiji Holdings Co. Ltd., Friesland Campina, and Pfizer Inc. are the key players in the global infant formula market.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global infant formula market market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the infant formula market based on product type (starting milk, follow-on-milk, toddlers milk, special milk), ingredient (whey protein concentrate, soy protein concentrate, protein hydrolysate), form (liquid, powder, ready-to-eat), and distribution channel (store-based retailing, online retailers) across seven regions.
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Global Infant Formula Market by Category
By Product Type:
Starting MilkFollow-On-MilkToddlers MilkSpecial MilkBy Ingredient:
Whey Protein ConcentrateSoy Protein ConcentrateProtein HydrolysateBy Form:
PowderLiquidReady to FeedBy Distribution Channel:
Store-based retailingConvenience StoreHypermarkets/ SupermarketsPharmacy/Medical storesFood SpecialistOther Grocery RetailersOnline retailBy Region:
North AmericaLatin AmericaEuropeSouth AsiaEast AsiaOceaniaMiddle East and Africa
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