The infant formula industry is expected to be valued at $181.7 billion by 2032, according to a KD Industry Insights report. The analysis predicts that by 2023, the infant formula market would be valued at $72.7 billion based on the most recent statistics available. This implies that sales and market growth must have expanded dramatically by 2024. The market is expected to develop at a compound annual growth rate (CAGR) of 10.9% between 2024 and 2032.
Key Takeaways of Infant Formula Market
- Increasing Number of Working Mothers Globally, Rising Birth Rates, and Increasing Prevalence of Malnutrition in Children are some of the factors anticipated to drive the growth of the market within a specific forecast period i.e., 2024-2032
- Raising Conscience about the Advantages of Breastfeeding and Limitations in Endorsing Baby Formula Products, are some of the challenges that leads to hinder the growth of the market during a specific forecast period.
- The Asia Pacific region is anticipated to dominate the largest number of share of Infant Formula market within the specific forecast period i.e., 2024-2032.
List of Key Players in Infant Formula Market:
- Nestle S.A.
- Danone S.A.
- Arla Foods
- Yili Group
- Abbott
- The Kraft Heinz Company
- Bellamy’s Organic
- Reckitt Benckiser Group PLC
- Perrigo Company plc
- FrieslandCampina
- Others
Infant Formula Market Segmentation by Type and Distribution Channel
- By Type:
- Infant Milk
- Follow-On-Milk
- Others
- By Distribution Channel:
- Hypermarkets/ Supermarkets
- Pharmacy/Medical Stores
- Specialty Stores
- Others
Infant Formula Market Segmentation by Region:
Based on geographic factors, the Infant Formula market is divided into five primary regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It is anticipated that by the end of 2032, Asia Pacific region will hold the largest number of share out of all these regions. These areas are divided even further into:
- North America – U.S., and Canada
- Europe – U.K., Germany, France, Italy, Spain, Russia, and Rest of Europe
- Asia-Pacific – Japan, China, India, Indonesia, Malaysia, Australia, and Rest of Asia-Pacific
- Latin America – Mexico, Argentina, and Rest of Latin America
- Middle East and Africa
