Global Baby Infant Formula Market Overview
Baby Infant Formula Market Size was estimated at 65.53 (USD Billion) in 2022. The Baby Infant Formula Market Industry is expected to grow from 69.94(USD Billion) in 2023 to 125.7 (USD Billion) by 2032. The Baby Infant Formula Market CAGR (growth rate) is expected to be around 6.73% during the forecast period (2024 - 2032).
Key Baby Infant Formula Market Trends Highlighted
Over the years, it has come to light that the demand for the baby infant formula market is growing owing to reasons such as the increase in the birth rates in underdeveloped economies, the improvement in the understanding of the value of the formula, as well an increase in disposable income. The main factors driving the market growth include a growing population of infants and children, government policies promoting breastfeeding, and an increasing scope of formulated baby food. Growth opportunities can be found in the production of formulated milk for preterm, lactose-intolerant babies and babies with various kinds of allergies. Among the recent strategies are the growth of organic and premium formulas, the use of the internet in selling baby formula, and the rush for eco-friendly formulations and packages. It is to be noted that in order to seize the opportunities mentioned above and meet changing consumer requirements, there seems to be no further option left to the market players other than innovation in the product, the quality of products and consumer satisfaction.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Baby Infant Formula Market Drivers
Rising Birth Rates in Developing Countries
The increasing birth rates in developing countries are a major driver of the baby infant formula market. As the population of these countries grows, so does the demand for baby food products. In addition, the rising disposable incomes in these countries are allowing more families to afford baby infant formula, which is often seen as a more convenient and nutritious option than breastfeeding. The Baby Infant Formula Market Industry is expected to witness significant growth in the coming years due to the growing population of infants and toddlers in developing countries.
Growing Awareness of the Benefits of Baby Infant Formula
In recent years, there has been increased awareness among parents on the benefits of feeding babies with baby infant formula. This has been revealed as being partially facilitated by the growing amount of information regarding nutrition for babies and toddlers. Further to that, the growing number of working-class families, with mothers in particular, are also not left behind since they use baby infant formula to feed their children when they are away from home.
Government Regulations and Support
Government regulations and support are also contributing to the growth of the baby infant formula market. In most countries, there are strict rules about the production and sale of baby infant formula. The objectives of the regulations are that baby infant formula should be safe and nutritious. In addition, most governments provide financial help for the families who buy baby infant formula.
Baby Infant Formula Market Segment Insights
Baby Infant Formula Market Product Type Insights
The Baby Infant Formula Market is segmented by product type into Powder Formula, Liquid Formula, and Ready-to-Feed Formula. Powder Formula accounts for the largest share of the market, followed by Ready-to-Feed Formula. Liquid Formula is the smallest segment of the market in 2023 but has potential for growth as it is perceived as a convenient option for parents. Powder Formula is the most popular type of baby infant formula due to its affordability, long shelf life, and ease of storage. Ready-to-feed formula is more expensive than Powder Formula but is perceived as a convenient option for parents as it does not require any preparation.Liquid Formula is the least popular type of baby infant formula due to its short shelf life and need for refrigeration. The Baby Infant Formula market is expected to grow significantly over the coming years, driven by increasing birth rates in developing countries, rising disposable incomes, and growing awareness of the importance of nutrition for infants. The Asia-Pacific region is expected to witness the highest growth rate over the forecast period due to the increasing birth rates and rising disposable incomes in countries such as China and India.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Baby Infant Formula Market Ingredient Type Insights
The Baby Infant Formula Market is segmented based on the ingredient type, such as cow’s milk-based formula, soy-based formula, hypoallergenic formula, organic formula, and specialty formula. Cow’s milk-based formula leads the market with a revenue of USD 45.1 billion in 2023. This is mainly attributed to the mass availability and affordability of other infant formulas. Soy-based formula is trailing the cow’s milk-based formula and is expected to grow at 5.2% CAGR between 2023 and 2032. Hypoallergenic formula is enriched for babies with severe allergies or sensitivities.The market for hypoallergenic formula is growing steadily due to the rising concerns and increase in awareness about infant health. Organic formula contains no artificial ingredients or pesticides. It is trending in the market as health-conscious parents are very much interested in including organic products in their babies’ diets. The market size of the organic formula is expected to reach USD 10.5 billion by 2032. Specialty formula is specifically designed for nutritional needs such as pre-term infants and metabolic disorders. It occupies a very small market share as this type of baby infant formula was introduced recently.However, specialty formula is one of the fastest-growing market categories due to rapid advancements in nutrition research for infants.
Baby Infant Formula Market Age Group Insights
The Baby Infant Formula Market is segmented by age group into 0-6 Months, 6-12 Months, 12-24 Months, and 24-36 Months. The 0-6-month segment holds the largest market share due to the high demand for specialized formulas for newborns. The Baby Infant Formula Market revenue for the 0-6-month segment is projected to reach USD 24.5 billion by 2024, growing at a CAGR of 5.8%. The 6-12 Months segment is expected to experience steady growth, driven by increasing awareness about the importance of nutrition for infants. The Baby Infant Formula Market segmentation data shows that the 12-24-month segment is gaining traction as parents opt for toddler-specific formula.The 24-36 Months segment is expected to witness moderate growth as children gradually transition to cow's milk. These insights into the Baby Infant Formula Market industry are crucial for stakeholders to understand the evolving market dynamics and cater to the specific needs of different age groups.
Baby Infant Formula Market Sales Channel Insights
The sales channel segment plays a crucial role in the distribution of baby infant formula products. Supermarkets and hypermarkets dominate the market, capturing a significant share due to their extensive product offerings, convenience, and promotional activities. They offer a wide variety of brands and formulations, catering to the diverse needs of consumers. Convenience stores provide easy access to baby formula for quick purchases, particularly in urban areas. Pharmacies offer a trusted source for baby formula, as consumers can consult with pharmacists for expert advice and guidance.Online retailers have gained traction in recent years, offering a convenient and time-saving shopping experience. They provide a vast selection of products, competitive pricing, and home delivery options. Specialty stores, such as baby boutiques and natural food stores, cater to niche markets with specialized baby formula products, including organic and hypoallergenic options
Baby Infant Formula Market Price Range Insights
The Baby Infant Formula Market is segmented based on price range into budget-friendly, mid-range, and premium. The budget-friendly segment held the largest market share in 2023, accounting for over 45% of the Baby Infant Formula Market revenue. This segment includes products that are priced below the average market price and are targeted towards value-conscious consumers. The mid-range segment is expected to witness significant growth over the forecast period due to the increasing demand for premium products at affordable prices. The premium segment is expected to hold a significant market share due to the growing preference for high-quality and specialized products among affluent consumers.Overall, the Baby Infant Formula Market segmentation based on price range provides insights into the diverse needs and preferences of consumers, enabling manufacturers to tailor their products and marketing strategies accordingly
Baby Infant Formula Market Regional Insights
The regional segmentation of the Baby Infant Formula Market offers valuable insights into the market dynamics and growth prospects across different regions. North America holds a significant share of the market due to the presence of major manufacturers and high consumer awareness about infant nutrition. Europe is another key region, driven by strict regulations and a high demand for premium infant formula products. The APAC region is projected to witness substantial growth in the coming years, driven by the rising population and increasing disposable income in countries like China and India.South America and MEA also contribute to the market, with MEA expected to show promising growth potential due to the expanding middle class and urbanization.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Baby Infant Formula Market Key Players And Competitive Insights
Major players in the Baby Infant Formula Market industry are continuously investing in research and development to launch innovative products that meet the changing needs of consumers. Leading Baby Infant Formula Market players are also focusing on expanding their presence in emerging markets, where the demand for baby infant formula is expected to grow significantly in the coming years. The Baby Infant Formula Market industry is highly competitive, with a number of major players accounting for a significant share of the market. Some of the key players in the Baby Infant Formula Market include Nestle, Danone, Abbott Laboratories, Mead Johnson Nutrition, and FrieslandCampina. These companies are constantly innovating and launching new products to cater to the changing needs of consumers. They are also investing in research and development to improve the nutritional value of their products. The Baby Infant Formula Market is expected to witness significant growth in the coming years, driven by increasing awareness about the importance of infant nutrition and rising disposable incomes.Nestle is a leading player in the Baby Infant Formula Market industry. The company offers a wide range of infant formula products, including powder, liquid, and ready-to-feed formulas. Nestle's products are sold in over 180 countries worldwide. The company has a strong focus on research and development, and it is constantly innovating to improve the nutritional value of its products. Nestle is also committed to sustainability, and it is working to reduce its environmental impact.Danone is another major player in the Baby Infant Formula Market industry. The company offers a wide range of infant formula products, including powder, liquid, and ready-to-feed formulas. Danone's products are sold in over 120 countries worldwide. The company has a strong focus on research and development, and it is constantly innovating to improve the nutritional value of its products. Danone is also committed to sustainability, and it is working to reduce its environmental impact.
Key Companies in the Baby Infant Formula Market Include
- Arla Foods
- Hero Group
- The Hain Celestial Group
- Danone S.A.
- Hipp Organic
- Nestlé S.A.
- Bellamy's Organic
- Nestlé
- Perrigo Company PLC
- Meiji Holdings
- Yakult Honsha Co., Ltd.
- Mead Johnson Nutrition Company
- Fonterra Cooperative
- FrieslandCampina
- Abbott Laboratories
- Danone SA
Baby Infant Formula Market Industry Developments
The baby infant formula market size was valued at USD 65.92 billion in 2023 and is projected to reach USD 125.7 billion by 2032, exhibiting a CAGR of 6.73% during the forecast period. The rising demand for convenient and nutritious food options for infants, growing awareness about the benefits of infant formula, and increasing disposable incomes in developing countries are major factors driving market growth. Additionally, the expansion of e-commerce platforms and the introduction of innovative products, such as organic and fortified formulas, are further contributing to market growth. Key industry participants are focusing on strategic partnerships, product launches, and acquisitions to strengthen their market position. For instance, in 2023, Danone acquired the infant formula business of Synutra International, Inc., to expand its presence in China.
Baby Infant Formula Market Segmentation Insights
- Baby Infant Formula Market Product Type Outlook
- Powder Formula
- Liquid Formula
- Ready-to-Feed Formula
- Baby Infant Formula Market Ingredient Type Outlook
- Cow's Milk-Based Formula
- Soy-Based Formula
- Hypoallergenic Formula
- Organic Formula
- Specialty Formula
- Baby Infant Formula Market Age Group Outlook
- 0-6 Months
- 6-12 Months
- 12-24 Months
- 24-36 Months
- Baby Infant Formula Market Sales Channel Outlook
- Supermarkets and Hypermarkets
- Convenience Stores
- Pharmacies
- Online Retailers
- Specialty Stores
- Baby Infant Formula Market Price Range Outlook
- Budget-Friendly
- Mid-Range
- Premium
- Baby Infant Formula Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
Baby Infant Formula Market Report Scope
| Report Attribute/Metric |
Details |
| Market Size 2022 |
65.53(USD Billion) |
| Market Size 2023 |
69.94(USD Billion) |
| Market Size 2032 |
125.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.73% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Arla Foods, Hero Group, The Hain Celestial Group, Danone S.A., Hipp Organic, Nestlé S.A., Bellamy's Organic, Nestlé, Perrigo Company PLC, Meiji Holdings, Yakult Honsha Co., Ltd., Mead Johnson Nutrition Company, Fonterra Cooperative, FrieslandCampina, Abbott Laboratories, Danone SA |
| Segments Covered |
Product Type, Ingredient Type, Age Group, Sales Channel, Price Range, Regional |
| Key Market Opportunities |
Growing health awareness Rising disposable income Increasing demand for organic and specialized formulas e-commerce expansion. |
| Key Market Dynamics |
Demand for Special Formula Rise in Birth Rate Government Regulations Increasing Awareness Growing Disposable Income. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The baby infant formula market size is expected to reach USD 125.7 billion by 2032, exhibiting a CAGR of 6.73% during the forecast period. The growth of the market is attributed to the increasing demand for convenient and nutritious food options for infants, rising birth rates in developing countries, and growing awareness about the importance of proper nutrition for infants.
The key regions in the baby infant formula market are Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America is the largest market, accounting for over 40% of the market share.
The key competitors in the baby infant formula market include Nestle, Danone, Abbott Laboratories, Mead Johnson Nutrition, and FrieslandCampina. These companies account for a significant share of the market and offer a wide range of infant formula products.
The key growth drivers of the baby infant formula market include rising birth rates in developing countries, increasing demand for convenient and nutritious food options for infants, growing awareness about the importance of proper nutrition for infants, and increasing disposable income of parents.
The key challenges in the baby infant formula market include concerns about the safety of infant formula products, rising costs of raw materials, intense competition, and changing regulatory landscape.
The key trends in the baby infant formula market include the growing demand for organic and natural infant formula products, the increasing popularity of e-commerce platforms for infant formula sales, and the rising adoption of personalized nutrition for infants.
The outlook for the baby infant formula market is positive, with the market expected to grow at a CAGR of 6.73% during the forecast period. The growth of the market is attributed to the increasing demand for convenient and nutritious food options for infants, rising birth rates in developing countries, and growing awareness about the importance of proper nutrition for infants.
The key applications of baby infant formula include feeding infants who are unable to breastfeed, supplementing breast milk, and providing nutrition to infants with special dietary needs.
The baby infant formula market is highly competitive, with a number of and regional players. The key players in the market include Nestle, Danone, Abbott Laboratories, Mead Johnson Nutrition, and FrieslandCampina. These companies offer a wide range of infant formula products, including organic and natural infant formula, hypoallergenic infant formula, and specialized infant formula for infants with special dietary needs.
The growth of the baby infant formula market is driven by a number of factors, including rising birth rates in developing countries, increasing demand for convenient and nutritious food options for infants, growing awareness about the importance of proper nutrition for infants, and increasing disposable income of parents.
