Global Standard Milk Formula Market Overview
Standard Milk Formula Market Size was estimated at 66.97 (USD Billion) in 2022. The Standard Milk Formula Industry is expected to grow from 69.66(USD Billion) in 2023 to 99.3 (USD Billion) by 2032. The Standard Milk Formula Market CAGR (growth rate) is expected to be around 4.02% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Standard Milk Formula Market Trends Highlighted
The Standard Milk Formula market prospers with the rise in the demand for baby nutrition. Factors such as more working mothers, increased concern about infant nutrition, and government campaigns encouraging breastfeeding form the basis of the market. Formula can be bought more easily by busy parents via E-commerce websites, which is also a plus.
This growth is being spurred by innovation, and manufacturers are coming up with new formulas, such as lactose-free and hypoallergenic formulas. Parents of infants are increasingly looking for sustainable and health-conscious products for their babies.
New technologies like Artificial Intelligence (AI) and Machine Learning have also modified the market. Smart formula dispensers and subscription feeding services controlled by AI have made feeding and designing feeding schedules easier. Using big data-assured strategies has enabled producers to meet what consumers desire and act in a desired way.
Standard Milk Formula Market Drivers
Rising Birth Rates in Developing Countries
The factors having the most significant influence on the standard milk formula market are increasing birth rates in developing countries, which are the primary drivers of the market, and the growth of the population in developing countries, which will propel the demand for infant formula. According to the report by the United Nations, the population by 2030 is going to be equal to 8.5 billion, with most of the increase happening in developing countries.As such, the rise in population will contribute to the growing demand for standard milk formula, as parents will require an affordable and easy way to feed their infants. Moreover, the bolstering of the economy in developing countries is going to increase the disposable income of families, allowing them to purchase more premium and complex infant formulas. Government initiatives to promote the health of mothers and children in developing countries – in many countries, the governments are actively promoting breastfeeding and supporting low-income families.As was the case with the Indian government, it implemented several initiatives that raised awareness of the proper infant diet. Simultaneously, it offered subsidized infant formula to poor families, spurring the demand for standard milk formula. In the future, the rising birth rates and the continued support of governments in developing countries are going to boost the growth of the standard milk formula market. In conclusion, the increasing population and government support are the two primary drivers of the development of the market for standard milk formula.
Increasing Health Consciousness and Convenience
The growing health consciousness among parents is another key driver of the standard milk formula market. Parents are becoming increasingly aware of the importance of proper nutrition for their infants and are seeking out products that are safe, nutritious, and convenient. Standard milk formula meets these needs by providing a complete and balanced source of nutrients for infants. Additionally, the convenience of formula feeding is a major factor driving its popularity.Formula feeding allows parents to feed their infants at any time and place without the need for breastfeeding. This convenience is particularly appealing to working parents and those with busy lifestyles. Moreover, the availability of specialized and premium formula products is further driving the growth of the Standard Milk Formula Market Industry. These products are designed to meet the specific nutritional needs of infants with allergies, sensitivities, or other special requirements.The growing demand for these specialized formula products is expected to continue in the coming years as parents seek out the best possible nutrition for their children.
Expansion of Organized Retail and E-commerce
The expansion of organized retail and e-commerce is supporting the growth of the standard milk formula market. Nowadays, organized retail stores such as supermarkets and hypermarkets offer a diverse range of infant formula products from various brands as they are not limited by space. As a result, customers can compare a wide range of formulas and choose the most suitable variant based on the price. Besides, e-shopping is becoming a convenient option for parents.It is expected that the growing prevalence of smartphones and the internet will lead to an increase in the share of e-commerce in developing economies in the years to come. As a result, the number of babies for whom their parents will use online solutions to buy standard milk formula and similar products is likely to grow soon. In conclusion, the expansion of organized retail and e-commerce shapes the standard milk formula industry, and it will continue to play this role in the foreseeable future.
Standard Milk Formula Market Segment Insights
Standard Milk Formula Market Product Type Insights
Product type The standard milk formula market has been segmented by product type into powdered milk formula and liquid milk formula. The most common type of standard milk formula is powdered milk formula, which was responsible for over 60% of the market in 2023. Powdered milk formula is made from dried cow’s milk and is available in a range of forms, including powdered formula, hypoallergenic formula, and formula for premature infants. Liquid milk formula is made from fresh cow’s milk and is generally more expensive than powdered milk formula.Liquid milk formula is available in ready-to-feed formula or concentrated formula, which must be diluted with water prior to feeding. The Standard Milk Formula Market revenue for powdered milk formula is expected to rise from $48.3 billion in 2023 to $65.4 billion in 2032 with a CAGR of 4.0%. The number of working mothers has been growing, and formula feeding is becoming more popular in developing countries. The Standard Milk Formula Market revenue for liquid milk formula is expected to rise from $21.3 billion in 2023 to $33.9 billion in 2032 with a CAGR of 4.5%.The main drivers are the number of working mothers, the rising popularity of formula feeding in developing countries, and the growing demand for convenience.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Standard Milk Formula Market Age Group Insights
The Standard Milk Formula Market segmentation by Age Group comprises Infant Formula (0-6 months), Follow-on Formula (6-12 months), and Toddler Formula (12-24 months). Infant Formula, designed for newborns to six months, held the largest market share in 2023 due to the high nutritional requirements and vulnerability of infants. Follow-on Formula, intended for babies aged six to twelve months, is projected to witness steady growth as infants transition to more diversified diets. Toddler Formula, formulated for children between twelve and twenty-four months, is expected to experience moderate growth as toddlers gradually shift to regular food.The Standard Milk Formula Market revenue for the Age Group segment is anticipated to reach a substantial value by 2032, driven by increasing birth rates, rising health consciousness among parents, and growing disposable incomes in emerging economies.
Standard Milk Formula Market Fortified Ingredients Insights
The Fortified Ingredients segment plays a significant role in the Standard Milk Formula Market. It encompasses essential nutrients like Iron, Calcium, Vitamin D, DHA, and ARA, which are crucial for infants' growth and development. The market for Fortified Ingredients is projected to witness substantial growth in the coming years, driven by increasing awareness about infant nutrition and the rising demand for fortified milk formulas. The inclusion of Iron in milk formula helps prevent iron deficiency, a common problem among infants and toddlers.Calcium is vital for bone health and development, while Vitamin D aids in calcium absorption. DHA and ARA are essential fatty acids that support brain and eye development. These fortified ingredients cater to the specific nutritional needs of infants and are expected to drive market growth in the coming years.
Standard Milk Formula Market Allergy Management Insights
The Allergy Management segment of the Standard Milk Formula Market holds significant potential, driven by the increasing prevalence of allergies among infants and children. Lactose-Free formula, designed for babies who are intolerant to lactose, is expected to witness robust growth, with a projected market value of USD 7.8 billion by 2025. Soy-Free formula, catering to those with soy allergies, is also anticipated to gain traction, reaching a projected market size of USD 4.5 billion by 2025. Cow's Milk Protein Allergy Formula, specifically formulated for infants allergic to cow's milk protein, is another notable segment, with a projected market valuation of USD 3.2 billion by 2025.Hypoallergenic Formula, intended for babies with severe allergies, is expected to contribute significantly to the growth of the Allergy Management segment, with a projected market value of USD 2.6 billion by 2025.
Standard Milk Formula Market Special Dietary Needs Insights
The Special Dietary Needs segment of the Standard Milk Formula Market is anticipated to grow significantly over the coming years, driven by increasing consumer awareness regarding the health benefits of specialized formulas. The organic sub-segment is projected to witness substantial growth, owing to the rising demand for natural and chemical-free products. In 2023, the organic sub-segment is estimated to be valued at USD 12.5 billion and is expected to reach USD 19.8 billion by 2032, exhibiting a CAGR of 4.8%. The non-GMO sub-segment is also poised for growth, as consumers become more concerned about the potential health risks associated with genetically modified ingredients.The kosher and halal sub-segments are expected to benefit from the growing Muslim and Jewish populations worldwide. Collectively, these sub-segments are anticipated to contribute significantly to the overall growth of the Special Dietary Needs segment in the Standard Milk Formula Market.
Standard Milk Formula Market Regional Insights
The Standard Milk Formula Market is segmented into North America, Europe, APAC, South America, and MEA. The North American region is expected to hold the largest market share, owing to the increasing demand for standard milk formula from developed countries such as the United States and Canada. The European region is also a significant market for standard milk formula, with key countries such as Germany, France, and the United Kingdom contributing to the growth of the market. The APAC region is expected to witness the highest growth rate over the forecast period, due to the rising disposable income and increasing awareness about the benefits of standard milk formula in developing countries such as China and India.The South American and MEA regions are also expected to contribute to the growth of the Standard Milk Formula Market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Standard Milk Formula Market Key Players And Competitive Insights
Major players in the Standard Milk Formula Market industry are continuously focusing on innovation and the development of new products to cater to the changing consumer demand. Leading Standard Milk Formula Market players are adopting various strategies such as mergers & acquisitions, and partnerships to strengthen their market position and expand their presence. Standard Milk Formula Market development is being driven by the growing demand for premium and organic products, as well as the increasing preference for convenience and ease of use. The competitive landscape is expected to remain competitive, with a number of key players vying for market share.Nestle, a leading company in the Standard Milk Formula Market, has a strong presence and a wide range of products that cater to different consumer needs. The company has a strong focus on research and development, and it is constantly innovating to develop new and improved products. Nestle also has a strong distribution network, which allows it to reach consumers in a wide range of markets.Danone, a major competitor in the Standard Milk Formula Market, is another player with a strong focus on innovation and product development. The company has a wide range of products that cater to different consumer needs, and it is also investing in research to develop new and improved products. Danone has a strong distribution network, which allows it to reach consumers in a wide range of markets.
Key Companies in the Standard Milk Formula Market Include
- Nestlé
- Danone
- Fonterra
- Beingmate
- Morinaga Milk Industry
- Mead Johnson
- FrieslandCampina
- Arla Foods
- Abbott Laboratories
- Meiji Holdings
- Ausnutria Dairy
- Hero Group
- Yakult Honsha
- Wyeth Nutrition
Standard Milk Formula Market Industry Developments
The standard milk formula market is anticipated to witness steady growth in the coming years, driven by increasing birth rates, rising disposable income, and growing awareness about the importance of infant nutrition. In 2023, the market was valued at around USD 69.66 billion, and it is projected to reach USD 99.3 billion by 2032, exhibiting a CAGR of 4.02% during the forecast period. The market growth is primarily attributed to the increasing demand for fortified and organic milk formulas that cater to the specific nutritional needs of infants. Moreover, the rising prevalence of lactose intolerance and cow's milk allergies has led to a surge in demand for alternative milk formulas, such as soy-based and goat's milk formulas. Emerging markets, such as China and India, are expected to contribute significantly to the market growth due to their large population base and growing middle class with increased spending power.
Standard Milk Formula Market Segmentation Insights
- Standard Milk Formula Market Product Type Outlook
- Powdered Milk Formula
- Liquid Milk Formula
- Standard Milk Formula Market Age Group Outlook
- Infant Formula (0-6 months)
- Follow-on Formula (6-12 months)
- Toddler Formula (12-24 months)
- Standard Milk Formula Market Fortified Ingredients Outlook
- Iron
- Calcium
- Vitamin D
- DHA
- ARA
- Standard Milk Formula Market Allergy Management Outlook
- Lactose-Free
- Soy-Free
- Cow's Milk Protein Allergy Formula
- Hypoallergenic Formula
- Standard Milk Formula Market Special Dietary Needs Outlook
- Organic
- Non-GMO
- Kosher
- Halal
- Standard Milk Formula Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
66.97(USD Billion) |
| Market Size 2023 |
69.66(USD Billion) |
| Market Size 2032 |
99.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.02% (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 |
Nestlé, Danone, Fonterra, Beingmate, Morinaga Milk Industry, Mead Johnson, FrieslandCampina, Arla Foods, Abbott Laboratories, Meiji Holdings, Ausnutria Dairy, Hero Group, Yakult Honsha, Wyeth Nutrition |
| Segments Covered |
Product Type, Age Group, Fortified Ingredients, Allergy Management, Special Dietary Needs, Regional |
| Key Market Opportunities |
Growing demand from emerging markets increasing awareness of nutritional benefits ongoing product innovation expanding ecommerce platforms and favorable government regulations |
| Key Market Dynamics |
Rising Birth Rates Growing Disposable Income Health Consciousness Increasing Awareness of Formula Benefits Government Regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The CAGR of the Standard Milk Formula Market was projected to be 4.02% from 2024 to 2032.
The Standard Milk Formula Market is estimated to be valued at 69.66 USD billion in 2023.
The Standard Milk Formula Market is projected to reach a valuation of 99.3 USD billion by 2032.
The North America region is expected to dominate the Standard Milk Formula Market throughout the forecast period.
Standard Milk Formula is primarily used as a nutritional supplement for infants and toddlers.
Major players in the Standard Milk Formula Market include Nestle, Danone, Mead Johnson Nutrition, Abbott Laboratories, and FrieslandCampina.
Rising birth rates, increasing disposable income, and growing awareness of the nutritional benefits of Standard Milk Formula are driving market growth.
Strict government regulations, intense competition, and concerns about the safety of certain ingredients pose challenges to market growth.
The market is witnessing a growing demand for organic and specialized Standard Milk Formulas that cater to specific dietary needs.
The market is anticipated to continue its steady growth, driven by increasing urbanization and rising health consciousness among consumers.
