Breast Milk Substitutes Market Size By Substitute Type (Milk-based Formula, Soy-based Formula, Hypoallergenic Formula), By Formula Type (Powdered, Concentrated Liquid, Ready-to-use), By Distribution Channels (Pharmacies, Retail Stores), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry trends

Breast Milk Substitutes Market size was valued at over USD 69 billion in 2020 and is expected to grow at a CAGR of more than 10.2% between 2021 and 2027. Several ongoing developments for improving potential of breast milk substitutes will result into product launches in the coming years. With surge in product development activities, the industry will witness lucrative growth during the forecast timeframe.
 

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Increasing trend and number of working-class women worldwide will propel the market growth. The industry expansion is attributable to government initiatives for women education and empowerment policies among middle-income countries. Busy and hectic work lifestyle leads to hinderance in new-born baby’s growth. Hence, preference of infant formula to accomplish desired development, nourishment and growth of the babies will stimulate the industry demand. Rapid urbanization in developing countries and change in lifestyle are poised to further influence the market opportunities across the globe.
 

Growing medical complications in women such as herpes simplex virus, HIV leads to restriction on breast feeding. Additionally, women on certain medications such as anti-epileptic drugs, sedatives, psychotherapeutic drugs, opioids, iodophors and radioactive iodine among others limits the mother from breast feeding. This will fuel product demand in the market. Moreover, children suffering from phenylketonuria, classic galactosemia maple syrup urine diseases require additional nutrition and specialized formula milk will augment the industry growth.
 

Higher birth rate coupled with availability of premium infant nutrition alternatives will boost the market expansion

Higher number of births in developing countries, mainly in APAC region, will positively impacted on breast milk substitutes market. The positive growth is owing to numerous trends in breast feeding. Growing research and development activities by key strategic players to discover innovative and improved infant nutrition will accelerate the market progression. The industry has showcased lucrative growth in research and development funding over the few recent years. Increasing funding has further allowed companies to strengthen their product portfolio. Rise in spending capabilities in developing economies will spur the product demand.
 

COVID-19 pandemic has had low to moderate impact on breast milk substitutes market. Sudden restrictions enforced by respective governments on manufacturing units, supply chain and ban on export import services limited the development manufacturing and commercialization of breast milk substitutes. However, increasing birth rate coupled with relaxation of supply chains will foster the industry progression during the forecast timeline.
 

High product adoption with enhanced productivity will benefit the demand for milk-based products

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Milk-based segment dominated more than 70% of the breast milk substitutes market share in 2020. The milk-based product contains enriched nutrients obtained from cow milk that is fortified with minerals, vitamins, calcium, irons and vegetable oils. Hence, increasing consumption of milk-based formula assist in the development of the infants will offer lucrative segment growth. High investment in research and development activities for improved milk-based formula will further strengthen the segment expansion.
 

Increasing preference towards product with numerous advantages will drive the breast milk substitutes market revenue

Ready-to-use segment will observe 10.1% growth rate through 2027. Ready-to-use formula provides safety and high sterility, leading to greater preference. Rise in demand will be observed for these products among working women as formula offers high convenience, ease-of-use and time-effectiveness.
 

Growing expansion of retail stores along with strong distribution channel will impel the overall market value

Retail stores segment in the breast milk substitutes market is anticipated to reach USD 65 billion by 2027. Strong expansion in retail stores in developing economies and increasing distribution channels will augment the industry revenue. High availability and accessibility of breast milk substitutes in retail stores offers convenience and choice of products and will propel the segment demand. The availability of products at affordable cost will increase customer preference and offer growth opportunities in the market.
 

Presence of several key players focusing on product innovations will create growth opportunities for North America region

North America breast milk substitutes market captured 21% of revenue share in 2020 led by the rising urbanization in developing countries and increasing number of working women in the region. Strong presence of market leaders in the U.S. and high investment in research and development activities will boost the demand for North America region. Increasing spending capabilities and target marketing of premium infant nutrition products will accelerate the growth of the market.
 

Product innovations and partnerships to strengthen portfolio will aid to competitive edge in significant market

The global market consists of numerous companies including Vitagermine SAS, Fonterra Co-operative Group, The Kraft Heinz Company, Reckitt Benckiser Group, Abbott Nutrition, FrieslandCampina, Danone Nutricia, and Hyproca. These companies are adopting numerous growth strategies such as partnerships, acquisitions, collaborations and product launches to gain competitive edge over the competitors and strengthen their position in the market.
 

The breast milk substitutes market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Substitute Type

• Milk-based Formula
• Soy-based Formula
• Hypoallergenic Formula  
• Others

Market, By Formula Type

• Powdered
• Concentrated Liquid
• Ready-to-use 

Market, By Distribution Channels

• Pharmacies
• Retail stores
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • South Africa