Breast Milk Substitutes Market Size

Breast Milk Substitutes Market Size

Breast Milk Substitutes Market size surpassed USD 73 billion in 2022 and is poised to depict over 9.5% CAGR through 2023-2032, on account of the increasing labor participation of women.

With the economic boom and ease in access to education, the working women population continues to rise. Several initiatives have also been launched to encourage women’s employment. For instance, Japan has introduced wide-ranging campaigns to boost the labor force contribution of women. Additionally, the government took key measures to ensure daycare subsidization, increase allowances for new parents, and provide paid parental leaves. Such initiatives will promote the adoption of suitable alternatives to breast milk among working women worldwide, to provide adequate nutrition to their babies without hassle.
 

Despite the favorable business landscape, stringent norms associated with the marketing of breast milk substitutes have been introduced. Childhood obesity has also emerged as a concerning factor of malnutrition that poses lifelong health risks. Moreover, the rising awareness of the health consequences of breast milk replacement may assert an adverse impact on product sales. However, the growing service sector and high cost of living will encourage the work participation of women and consequently create opportunities for industry growth over the estimated timeline.