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Infant Formula Market size was valued at over USD 35 billion in 2022 and is anticipated to depict more than 10% CAGR through 2023-2032. The rising incidence of premature births and metabolic disorders among babies are among the prominent drivers for industry expansion.
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Infant or baby formula is gaining acceptance as a safe alternative to breastmilk with added vitamins, fats, and minerals for nutrition. Over recent years, the occurrence of premature birth has been surging. Based on data from the March of Dimes Organization, close to 380,000 babies are born prematurely per year in the U.S., which is critical in high-resource countries. These factors will promote bottle feeding of infant formula to suit the nutritional needs of preterm babies.
Despite the favorable business environments, the introduction of stringent regulations pertaining to infant food products may act as a factor limiting industry development to some extent.
Report Attribute | Details |
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Base Year: | 2022 |
Infant Formula Market Size in 2022: | 37 Billion (USD) |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 10% |
2032 Value Projection: | 104 Billion (USD) |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 371 |
Segments covered: | Product, Distribution Channel, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Infant formula market value from the standard product segment is slated to be worth more than USD 23.5 billion by 2032, owing to the increasing instances of malnutrition among babies aged 0 to 6 months. Since the first 6 months are critical for the health of infants, formulas are specially manufactured to satisfy their nutritional requirements. Standard formulas also play a prominent role in managing infant diets, through the delivery of essential nutrients required to thrive and develop.
The emphasis on reducing low birthweight through proper nutrition remains high. For example, the World Health Assembly announced a nutrition target to lower the incidence of low birthweight by 30% between 2012 and 2025. Initiatives such as these will further augment the demand for standard infant formula to manage malnutrition, address feeding concerns, and limit the lifelong consequences of stunted growth in infants.
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Infant formula market share from the supermarkets distribution channel is anticipated to register over 10% CAGR through 2032. Supermarkets have emerged as an ideal sales channel for infant nutrition products since they give customers access to formulas at discounted prices. Furthermore, the delivery of a seamless shopping experience has also increased footfall in supermarket chains. However, the ongoing supply disruptions due to safety recalls may hamper the demand for infant formulas from supermarkets to a certain extent.
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Asia Pacific infant formula market value is projected to cross USD 40 billion by 2032, on account of the increasing consumer spending and infant population. The burden of infant mortality is also still prevalent across the region. According to data from the Sample Registration System of the Indian government, in 2020, 20 out of 1,000 babies died within 12 months of their birth. These factors are expected to amplify the production of infant formulas to meet nutritional needs and lower the rate of infant deaths in the APAC region.
are some of the prominent players in the infant formula market. These companies are focusing on strategies such as mergers and acquisitions to expand their customer base and reinforce their presence in the global market.
For instance, in May 2021, Nestlé Health Science acquired The Bountiful Company, including Osteo Bi-Flex, Nature's Bounty, Solgar, Ester-C, Puritan's Pride, and Sundown. This initiative, intended to attract customers in the global nutrition and supplement category, will enable the company to strengthen its footprint in the infant formula industry.
Since the onset of the COVID-19 pandemic, many parents have encountered unprecedented challenges due to the shortage of baby formulas. Based on an online survey conducted by the Department of Psychological Sciences with above 300 U.S. caregivers, the pandemic has asserted a negative impact on infant formula consumers due to product shortage and high costs. These factors may have created a hindrance to industry growth during the pandemic. However, with the gradual ease in restrictions, infant formula distribution channels are becoming more resilient, with sales gradually returning to the pre-pandemic levels, especially in emerging economies.
The infant formula market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
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