Breast Milk Substitutes Market size worth over $144bn by 2027
Published Date: September 22, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Breast Milk Substitutes Market size is set to surpass USD 144 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing adoption of infant formula by working women coupled with rising awareness regarding breast milk substitutes in emerging countries will drive the market growth. Several initiatives are undertaken to support women education and empowerment that increases working women class majorly in low-to-middle income countries. Busy work schedules are not conducive to breastfeeding and may impede the baby's growth. Thus, women prefer infant formula to maintain growth of the baby, that will influence the market expansion over the coming years.
Growing birth rate along with increasing demand for premium infant nutrition products will positively impact the market progression. According to data published by the Centers for Disease Control and Preventions, birth rate in the U.S. accounts for 11.4 per 1,000 population. Hence, growing number of infants will impel the industry growth. Further, increasing spending by companies on marketing their products in countries that account for lowest exclusive breast-feeding rate, to occupy significant revenue share of untapped developing markets will augment the industry expansion. However, stringent regulations governing the marketing of breast milk substitutes will foster the industry demand to certain extent over the coming years.
Growing acceptance of soy-based formula for infant development will strengthen the market value
Soy-based formula segment valued at more than USD 11.5 billion in 2020. The formula contains soy protein along with vegetable oil and sucrose for nourishment and growth of infants. Product preference for infants suffering through cow or goat milk allergies will benefit the segment growth. Growing demand for organic infant formula and expanding product availability in the market will accelerate the segment revenue during the forecast timeline.
Browse key industry insights spread across 150 pages with 82 market data tables & 12 figures & charts from the report, “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” in detail along with the table of contents:
Cost-effectivity and ease in storage associated with powdered formula will spur the market demand
Powdered formula segment will witness 10.3% growth rate through 2027. Higher product usage among working women population as it can be used along with breastfeeding will fuel the segment expansion. In addition, powdered infant formula is relatively cost effective and can be stored for longer period.
Expanding availability of breast milk substitutes in retail pharmacies will offer unprecedented growth opportunities
Pharmacies segment captured 26% of the market share in 2020. Expanding network and ease in product accessibility through retail pharmacies has augmented the product distribution. Rising penetration of physical pharmacies network through rural areas along with urban parts will stimulate the product accessibility across middle and low-income regions.
Low breastfeeding rate will propel the product demand in European region
Europe breast milk substitutes market is anticipated to grow at 9.1% CAGR during 2021 to 2027 on account of the lowered breastfeeding rate with rapid urbanization, rising working women population and health complications while breastfeeding. With intense marketing and promotion, leading industry leaders push the products in market. This results in broader availability of infant formula brands across distribution channels in the region.
Strategic partnerships and product launch will influence business expansion of the industry players
Some of the notable companies operating in the market are Danone, Nestle, Abbott Nutrition, Mead Johnson (Reckitt Benckiser) and Kraft Heinz. Mergers & acquisitions and partnerships are the major strategies undertaken by these participants to expand their market footprint.