According to a new research report by Global Market Insights Inc., the global Infant Formula Market size is forecast to exceed USD 98 billion by 2025 driven by the growing number of working-class women across the globe.
Infant formula are widely accepted alternatives of breast milk hence the rising population of working mothers shall drive product demand during the forecast period. Moreover, the increasing per capita income in developing economies has resulted surge in the purchasing power of the population which in turn is anticipated to act as one of the major market driving factors during the assessment period.
Infant formula consists of various vital ingredients such as fats, carbohydrates, proteins, minerals, vitamins, and others which acts as an import source of infant nutrients. Although, breast milk is highly recommended by physicians as the best source of nutrients for infants however, the product acts as an effective substitute of breast milk. The rising awareness about baby health coupled with growing infant population across the globe shall substantially boost the infant formula market share through the review period.
The global infant formula market is highly regulated with various regulations laid down by The Center for Food Safety and Applied Nutrition under the U.S. FDA. It lays down regulations regarding the nutrient specifications in baby food products. These regulations also mandate the maximum and minimum ranges of necessary nutrient content in infant formula products. According to the FDA regulations, the nutrients specifications includes minimum ranges of 29 nutrients and mentions maximum limits for nutrients permitted to be used in infant nutrition products.
Browse key industry insights spread across 132 pages with 173 market data tables & 18 figures & charts from the report, “Infant Formula Market By Product (Standard, Follow-on, Toddler, Specialty), By Distribution Channel (Hypermarkets, Super Markets, Convenience Stores, Online) Industry Analysis Report, Regional, Application Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
On the basis of product, the infant formula market has been segmented into standard, follow-on, toddler and specialty. Among the segments, the follow-on segment generated maximum revenue over USD 20 billion in 2018, whereas the toddler’s segment is likely to exhibit the highest CAGR over the forecast timeframe. The rising disposable income across the globe along with the growing adoption of infant formula are major factors augmenting the infant formula market revenue.
Based on distribution channels, the global market has been segregated into hypermarket, supermarket, convenience store, online and others. Among the segments, supermarkets contributed highest to the revenue share amounting more than USD 18 billion in 2018 and will hold the highest revenue share throughout the assessment period. The growing penetration of supermarkets in the developing economies along with the presence of various sales promotion schemes attracts large consumer groups.
Asia Pacific is projected to be the major revenue pocket during the forecast period and shall exhibit highest gains over 10% CAGR in terms of revenue through 2026 owing to the growing number of female workers coupled with the increasing middle-class population. China, India and Japan shall be major revenue generating countries in Asia Pacific over the coming years. Moreover, the growing government spending in the development of retail sector in the region has made the availability of consumer goods easier.
Europe held the second most revenue generating market position in 2018 and is projected to display the same trend throughout the forecast period.
The proficient players operational in infant nutrition market include Nestlé, Danone, Reckitt Benckiser, Abbott, Perrigo Nutritionals, Arla Food Ingredients, Hero Group, HiPP, Otsuka Pharmaceutical Co. Ltd. and Bubs Australia.