Selbyville, Delaware, Nov. 29, 2022 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the global Infant Formula Market was estimated at USD 35 billion in 2022 and is expected to surpass a valuation of $100 billion by 2032, progressing at a CAGR of 10% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Rising awareness about postnatal care and the adoption of home healthcare services are some of the prominent drivers for baby formula demand. Consumers are becoming aware of the importance of proper nutrition and well-being in the early phase of child development. As a part of personalized childcare assistance, home health service providers have been offering cost-effective, integrated, and high-quality newborn care. This increase in exceptional healthcare delivery to lower mortality and morbidity rates of newborns will boost baby milk intake and support the growth of infant formula providers.
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Growing cases of preterm birth to amplify specialty infant formula sales
Infant formula market value from the specialty product segment is likely to surpass USD 52 billion by 2032, given the increasing number of preterm babies at risk of stunted growth. Based on the WHO, over 15 million babies are born preterm annually. To help meet nutritional needs and address specific health concerns associated with these babies, including low birthweight, specialty formulas have been developed. Nutrients such as iron, choline, iodine, and zinc are specifically added to these formulas to support the brain development of preterm infants, thereby contributing to product consumption.
Key reasons for infant formula market growth:
- Rising infant population and women’s employment.
- High awareness among consumers regarding wellness & adoption of home healthcare.
- Strong distribution network and highly adopted E-commerce platforms across the globe.
- Increasing incidence of premature birth and metabolic disorders in babies.
Online platforms to become preferred distribution channel for infant formula suppliers
Infant formula industry share from the online distribution channel segment is poised to depict over 11% CAGR through 2023-2032. The adoption of multiple sales channels including e-commerce as a part of customer retention strategies in the competitive business landscape is one of the key growth drivers. Many organic infant formula companies, including ByHeart, have also planned to launch their FDA-registered formulas through their websites. According to the report, these initiatives to ensure extensive product availability will further the sale of infant formula products from online channels.
Increasing female workforce contributes to infant formula consumption in North America
North America infant formula market value is expected to reach over USD 17.5 billion by 2032, owing to the rising household income and the expanding female workforce. As per data from the U.S. Department of Labor, the rate of labor-force participation for women aged 25 to 54 years rose to 77.2% in August 2022. As a result, the number of women seeking alternatives to breastfeeding will surge and consequently bolster the demand for infant formulas in the nation.
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Product range expansions to remain a key growth strategy for market players
BUBS Australia, Hero Group, Nestlé SA, Abbot Laboratories, Mead Johnson Nutrition, Arla Group, Perrigo, and HiPP are among the major players profiled in the report. These companies are emphasizing product range expansions and other strategies to reinforce their presence in the global market.
Partial chapters of report table of contents (TOC):
Chapter 4 Competitive Landscape, 2022
4.2 Company market share, 2022
4.3 Vendor adoption matrix
Chapter 5 Infant Formula Market, By Product
5.1 Market share, by product, 2022 & 2032
5.2.1 Market estimate and forecast 2018 – 2032
5.2.2 Market estimate and forecast, by region, 2018 – 2032
5.3.1 Market estimate and forecast 2018 – 2032
5.3.2 Market estimate and forecast, by region, 2018 – 2032
5.4.1 Market estimate and forecast 2018 – 2032
5.4.2 Market estimate and forecast, by region, 2018 – 2032
5.5.1 Market estimate and forecast 2018 – 2032
5.5.2 Market estimate and forecast, by region, 2018 – 2032
Chapter 6 Infant Formula Market, By Distribution Channel
6.1 Market share, by distribution channel, 2022 & 2032
6.2.1 Market estimate and forecast 2018 – 2032
6.2.2 Market estimate and forecast, by region, 2018 – 2032
6.3.1 Market estimate and forecast 2018 – 2032
6.3.2 Market estimate and forecast, by region, 2018 – 2032
6.4 Convenience stores
6.4.1 Market estimate and forecast 2018 – 2032
6.4.2 Market estimate and forecast, by region, 2018 – 2032
6.5.1 Market estimate and forecast 2018 – 2032
6.5.2 Market estimate and forecast, by region, 2018 – 2032
6.6.1 Market estimate and forecast 2018 – 2032
6.6.2 Market estimate and forecast, by region, 2018 – 2032
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.